When you are selling your home, you will naturally prepare for an inspection of your property. But what should you do when it comes to an inspection of the property that you intend to purchase?
Buying a new property can be a difficult process. Not only does it take time to find the perfect home for you and your family, but you also need to navigate the complexities of the conveyancing and legal process.
One part of the process that can get confusing, is the home inspection for the property that you are purchasing. To help you on your journey, here is everything you need to know about home inspections, from how long they should take to what you need to do when the results come through.
What is an inspection report and why do you need one?
An inspection may be carried out on the property that you would like to purchase so that you can assess its true value, and identify any issues before you sign a contract. Inspections are not compulsory, but they are recommended. The last thing you want to do is invest all your hard-earned money into a new property, only to find that there are big and problematic issues that you are responsible for. Getting an inspection on a new property is a great way to eliminate this risk, and ensure you are getting your value’s worth in the sale. An inspection may also be a requirement for your lender before they are willing to release any funds to you.
How long does an inspection report take?
There are usually different types of inspections that you can opt for on the property that you are purchasing. The kind of inspection that you choose will determine how much the inspection costs, how thorough the inspection will be, and how long the home inspection report will take.
The inspection itself can last a few hours, and potentially more if the property is larger or is made with a complex structure. You can accompany some inspectors at the property, and learn the results as you go. Others will write up a report after the inspection, and send it to you within a few business days.
What will the home inspection involve?
A home inspection will look at the interior and exterior of the property that you intend to purchase. It will look at any issues or damage, the structural integrity of the property, code violations, water or fire damage, plumbing and electrical setup, fixtures and fittings, and more. You will then be issued a report after the inspection has been completed, with professional findings for your assessment.
What to do with the home inspection results
Obtaining a home inspection is the easy part. The hard part comes when you need to know what to do with the results. In some cases, the inspection report results may come back clean and simple. This will make your life easy, as you will have the evidence that you need for your own peace of mind, and potentially your lender, to move forward with the purchase of your new home.
In other, unfortunate cases, you might find some unexpected, and unwanted results in the home inspection report. It is first important to be grateful that the report has provided you with this information before you signed any contracts. However, it doesn’t take away from the disappointment you might be experiencing, especially if it is your dream property.
You have several options you can move forward with if the inspection results were not satisfactory. First, if there is anything in the report that was not disclosed by the seller, or even misrepresented by the seller, you have a right to back out of the contract. Alternatively, you can negotiate a lower price, or ask the seller to complete repairs before the property is sold to you. If you choose the latter, you will need to ensure this forms part of the contract with your attorney, or else there is no binding agreement. It is the responsibility of the seller if the property has code violations.
Secondly, you can choose to move forward with the sale of the property and use the inspection report as the basis for a renovation project. This will ensure that the work is completed to the standard that you want, and completed fully. You can utilize the renovation project to completely customize your new home. If you complete the work yourself, you will be able to start fresh in your new home and rest knowing it is safe and secure. It will also set you up for your future, knowing you don’t have any repairs coming up that you need to spend more money on.
How to negotiate after a home inspection report results come back
If your home inspection results are less than satisfactory, you may choose to go back to the seller and renegotiate the price. This can be difficult to do, especially if you have no experience as a negotiator. First, you should speak with your real estate agent. They are experienced in the industry and will be able to help you come up with the best offer, with the most value to you, with consideration of the works and repairs. It is their role to help you navigate the complicated conveyancing process and make requests and offers on your behalf. A conversation with a real estate agent that you can trust, will ensure you start negotiations off strong. This is because you will need to know what is a reasonable outcome, what is fair in the Connecticut market, and when you should walk away.
The results of a home inspection may not always be what you had hoped for, but that doesn’t make them any less important. Make sure you opt for an inspection on the house you are going to buy and understand how this will impact the sale, and what you should do when you get the results.