You’ve found the perfect home for your family and your offer has been accepted, subject to a home inspection. But what do you do if there are problems with the home inspection report and it shows a lot of problems with the home?
Problems with the home inspection
Review the report with your real estate agent
Look at the exact nature of the problems and what it’s going to take to fix them. Are there a lot of minor and inexpensive items or are they large and potentially costly problems? If they’re easily repairable and not a big expense, you can possibly overlook some of them or do the work yourself once you move in.
If they are “big ticket” items, you’ll need to find out from professionals what the repair will entail, and more importantly, how much it will cost. Once you’ve determined the scope of work and the costs of the repairs needed, you’ll have to decide whether or not you want to continue with the purchase.
If your decision is to continue with the purchase, then you may want to have your real estate agent re-negotiate the purchase price of the home.
Decide how much you want the seller to contribute to repair costs
From a financial standpoint, you have to decide how much money you are willing to invest in the house, and how much you expect the seller to contribute in order to make buying the home a feasible option. A lot of us don’t want to undertake large and costly projects when we buy a home. Often times we don’t budget for large, unexpected expenses. Having the seller make a financial contribution, by reducing the purchase price, can offset some of the extra expenses you’re going to face if you choose to go ahead and buy the home.
Factor in how much of a disruption repairs will be
Are the repairs going to be done before you move in, while you’re living in the home or will the seller have the work done before the sale is complete? Make sure you consider the answer carefully before making the final commitment to proceed with the purchase. Will you have electrical outages or down time for plumbing work? If you’re moving in the winter, will you have heat while the work is completed? Is there going to be a mess and can you live with it? Make sure you fully understand what will take place during the repairs and, unless the seller is having the repairs completed before you move in, decide if you want to be living in the home while work is going on.
Problems in a home inspection report don’t always mean you won’t end up in the home. Just be sure you thoroughly understand the issues addressed in the inspection report and know what the financial ramifications will be before you finalize the deal.
For help with your home search, call Scott Parker at RE/MAX of Nanaimo today. With Scott’s background and experience, you’re sure to find the perfect home to meet your needs.