How to Approach a Home Inspection
Home inspections are a mixed bag of exciting and stressful. These can either save you money: or make you spend tons on repairs and updates, depending on what the market looks like.
If your home inspector has finished their report and handed it over, this is everything you should do to ensure your home is what you need it to be.
Don’t Look it Over Alone.
You may feel too nervous to wait until you talk to a realtor to look over the inspection, but it’s vital that you have a pro on your side when you’re reviewing it. Every line a home inspector writes is a vital piece of information about this property, so it’s good to have someone who knows what they’re looking for on your side.
Not only can a realtor or agent give you the peace of mind of telling you when a repair isn’t a big deal or is inexpensive, but they can also give you the knowledge of what a large number of repairs mean for the longevity of the property.
Look for Price Reductions
The best part of a home inspection is that you can get the price of the entire property dropped if you’re able to prove the loss of value in the home inspection. This will give you the chance to save money, and although you’ll have to pay to get these repairs done, they’re not necessarily always urgent: meaning you can fix them on your own time with your own budget. This is one of the best steps to buy a house for cheaper than it’s listed at.
Consider Long-Term Needs
What are your property’s long-term needs? Will it need a roof change in ten years? Are there signs that the foundation is cracking and will need to be repaired or replaced soon? How old is the siding? The older the items on the home are, the sooner they’ll have to be replaced, repaired, or removed from your home. If you’re already on a tight budget, or you’re expecting your finances to stay tight for the next five to ten years, pick a home that can work with that.
Be Realistic About What You Can Handle
You may feel gung-ho about the property and think that it’s worth the trouble because the price is so good: but if you’re not careful, you could be agreeing to too much still. Look at how much work the property realistically needs, how much time that will take: and how much time and money you have to devote to it. Are these repairs that have to happen soon? Are they fixes that can wait a couple of months or years? Can you afford to pay for them if they’re needed instantly? Carefully consider your options, and make it happen.
Home Inspections Don’t Have to Terrify!
Although you may think that a home inspection is the scariest part of buying a home: it’s vital that it happens. Not only could this save you from a costly mistake: but it can also prepare you for purchase by making it more affordable!