Episode 7: Home Inspection & Negotiating Repairs
One of those next steps when you first go under contract is to have a home inspection, and to negotiate repairs on the home. Join Matt in this episode of the home buyers guide, with some help from our friend and industry expert, Brian Murphy of A-Action Inspections.
Getting an inspection is an important piece of due-diligence, so do not cheap out on your inspection, and definitely do not skip getting one all together. Invest in your due diligence and peace of mind during this huge financial decision by getting a home inspection.
Having a home inspection done when you first go under contract will give you much more assurance about the condition of the home. An inspection generally last 3-4 hours and allows the inspector a really good feel for the condition of the home. The inspection will cover everything involved with the main house: the foundation, roof, outlets, switches, fixtures, appliances, water heater, insulation, appliances, etc. There are other optional services from an inspector that may cover pools, sprinkler systems, etc.
We strongly recommend attending the end of your inspection. Spending the last 30-45 minutes with the inspector, talking to them about the condition of the home, what each deficiency means, and even some tips about how to be a good homeowner. I would almost think of it as a new homeowner orientation.
Once we receive your inspection report, we have several options. The first is to do nothing. Accept the house as it and continue. The second is to negotiate repairs and the third is to cancel your contract and to look for a new home, as long as you are still within your option period.
Generally we will take that second option and decide to negotiate, which can mean a few different things. It is important to prioritize which repairs you want the seller to take care of, whether they are critical to the operation of the house or if they are quality of life items. Most sellers are reasonable and will fix some of the top concerns. Often, the seller will agree to give the buyer a credit in lieu of repairs, in order to cover the cost of the repairs for the buyer.
Throughout this step of the home buying process it is important to keep perspective. Do not get too hung up on one repair and let it stop you from getting the house you love, but also don’t let your love of the house outweigh a major structural concern. Remember to talk with your inspector about the house, and that your agent is always there to help walk you through every step of your real estate journey.
