I have been lucky to work with some pretty amazing buyer clients over the course of my real estate career. This past week was no different. I have been going around with this lovely family for about a month looking at different homes to find the one they could call “home”.
We put in an offer earlier this week on a cute backsplit that does require some updating and renovating. It’s pretty evident to us that this original homeowner has taken care of her home, however, we still made sure to include a home inspection condition in our offer.
I’ve been on many home inspections — most with my trusted home inspector. Why do I trust him? Because he has the background, education and experience to go through the home and identify the issues with the home, along with the possible solutions to correct the issue. Now, most Realtors® sit at the kitchen table or family room and do some “work” on their laptop, ipad or phone during the home inspection. I choose to walk along with the home inspector throughout the inspection, and trust me, I’m always learning something new from him (that I then take home with me and share with my husband – think home projects! – but that’s an entirely different story).
While going through the home with the Inspector, we did find several issues that were unexpected. Bear in mind that all homes will have issues – there simply is not a perfect home (whether it’s brand spanking new or 50+ years old). On a very basic level, you’re looking for items that are not visible to an ordinary purchaser during a viewing.
For example, from the road, the roof shingles may seem pretty decent. But on further inspection by a qualified home inspector, it’s evident that there are patches on the roof without any shingles, and water seepage into the home. This could then result in over $10,000 being spent on re-shingling – a cost that those purchasers would not have budgeted for.
You can imagine how difficult larger ticket items (roof, furnace, a/c, foundation/structural problems) may be on a new purchaser who may not have the extra funds to cover these surprises! The home inspection will help you not only identify the issues, but also determine if it’s within your budget to solve the issue, or whether a price reduction with the Seller is an option and/or required. In some cases, the items may be so large or daunting that the Buyer chooses to walk away from the purchase.
In this particular instance, we were able to negotiate several thousands of dollars off of our original purchase price in order to help the Buyers correct the issues that were found. I don’t even want to think about what could have happened had they decided not to include a home inspection…
If you’re just beginning your home search, take a look at this free report “How to Avoid 9 Common Buyer Traps BEFORE Buying a Home”. You don’t want to be the buyer that pays too much for the home you want, or the one that buys the wrong home for your needs.