Home Inspection 101 For First-Time Buyers
A home inspection can be a scary step in the home buying process especially if it’s your first time. You may already be overwhelmed by how much money you are about to spend on a home but also fear the worst with what may be uncovered during your home inspection. However, just remember that this event is there to make sure you don’t go buying a home that is a money pit and so you can plan for any necessary repairs. Here is some more insight into getting the most out of your inspection.
Hire a reputable home inspector
Your inspection is never a place that you want to cut corners. Make sure you hire someone who is local and well known with a good reputation. Next see if they hold key memberships for the field and ask your real estate agent if they know of them. Finally, if you are purchasing a particular kind of property like an older historic one for example, see if they are well versed in that area as it can be helpful.
Attend the inspection
All inspectors will provide you with a large, detailed report with notes and photos of everything they have reviewed. However, it is a very good idea for you to attend the inspection appointment as well so that you can ask important questions and get very familiar with the home “under the hood” so to speak. This will make future repairs less daunting and also give you a better idea of anything that may need further negotiation with the home sellers.
Don’t worry ahead of time
Most of the time inspections go fairly well with only smaller fixes required for repair. Keep in mind it is completely normal for there to be things like a window pane in need of repair and the like. Should your inspector uncover a more major problem like a structural issue then you may need to revisit your offer to purchase. Typically there is a dollar figure specified where if repairs exceed that amount then you can renegotiate. If this happens then you should consult your attorney as well as your realtor for the best next steps. Your attorney can best advise you on the way to go about negotiating while your realtor can advise you on what is maybe best for you in the current market conditions. Under competitive markets you may need to budge a bit more should you want to salvage the deal.