If you’re planning to buy a home, there’s no question about it- the inspection can be nerve-wracking! The results of an inspection can make a significant impact on ongoing negotiations, and nobody likes a complicated home-buying process.
Once the expansive (and necessary) report is revealed, you’ll need to decide what to do next. There are generally a number of options available, and it’s important to do your due diligence before jumping ahead.
Here’s what you need to consider after an inspection:
It’s important to know what is and isn’t important to you. Some homes require structural repairs, while others may not call for extensive changes. It’s important to get a good sense of everything that needs to be accomplished.
Think about which items are most likely to inhibit the sale or would be an issue in getting insurance. Additionally, some of these issues might also affect your loan. Make sure to take care of the things that really matter.
If you’re going to negotiate, you have to know the numbers you’re working with. It’s a good idea to know what’s realistic, rather than inflating numbers, which could result in a lack of trust.
Both buyers and sellers should get estimates independently, so contact your agent for reputable contractors that can lend a hand.
It’s time to decide whether, as a buyer, would like a repair, concession, or price cut. If you need something done before you move in, then asking for a repair is your only choice. While concessions or price cuts can be helpful, they might not match the amount of money the repair ends up costing. But if repairs are small, you might want to take care of them yourself after the home is yours.
Though the inspection report may contain a ton of recommendations, it doesn’t mean that you, as the buyer, need to heed all of them. Don’t hold the feet of the sellers to the fire: be reasonable with the upgrades you’re asking. There are some things that you may just need to address yourself after you move in.