Investing in a home is a significant cost that buyers take upon themselves. When you invest in a house, you do so with the hope of dwelling in it for many years to come. It is natural, then, to expect a house in which the various systems function well. This is where home inspections come into the picture. Before you seal the deal on a house in Lithia, a crucial deciding factor is the home inspection. 

When a seller and buyer come together to write up a contract for the house in question, it is important to include a home inspection contingency (also known as “due diligence” contingency). This allows the seller enough time to hire a home inspector, schedule the inspection (and attend it if necessary), go over the report, understand it, and then carry negotiations further. 

Depending on what the inspection report comes up with, the buyer can negotiate with the seller or even back out of the contract without legal consequences.

How do you decide that the house is good enough to move the deal forward? 

  1. On completion of the inspection, find the defects and repairs from the home inspector in detail.
  2. Defects are usually of 4 kinds (taken from the InterNACHI inspection checklist) –  
  • Material defects – A specific issue with a system or component of a residential property that may have a significant, adverse impact on the value of the property, or that poses an unreasonable risk to people.
  • Major defects – A condition of a system or component that renders it non-working, nonperforming, non-functioning, or unsafe, and requires a professional contractor to further evaluate and repair, correct, or replace.
  • Minor defects –  A condition of a system or component that renders it non-working, nonperforming, or non-functioning, and may be repaired, corrected, or replaced by a professional contractor or the homeowner.
  • Cosmetic defects – A superficial flaw or blemish in the appearance of a system or component that does not interfere with its safety or functionality.
  1. Depending on the number of defects and repairs, you may negotiate the price and ask for concessions from the seller. If the seller agrees to get the repairs done, you can carry the contract forward. Do not worry if the list of defects seems too long, houses that have been lived in are naturally subject to wear & tear. Focus on major problems first.
  2. You can also request time for additional inspections like termite and radon (if needed).
  3. If you find that the house is uninhabitable or the inspector tells you that it needs an extraordinary amount of repair, you are free to back out of the contract. This is possible because of the inspection contingency in the contract, so be sure to include it and also read through the terms carefully.
  4. Only once you are convinced of the stability and safety of the house, you should continue with the rest of the home buying process.

CONCLUSION

Thorough knowledge of the condition of the house you are going to move into is necessary. It helps you avoid unnecessary repairs and financial burdens in the future. Your dream home shouldn’t turn into a nightmare; a home inspection helps you keep it that way.