Buying a home is exciting, but it’s also one of the biggest financial decisions you’ll ever make. To make sure you’re making a good decision, you need to get a home inspection.
The Home Inspection: Your Deep Dive into a Property’s Health
Once you’ve found a home you think you want to buy, the very next step should be arranging a comprehensive home inspection.
What is a home inspection, and why is it important?
Think of a home inspection as a top-to-bottom physical exam for a house. It goes far beyond what a casual walkthrough can reveal, scrutinizing everything from major structural components, such as the roof, foundation, and walls, to essential systems like electrical, plumbing, and HVAC. If appliances are included in the sale, they are checked, too.
The primary goal? To uncover the true condition of the home. While you might notice cosmetic flaws during a showing, a professional home inspector looks for deeper, often hidden issues. They’ll venture into crawl spaces, climb onto roofs, and examine areas you’d likely never see, identifying potential problems that could save you thousands down the line.
Why is a home inspection important?
You can’t effectively negotiate a home’s price without a thorough understanding of what you’re negotiating for. We know a home’s list price and its value relative to recent sales in the area, but without an inspection, we have no idea of what it is really worth.
If the home inspection discovers major structural issues, it provides critical leverage empowering you to:
- Negotiate a lower purchase price.
- Request property improvements or fixes by the seller before closing.
- Or, in some cases, back out of the deal altogether if the issues are too extensive or costly.
Essentially, a home inspection prevents you from unknowingly purchasing a home with problems you can’t afford or don’t want to handle.
Should you ever skip a home inspection?
NEVER-it is as simple as that.
Navigating Repairs and Improvements After the Inspection
So, the home inspection is complete, and a report is in your hand. Now what?
Every home inspection is unique, and nothing is set in stone. Your approach will depend on what the inspector uncovers.
- If the inspector finds significant (expensive or dangerous) structural issues:
- You have the option to walk away from the purchase altogether.
- You can negotiate for the seller to repair these issues before closing. And, if they are extensive enough, get a follow-up home inspection to make sure they are truly fixed.
- If the inspector finds relatively minor issues:
- You can negotiate the price of the home down to cover the cost of these fixes.
- You can request that specific issues be addressed for repair. For example, you might overlook minor paint scuffs but request new faucets to replace those that are damaged.
- If the inspector finds only very minor things:
- Your strategy here will depend on the overall market conditions and your negotiation position.
How (and whether) should you for work to be done at home?
Asking for repairs can be a delicate dance. If you request too many, the seller might deny them or even cancel the sale. On the other hand, if you don’t ask for enough, you could face unnecessary expenses and headaches down the road.
Your realtor can help you weigh the pros and cons of asking for repairs and updates. Sometimes, especially in a hot market or with an unmotivated seller, it might not be worth jeopardizing the purchase of your dream home over minor repairs. At other times, you have the upper hand and can demand certain things before completing the sale.
There is no hard and fast rule, and your agent has to help gauge the other party’s willingness to negotiate.