Soon after you've signed an agreement to purchase a home, an inspection is next on the agenda. No matter how you decide to handle the information that comes from the inspection, it's vital that you know what you are buying as you move forward toward the closing. To find out what might happen when problems crop up as a result of the inspection, read on.
What Happens During An Inspection?
Professional home inspections are worth the money not only for the problems they identify but they can serve as a means of uncovering facts about the home that might have remained unnoticed. You can, and should, make arrangements to tour the home with the inspector. Inspectors have in-depth knowledge about the inner workings of homes and can point out issues that may not need to be addressed now but will eventually.
It's also helpful to know things like the location of the fuse box, the main water shut-off, and more. Once the inspection of all major systems is complete (that regularly include roof, electrical, foundation, plumbing, heating/cooling, insulation, and basement inspections) you will be provided with a written report that names major problems and not-so-major problems alike.
Small Repair Issues
All homes will come complete with quirks and minor issues. In many cases, they may be too minor to stop a sale from going through. Some of those might include:
The way these minor issues are addressed depends on the exact circumstances. If competition is high, you might not want to make an issue of minor issues unless your type of loan demands they be addressed.
Large and Expensive Repair Issues
You have several choices when the repair is major and expensive. If the seller is game, they might agree to either have the repair performed, pay extra closing costs, or reduce the price of the home. If they don't want to deal with the issue, you can either back out of the contract or go ahead with the sale and take on the repair burden yourself. What you do depends on the local market, the cost of the home, and the cost of the repair. An estimate of the repair will be necessary before you make a decision.
A large repair nearly always dampens the enthusiasm for a home but it doesn't have to skew the deal. As soon as the inspector's report comes back with a big problem, speak to home buyers about your options.Share
16 September 2019
I have always been someone who is passionate about making the world around me more beautiful, which is probably why I was drawn to real estate initially. I really wanted to create a place where me and my family could spend a lot of time together in a peaceful, relaxing place, so I started looking for places in my area that were fit for the job. Within a few months, I was able to find an incredible property that was within my price range, so I purchased it as soon as possible. This blog is all about choosing beautiful real estate.