As a homebuyer, you want your new home to be perfect, but that’s commonly not the case. If your home inspector brings concerns to your attention or identifies components or utilities that need repair or replacement, then these are issues you should bring to the negotiation table. While a home inspector’s purpose is not to offer real estate advice, it’s helpful to buyers to know how the results of home inspections influence house prices.
Prioritize Major Repairs or Expenses
When negotiating a real estate transaction based on issues uncovered during a home inspection, it’s usually best to focus on concerns requiring major or expensive repairs. A nonfunctional heating and cooling system is a significant burden on a new homeowner – and a problem you should rectify before closing on a home – but sagging insulation, damaged sheetrock, or minor cosmetic problems are easy and inexpensive to repair. Focusing on the minor details may cause the seller to back out of the deal.
Understand the Seller is Not Required to Make Repairs
Just because a home inspector finds glaring issues does not mean the seller is legally obligated to make those repairs. If the seller refuses to cover repairs, you need to decide if the repair costs are worth your overall investment in the home. Alternatively, if it’s a significant issue, such as a worn roof or asbestos construction materials, the seller may find it difficult to sell their home without at least offering a reduced cost. However, if there are structural problems, such as significant foundation damage, mortgage lenders may require those issues to be rectified before lending the buyer a loan.
Get a Quote from a Professional Contractor
An experienced home inspector will uncover issues within a home, but they won’t provide an estimate of repair costs. Upon receiving the inspection report, a buyer may wish to seek a general contractor to provide an accurate estimate of the repair or replacement costs. At Homeinex, we don’t recommend contractors, as this decision is best left to the buyer’s discretion. A buyer can use this number to negotiate repairs or a reduced price for the home, or they may choose to eat the costs themselves and proceed with the purchase. Bear in mind, a home inspector is not involved with negotiations.
Despite the primary goal of ensuring a home’s inhabitants are safe, home inspections nevertheless influence house prices. By uncovering faults within a house, inspectors open the way for buyers and sellers to broker deals based on significant repairs. However, this relies on the buyer hiring an expert home inspector. At Homeinex Corporation, our basic home inspection provides a comprehensive report of a home’s issues, and our Title V inspections will ensure the septic is fully operational. Contact us today if you’re looking to buy or sell a home.