Negotiating After A home Inspection
You’ve finally found what seems to be the perfect home. It’s got all your must-haves and some of your nice-to-haves, too. It looks like it’s in excellent condition, but merely looking like it’s in good condition is not enough when it comes to such a huge financial decision.
To make sure you’re not buying a money pit, you need a professional home inspection before you commit.
An inspection should uncover any potential issues so you have a complete picture of what you’re buying.
Finding a home inspector
Many first-time home buyers don’t realize that it’s their responsibility to hire a home inspector. Make sure you make your offer conditional upon inspection or get one done before you make a bid.
To find a home inspector, people often turn to recommendations from trusted friends and family members. Your broker might also have an inspector to recommend. While other people’s opinions are helpful, what’s paramount is that you hire someone who is qualified.
What the inspector should look at
During a home inspection, the inspector should thoroughly evaluate the physical structure of the home as well as critical internal systems. You should make sure the examination includes the following:
● Electrical system
● Plumbing system
● Heating and cooling systems
● Radon detection equipment, if applicable
● Walls, ceiling, and flooring
● Windows and doors
While an inspection will give you an idea of a house’s overall condition, it might not uncover hidden problems such as pests, mold or asbestos. It also won’t turn up flaws in areas that are below ground or otherwise inaccessible to the inspector, like wells and septic tanks. To identify those types of problems, you’re going to need additional inspections.
A home’s report card
Once the inspector completes an evaluation, you will receive a report with the inspector’s findings. Don’t be alarmed if you see a lot of deficiencies noted. Home inspections are detailed, so reports often include between 50 and 100 issues, most of which are relatively small.
The report should include information about how severe each listed problem is, plus estimates on how much it would cost to fix each problem. Ask the inspector for clarifications on this if necessary.
If the inspection finds more problems than you’re comfortable dealing with, you can choose to back out of the sale or try to negotiate to have the seller make the repairs or lower the price. If you’re satisfied with the condition of the home or the shape it will be in after the seller meets the arrangements of your negotiations, you can move into your new home with more peace of mind.