What To Do After A Home Inspection
Property inspection is a crucial part of due diligence during a home purchase. The inspection will give you a reliable assessment of the structural condition of the house you are about to buy. However, what you do with the property inspection report also matters. Below are some of the actions you should take after receiving the report.
Review the Report
The property inspector will generate a report based on their observations during the inspection. The property inspection report contains things like:
- Inspected items or parts of the house
- Items or parts of the house not inspected
- Safety concerns, such as appliances with malfunctions that make them dangerous
- Defects that require repair or replacements
Review the report thoroughly to get a good overview of the property's structural condition. Your real estate agent should help you understand or decode the report.
Determine Your Next Options
The next step is to decide how to proceed. Hopefully, you included an inspection contingency in your purchase offer and can determine your next move without fear of losing your purchase deposit. Below are the major options after reviewing the inspection report.
Commission Another Inspection
The initial home inspection is general and may unearth red flags without revealing too much about them. If the general inspection reveals a malfunction of the HVAC (heating, ventilation, and air conditioning) system, you'll need a specialized inspection by an HVAC professional to understand the gravity of the HVAC defect and determine whether you can repair it.
Negotiate With the Seller
You can also use the inspection report to negotiate with the seller. For example, you can ask the seller to lower their asking price, pay for the necessary repairs, or offer you further concessions. Many sellers are happy to oblige such requests if the inspection report reveals tangible concerns.
Abandon the Purchase
You have the right to abandon the transaction if going through with it puts you at a disadvantage. For example, you can abandon the purchase if the inspection report reveals major defects. For example, abandonment is a viable option if the defects are so critical that you wouldn't be comfortable in the house even after repairs. You can also abandon the purchase if the seller refuses your overtures.
Hopefully, the inspection report will help you buy the house of your dreams without regret. Remember to involve your real estate agent at every step of the home purchase process. The agent's knowledge and experience will help you protect your investment.
Contact a local residential real estate service to learn more.