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I'm Monique and I help millennials accomplish their real estate goals! Read more about me
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Love Buying a Home series – Week 10
This step-by-step series will take you through the entire home-buying process — from finding a buyer’s agent to settlement day, and all the details in between. Every first-time buyer will find this information-packed series easy to follow and understand. Make sure to tune in for the next few weeks!
You don’t want any nasty surprises after you move into your new home, right?! Getting a professional home inspection is one very important step you need to take once you’re under contract.
Your contract may include a contingency that gives you a certain number of days to complete an inspection. Once you have the results, depending on the contract, you may ask for repairs, renegotiate the price, or even cancel the contract if needed.
No home is perfect but at least a professional inspection gives you some guidance on what you are facing. Only you can decide what you are willing to accept or undertake if you decide to buy this home.
If any red flags arise, then you’ll need to decide if it’s a deal breaker or not. Of course, I’ll help you with making those decisions, but there’s not a “one-sized fits everyone or all circumstances” answer. It’s something you and I will take through and I’ll help you make the best decision based on your level of comfort.
Here’s a rundown of what to expect from the inspection phase of the home buying process:
Inspector Who?
Make sure you hire a reputable and experienced inspector. You want to find someone who is highly recommended, works full-time in the field, and is affiliated with a professional organization. Also look for someone who is familiar with the type of construction and age of this home. I have a list of awesome inspectors that me and my clients have worked with if you need any recommendations!
Items to Check Off
A home inspector will visually inspect the physical condition of the home and its major systems. A standard checklist usually includes: heating system; cooling system; electrical system; appliances — kitchen/bath/laundry; plumbing; chimney; framing/structure; foundation/basement; drainage; roofing; and garage.
What to Expect
Keep in mind that inspectors look for deficiencies that are in view and won’t pull up carpet or look for any other hidden defects.
If the inspector has serious concerns about a specific element, then you may need to hire an expert – such as a structural engineer, HVAC contractor, or plumber — to give you a more thorough evaluation.
If a home is vacant, make sure the seller has all of the utilities turned on during the inspection so the inspector can see how they operate. You don’t want to incur the cost of a second trip out to your home!
Time and Cost
On average, a standard inspection can take 2 to 4 hours depending on the size of the home and can cost several hundred dollars (again, dependent on the home size). Ask to be one of the first or second appointments of the day, so you have a “fresh” inspector who will take time at your home.
Special Services
For an additional fee, some inspectors may include items such as wood destroying insects, rodents, mold, fences, pools, spas, sprinkler systems, septic tanks and also environmental services, including testing for radon, lead, asbestos, carbon monoxide, and formaldehyde.
Usually a specific license is required to inspect these items so check to see if your inspector can handle them. If not, you will need to bring in an expert if you have any concerns.
Show and Tell
Having an inspection is a great opportunity to gain some first-hand knowledge about the home you are about to purchase. You should accompany the inspector during the inspection to take advantage of his/her expertise and find out how the home functions.
During an inspection, you will see what type of systems exist in your home and their condition. You also can learn how to maintain them, which can be a big help as a new homeowner and for keeping up the value of your home.
It’s a good time to ask questions so you understand your home AND the inspection report you’re about to receive.
Report Summary
After the inspection, you will receive a report that summarizes what was discovered. This report is your property and no other party is entitled to see it. Unless, we are asking for repairs or credits of the seller— in which most inspection contingencies require a copy to be sent along with those requests.
Remember, it’s important to understand that an inspection is not a warranty since it is limited to what is visually accessible at the time of inspection. Many inspectors carry errors-and-omissions insurance but their contracts often limit their liability to a refund of the fee.
If the inspector discovers some defect, you now need to make a plan of action to resolve the issue or just cancel the contract (if the contract allows).
Red Flag Alerts
Some red flag issues are hidden and hard to see at first so make sure your inspector keeps a keen eye on the following:
Take Action
If something was red flagged in the report, you may need to hire an expert and get some estimates for needed repairs before you can move forward with the sale.
Knowing what you’re willing to fix or not fix is important. Talk to your agent, family, or friends and also call a contractor to discuss which defects are minor or not.
For some items, it could be a simple solution. A trip to the hardware store may be all that’s needed. Get a list of those items you want to fix yourself and price it out.
If you want to go ahead with the sale, you’ll need to decide if you want the sellers to fix it themselves or offer as credit (depending on the contract).
Home inspection negotiations can be stressful, but don’t worry, negotiating to make sure my clients get as much as possible is my specialty! Stay tuned for next week’s Review Those Condo Docs! Purchasing a condo unit is like you’re buying into a business. You need to determine how stable and financially sound this “business venture” is before taking it on.
For tips and updates follow me on Insta @mvb.realestate
I got into real estate after I purchased my first home and felt completely lost. No one should feel that way... Read my full story
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