Home Inspection Estimations
During a home inspection I often have people asking me if I can estimate the cost for a repair to a certain component in the home that has been found deficient. In understanding that aside from my years of experience as a home inspector I have also been a part of the contracting and construction world. I do understand the reality of quoting contracting jobs and can easily project what I would quote as a repair cost if I were the contractor. Unfortunately, I am not the contractor…a little more on that later.
There is no real rhyme or reason to the differences in pricing from one contractor to another. To replace a fuse panel with a circuit panel for example, one contractor may quote $1,000 and another may quote $3,000. It would not help you in any way if I were to give you an estimate on your repairs as the price variance is too great between different contractors.
Secondly, there are home inspectors who, upon completing home inspections, have given quotes to new home owners and have been far off the mark. One story I will share is of a home inspector in B.C. Canada who completed a home inspection on a $1.1 million dollar home and found water damage. The home inspector, at the request of the home purchasers, gave an estimate of $20,000 to complete repairs. The actual cost of repairs came to $213,000.
The home owners, as you can guess, were not very happy as they had purchased the home expecting $20,000 in repairs based on the home inspectors estimate. They took the home inspector to court and were awarded $193,000, the difference between the home inspectors estimate and the actual cost of repairs.
If there are concerns in your home it pays to get three quotes from professional contractors. A home inspector is there to complete a home inspection and is normally NOT quailified to estimate repairs. Even if he/she does estimate repair costs be sure you get proper quotes. You will save yourself some grief.
As for me, I am still asked to give estimates but will never put myself or my client in that position