A home inspection should be considered an essential part of any house purchase. A properly done inspection doesn’t just confirm the value of the house or that it generally appears to be in good condition. A home inspection, done by a professional, includes sophisticated tests, such as dye penetrant testing, which ensures you know everything about the property.
Home inspection issues
Of course, the more expensive and in-depth the inspection, the higher the probability that something will be found. It’s hard to find a house in perfect condition.
Fortunately, the home inspection can also benefit you. Here’s what you need to do after it has been completed.
Copy the report
You have paid for the report but there is no harm in copying it and sending the copy directly to the sellers. They are likely to be interested in what was found. If there are a lot of negative issues then it can also help them prepare for the inevitable negotiations.
Even if the report is good, sending it to the sellers shows you are acting fairly.
Get quotes
The next step is to get quotes for the work that needs to be done. You’ll want to start with anything that is serious and will have to be done to make the house safe to live in. Get costs for everything so that you know what it will cost you to make the house perfect again. But, be aware that not all these things need to be done instantly.
It’s important to keep a separate list of the price of things needing to be done before you can move in.
Consider budget
In a perfect world, you would present the list to the seller and they would reduce the price by the cost of repairs. However, the seller has their own finances to consider, such as how much deposit they need for their next place and how big any existing mortgage is.
You’re going to need to decide where your breaking point is. That’s when the house is no longer financially viable for you. This will help you to decide the maximum price you are able to pay.
Negotiations
With all the information to hand you’ll be able to make a new offer to the seller. They are likely to be expecting it but they are unlikely to agree to it. Your best option is to list the vital repairs that need to be done and their cost and ask the sellers to reduce by at least this much.
You can expect figures to go back and forth several times before you reach an agreement.
Final words
It is essential that you know how much your maximum is and stick to your budget, even if that means walking away from the property. Equally, you’ll need to be fair to the seller as they have their own financial constraints. But, if you can’t agree on a price then walk away and find another property. It’s likely to be the right decision for you.
