How to ace your home inspection:
How does a home inspection work?
Nearly all of today’s home purchase contracts include an option period − this timeframe allows the buyer to hire a professional home inspector to thoroughly evaluate the home and determine if there are any issues with the structure or systems. Once a purchase contract has been signed, the buyer can book a professional inspector of their choosing, whom they may or may not accompany during the two- to three-hour inspection.
What does a home inspector do?
The home inspector will:
– Evaluate the physical condition: structure, construction, and mechanical systems
– Identify items that need to be repaired or replaced
– Estimate the remaining useful life of the major systems, equipment, structure and finishes
What goes into a home inspection?
A home inspection gives the buyer an impartial, physical evaluation of the overall condition of the home, including items that need to be repaired or replaced. The inspection provides a detailed report on the condition of the structural components (exterior, roofing, plumbing, electrical, heating, insulation, ventilation, air conditioning, etc.). The inspection also includes a pest inspection to check for any damage to wood caused by insects.
How to Negotiate Repairs After a Home Inspection
Most buyers and sellers believe the real estate “deal” is negotiated at the signing of the contract due to the fact that by that point the counteroffers have been made and the back and forth has happened. Many people assume that the deal will go on auto-pilot until closing.
However, the reality is the deal-making and negotiations only start at the contract signing. Because the market in Austin is so competitive, negotiations still happen during the option period.
Here are three tips for negotiating repairs after a home inspection.
- Rather asking for the home seller to do the repairs, ask for a credit for the work to be done:
- Due to the fact that the sellers are on their way out, the last thing they are going to want to do is repair work on their old home. This may result in them not approaching the work with less attention. If you take a cash-back credit at closing or a discount on the purchase price, you can use that money to complete the project yourself.
- Think BIG:
- If you know what repairs you will want to make in the future then you likely won’t care that a little bit of the home’s floor is damaged, that there’s a leaky faucet or that the caulking needs to be redone. These things will get fixed during your future renovations. However, the repairs are still up for negotiation and asking the seller for a credit to fix these issues will help offset some of your expenses.
- Keep your eye on the prize:
- A real estate transaction is never a done deal until all the money has been wired in and the deed transferred. Our team at The Heyl Group is committed to guiding you along the path to success, whether buying or selling we are with you until the end…and then of course on your next real estate transaction!!
For a more information, please call us at 512.537.6739 or email us at firstname.lastname@example.org
There are many great Austin area homes for sale. Click here to perform a full home search, or if you’re thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today’s market.
You may also call us at (512) 537-6739 for a FREE home buying or selling consultation, so that we may answer any of your real estate questions.