Negotiating Repairs After A Home Inspection Can Save You From Costly Repairs!
Negotiate Repairs After Home Inspection Is Good Advice. Putting in an offer to buy a home and getting it accepted is an exciting moment for any buyer. But before you get the keys, you need to do some homework to understand how to protect your investment and get the most out of the home buying process, including these important steps:
The House Inspection
This is your best opportunity to get professional advice and identify any issues with the property by a qualified Home Inspector before you buy. Foundations Property Inspection helps buyers recognize needed repairs and identify any issues with the property. Understanding the condition of the home is important and most buyers and sellers will negotiate repairs or some type of monatary credit after a home inspection.
Common Home Inspection Problems
How you negotiate repairs after a home inspection depends on what you discover. Your home inspector can provide valuable insight, warnings, and a comprehensive report highlighting critical issues which can be cause for negotiations.
Nine Common Issues That Homebuyers May Encounter When Time To Negotiate Repairs After Home Inspection
1.) Plumbing Issues
Leaking faucets, inadequate water pressure, drainage problems.
2.) Mold & Mildew
In bathrooms, basements, and anywhere else water might congregate.
3.) Improper Grading
Water seepage in the basement suggests that the house could be improperly graded, i.e. thanks to erosion or other issues rain and other moisture sources can penetrate the property’s foundation.
4.) Faulty Electrical Wiring
Broken outlets, open junction boxes, circuit overloads.
5.) Roof Issues
Missing or deteriorated shingles, missing or deteriorated flashings (the material the covers roof joints), issues with the bricks or other materials surrounding the chimney.
6.) Foundation Issues
Cracks, chips, slopes, or other noticeable concrete degradations.
7.) Appliance Issues
Improperly functioning kitchen appliances, smoke and/or carbon monoxide gas detectors, and other home appliances.
8.) Heating & Cooling Inefficiencies
Improper ventilation, improper heat distribution, dirty heating or boiling systems.
9.) Window & Door Issues
Sticking windows and doors, cracks, draft leaks.
Most homes will have at least a few of these common issues and the inspectors at Foundations Property Inspections will find them! Most of the time these issues are going to be relatively minor since the seller would have likely known about it before putting the house on the market.
Important: Read The Top Questions To Ask A Certified Professional Home Inspector.
It’s important to realize that not all issues warrant negotiations. Once you negotiate repairs after a home inspection your goal is to have the seller correct any major problems and safety issues. Particularly things which may have had an impression on your decision to get the house at the offering price. It’s not however a chance to form a list of repair requests. Remember, either party can still back out of the sale, so if the problem(s) is too overwhelming (for example, if there are critical issues that require tens of thousands of dollars worth of repair costs) it’s better to address them before you buy.
It’s important to realize that not all issues warrant negotiations. Once you negotiate repairs after a home inspection your goal is to have the seller correct any major problems and safety issues. Particularly things which may have had an impression on your decision to get the house at the offering price. It’s not however a chance to form a list of repair requests. Remember, either party can still back out of the sale, so if the problem(s) is too overwhelming (for example, if there are critical issues that require tens of thousands of dollars worth of repair costs) it’s better to address them before you buy.
Negotiate Repairs After a Home Inspection
This is your best opportunity to get professional advice and identify any issues with the property by a qualified Home Inspector before you buy. Foundations Property Inspection helps buyers recognize needed repairs and identify any issues with the property. Understanding the condition of the home is important and most buyers and sellers will negotiate repairs or some type of monetary credit after a home inspection.
The home inspector’s job is to assess and provide a report of any issues—both big and small—that are identified within the home. From there, your realtor will work with you to work out what’s reasonable to barter over and the best path forward.
To start, you and your realtor should review the home inspection report and decide what fixes are most vital to you. YOU can request minor fixes for things like cracked tiles or broken outlets but make certain to hone in on what your biggest concerns are before conveying any requests for repairs or reduced offer price.
Once you’ve narrowed down your list of requests, your realtor will present them to the seller’s agent. There are various kinds of requests you might request in response to a home inspection report, including:
Asking For Price Compensation
In some cases, a buyer can request a reasonable discount within the home’s sale price to accommodate for the high cost of repairs. for instance, $10,000 off the acquisition price if a buyer knows they’re going to make immediate structural repairs. This is often another common way to help both parties agree, though sellers and buyers often have different ideas about what a reasonable discount is for repairs. Do your research, get several professional quotes to get a fair idea of how much a particular fix will cost. Now, you have the necessary information to confidently Negotiate Repairs After a Home Inspection.
Asking For Alternate Compensation
You may prefer to barter repairs after a home inspection—for example, asking the seller to purchase kitchen tile or flooring supplies so you can install without the added expense of repairs. If you can barter, try to agree on items that represent real value since you’re essentially accepting them in place of money.
Asking For A Home Warranty
Many buyers prefer a home warranty for their first year of residency, especially if the house has outdated appliances that aren’t quite on the fritz but go soon. Home warranties cover most appliances and systems within a house, including plumbing, electrical systems, and heating and cooling systems. They don’t cover things like garages, non-plumbing-related roof problems, and septic systems. If you think that your major needs are met by a home warranty, then it’s always worth asking for one. It’s also a good idea to compare the best Home Warranties to find the right coverage at the best price.
Additional Tips From Foundations Property Inspection
The post-home inspection negotiation process is often a stressful time for both buyers and sellers. Nobody wants the sale to fall flat, so it’s important to approach the negotiation process with an open mind and a willingness to compromise. Don’t backtrack from something major—particularly if it’s something the seller must have known about before listing the house and was thus required to disclose—but don’t be unreasonable.
Here’s Some Sound Advice That You May Use To Negotiate Repairs After Home Inspection
The post-home inspection negotiation process is often a stressful time for both buyers and sellers. Nobody wants the sale to fall flat, so it’s important to approach the negotiation process with an open mind and a willingness to compromise. Don’t backtrack from something major—particularly if it’s something the seller must have known about before listing the house and was thus required to disclose—but don’t be unreasonable.
Don’t Make Assumptions
As a general rule of thumb, don’t enter negotiations assuming that you’ll walk away with everything you would like. While you certainly might, it’s always possible that both sides will not agree and neither side will give a little. Know exactly what your dealbreakers are before you begin negotiations and where to draw a line if you don’t get what want. You have to remove your emotions and know how to recognize when to steer away.
Think Down The Road
If the kitchen needs a renovation within the next five years, then it probably isn’t worthwhile to negotiate back and forth about an outdated dishwasher or wonky cabinetry. While all buyers would like their home to be move-in ready, some issues are to be expected. If it’s something you are aware of and are willing to put it on your to-do list for the near future anyway, just decide to accept it as it is.
Most of the time, a home inspection and therefore the negotiations that follow go quite smoothly because you have gained valuable information and discovered critical information from your home inspection. Trust Foundations Property Inspection, realtor, and closing company to take care of the details, and you can keep your eye on the prize: getting the keys and moving into your dream home!
