Home inspection is a very sensitive and sometimes thorny issue that can potentially make or unmake a real estate deal. The way you handle the home inspection will ultimately have an impact on the kind of real estate deal that you will get and the state of the home a few months afterwards.
Here are some important points that you must remember when handling home inspection:
1. There is no such thing as perfect home inspection
Even if you settle for a newly constructed home, the home inspector will most likely find some issues that need to be addressed. Finding faults and problems in the home is his responsibility and expertise. It comes as a big surprise, if they can’t find any problem with the home.
2. Set Realistic Goals and Expectations
Treat homes as work in progress. There will always be some aspects in the home that need repair or replacement. Expect that there will be some surprises here and there. You must learn to recognize these issues and problems and assess their implications. If you are intending to purchase a Victorian Home, don’t expect to find the insulation, wiring and plumbing in tiptop shape. Chances are they are not compliant with current standards and building codes. Those that were considered excellent some 30 years ago may not meet the current requirements and standards for homes.
3. Home Inspectors Are Just Humans
Home inspectors can commit mistakes and errors in judgment. They might miss out on something that is quite significant. If such unfortunate events happen, will you be able to handle them?
There are some home inspection issues that can be considered routine maintenance. This should not be a major concern for you. These are just incidentals when you buy a home. However, you must be conscious about the real “deal-breakers.” These are the issues that you have to include in the negotiation. Carefully assess your level of tolerance in as far as home inspection issues are concerned.
Post Home Inspection Scenarios
The home inspector will give you a rundown of the results of the inspection. He will give you a detailed report of what must be done to resolve issues discovered during the inspection. House problems don’t get fixed on their own. The house cannot heal itself. In fact, the situation gets worse if problems are not immediately resolved. If you are planning to sell your home, you must remember that more than 9 out of 10 buyers will demand home inspection. You will surely have a big problem if you failed to attend to the home inspection issues found when you purchased the real estate property.
Create your priority List
As soon as you get the home inspection report, come up with your own “hit list” of critical issues that you need to resolve. Rank the things that you must do based on importance and urgency. Make sure that you begin work as soon as possible. Time is of essence and further delay can make the condition irreversible. This will translate to higher cost of repairs and replacement.
At the end of the day, you must understand that proper handling of home inspection is a critical aspect of the home buying process. You must be able to come up with an informed decision with the available information that you get from the home inspection activity. You must remember the rule of the game – let the buyer beware. Depending on the market situation, you can walk away from the negotiation, ask for a new offer or renegotiate the terms of the agreement.
Learn how to sell your own house here: For Sale By Owner
If you’re looking to buy a home from an FSBO listing check here: FSBO Listings
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