Home buying is a whirlwind process – you find the perfect place, make an offer, and before you know it you’re packing up your life and moving. With all of the excitement (and stress) that comes with buying a home, it’s easy to let things slip through the cracks. One of the most important things to remember during the home buying process is to get a buyer inspection.
A buyer inspection is basically a final checkup on the property you’re about to purchase, conducted by a licensed inspector. This is your last chance to be absolutely sure that everything in your new home is in good working order before committing to the purchase.
While most people think of getting an inspection as simply peace of mind, there are actually some very real benefits to getting one. In some cases, an inspection can reveal serious problems with a property that may have gone unnoticed during negotiations – giving you some bargaining power with the seller. In other cases, an inspection can give you insight into potential future repairs or maintenance issues, helping you budget for those costs down the road.
Bottom line: getting a buyer inspection is always a good idea.Â
Different Types of Property Inspections
When a buyer purchases a new home, there’s more to it than just turning the key. If you want to make sure your future property is up to scratch, then inspections are recommended. Mechanical, well and septic, radon and environmental inspections will help identify any problems that may need rectifying before taking ownership. And don’t forget about potential pest problems either – it’s always worth getting a termite inspection before signing on the dotted line. When in doubt – inspect!
What Are Inspection Contingencies?
An inspection contingency is an important part of the home-buying process. These clauses in the contract provide protection to the buyer, so it’s important to understand how they affect each party’s obligations under the agreement. Generally speaking, an inspection contingency gives buyers specified time, typically 5-10 days from contract acceptance, to have their desired inspections conducted on a property before making a final decision about their purchase. If any issues arise, buyers have an opportunity during this time period to request repairs or renegotiate the price of the property prior to closing. Keep in mind that some contingencies are specific to certain states or counties, so make sure familiarize yourself with what’s customary or required when negotiating a deal.
Common Inspection Repairs Requests
When requesting a repairs after an inspection, common items that may be mentioned or asked to have a closer look at could include caulking tiles around the house for common wear and tear, tracking down and repairing any minor leaks, servicing or replacing any mechanical equipment to ensure it’s working correctly, and updating an aging roof. These common requests are meant to ensure that any prospective buyer does not need to address any of these issues before going through with the sale and given a bit of insight into what sort of maintenance may be required in the future.
Repair Negotiations
Buying a house is a huge investment and getting it inspected properly is key. However, what should you do when what the inspector reports back isn’t what you’d hoped for? Repair negotiations are in order! How much is too much to ask for? Can you push hard enough to get what you want? And what if the seller won’t make any repairs at all? The best way to approach this potential minefield is with a dose of wit and a bit of research – it’s important to understand what’s reasonable and what won’t work. You want to make sure the major issues are being addressed prior to you moving in, but consider leaving off minor repairs that would be an easy fix for you to do after settlement. Asking for too many repairs or replacements may turn the seller off, but you do want to know you will not have to needlessly sink money into fixing your future home on every single repair. Good luck!
Working with an experienced professional can be invaluable in receiving what you want, as they can better understand how to work with the sellers. Check out our partner brokerage for affordable and professional real estate services.
Who Chooses the Inspector?
The buyer is the one to organize the home inspection, so they can pick the inspector they feel most comfortable hiring. Ultimately the buyer is the one to pay the cost for the inspector, either paying at time of the inspection or adding the fee onto the settlement statements and factoring that money into your closing costs. But make sure that whoever the buyer chooses is a properly licensed through Maryland and well reviewed professional to ensure their opinion about the house is accurate and reliable. Getting an inspection done can give ultimate peace of mind – it’s worth investing in a reputable, experienced expert!
Inspections: Closing Thoughts
Hopefully this article helped clear up some of the confusion surrounding home inspections. As a buyer, it’s important to be knowledgeable about all aspects of the buying process so that you can avoid any stressful surprises. Have questions or need more information? Our team is always happy to help!