The home inspection is a critical component of the home-buying process. It also is one of the most common conditions made with buying offers. It is not unusual that a home inspection comes out with one or more issues that the inspector identifies on his report. The inspector might find a leak in the roof or a broken window that needs replacing.
How do you deal with these issues? Should you pass on a property that you otherwise like?
First of all, you should be clear on the realities of selling or buying a home. No home is perfect, and an honest inspector is very likely to find some issues with the home. This is normal.
Just because the home inspector discovered a deficiency doesn’t necessarily mean you shouldn’t purchase the home. Many issues that arise after a home inspection are not deal breakers. You should, however, bring the issue up with the seller. Your REALTOR® will do that on your behalf and look after your interests.
In many circumstances, your agent will be able to negotiate an agreement that is satisfactory to everyone involved. This will usually be in the form of a reduction in the sale price to cover some or all of the costs of the repair, or a requirement to have the seller get the repairs done before you move in.
Otherwise, if major problems are discovered that should be fixed then this is a different story and may be the reason why you decide not to purchase a home.
So, what are the deal breakers of a home inspection? That depends entirely on you. What is and is not a deal breaker depends on each person's preferences and needs. For example, an inspection that identifies damaged floor joists might be a deciding factor for one person who feels the problem is too expensive or time-consuming to fix.
However, the same trouble with joists might be absolutely acceptable for another client who has the resources to fix the issue. A home inspector does not tell a customer whether or not to buy a house. Rather, it's his or her job to provide all the available information so that home buyers (or sellers) can make the right decision for them.
How you handle the negotiations that follow can make a big difference in how much you give on your end and the level of stress you experience from the process. You may decide that the repairs are beyond your tolerance for renovations and you may choose to walk away from the transaction.
While finding unexpected issues with your otherwise “dream home” may be upsetting, the home inspection information will go a long way in helping you make an informed buying decision. Chances are you can still get the home and have any issues dealt with to your satisfaction.
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