Whether you’re buying an investment property or a new family home, getting it inspected by a professional is a critical step before the sale closes. This is your chance to learn about any issues with the property, and negotiate with the sellers with regards to who’s responsible for addressing them.
Once the dotted line on the contract has been signed, there’s no turning back, which is why it’s vital to obtain as much information you can about the property’s condition, and any potential issues that may spring up in the future. Therefore, it’s not surprising 88% of all homebuyers used an inspector in their most recent purchase process, according to a survey conducted by home information and services site, Porch.
Over the course of this blog post, we’ll list and discuss three important questions you should ask your inspector during or after the evaluation process.
Are There Any Major Health and Safety Issues That I Should Be Concerned About?
Most pre-owned homes on the market come with minor issues that require repairs or replacements. These shouldn’t be too much of a concern for the buyer. However, it’s another story if there’s a major health, safety, fire, or water hazard as you would need to address it immediately.
Ask the inspector if there are any plumbing leaks in the basement, signs of mold, gas leaks our outdated or out-of-code electrical wiring. If the inspection report contains any of these items, make sure they’re addressed posthaste. Failing to do so not only puts the safety of your family at risk, but may also lead to your home loan not getting approved for underwriting.
How Much Will it Cost?
Like we’ve mentioned, all pre-owned home inspection reports turn up a list of repairs – regardless of how old the property is. While this list can be intimidating, it’s worth considering that everything can be fixed. If the seller isn’t willing to make the repairs, it doesn’t necessarily have to be a deal breaker. Ask how soon the repairs have to be done, and consider the costs alongside the property’s value.
What Should Be Repaired First?
Not all issues that turn up on an inspection report are of the same scale, and as such, they should be treated differently. Go through the report with your inspector and ask them which of the issues need to be prioritized and which ones can be left for later. This will help you create a budget and plan for the future.