How to Use a Home Inspection to Your Advantage as a Buyer
Among other tasks for buyers, home inspections should take top priority. A home inspection is not just a requirement for some types of loans but it can provide buyers with invaluable insight in the home they are about to buy. Read on and find out how you can make the most of your home inspection.
As soon as the ink is dry on the purchase agreement, call a professional inspector. Good, experienced inspectors are busy so make an appointment as soon as you can. Not only can a late inspection delay your closing, but the seller may need time to perform needed and agreed-upon repairs.
Learn a Few Things About Your Home
Ask the inspector if you can do a "ride-along." Keep out of their way and tag along while the inspector works. You will find out about the inner-workings of your home, see issues for yourself, learn where water shut-off valves and fuse boxes are, and get a better idea of what you are buying.
Know How to Cope With the Inspection Report
You can expect your home to have issues—all homes do. The older the home, the more issues it will have even if it appears to be well-kept on the outside. Inspections dig deeper and look in places most buyers won't or can't look and those hidden areas can reveal problems that could impact the sale. You should let the inspector provide their opinion as to the seriousness of a given problem. Some problems are too minor to worry about and should not hold up the sale of the home. Know what should be fixed and what might need to be fixed.
Dealing With the Seller After the Inspection
It can be upsetting to find out about a large, expensive problem with the home you are about to buy. In most cases, you can get out of the contract to purchase due to a negative home inspection issue and get your earnest money refunded. You might still want to buy the home, however, if the seller can make some concessions. Here is what to do:
- Let your real estate agent know about the home inspection issue. All communication goes through agents—never contact a seller on your own.
- Ask if the seller can lower the price of the home, pay for closing costs, or make the repairs before the home closes.
- If they do make the repairs, consider having another inspection performed to confirm things are fixed.
To find out more about hiring a home inspector and how to cope with the report, speak to a real estate agent. They can help you whether you're looking to buy a luxury home or a single-family home.