The old adage of “an ounce of prevention” really applies to inspections. Before marketing your home, take care of the little repairs you might have been avoiding. Fix the drippy kitchen faucet, replace the front door knob that requires you jiggle the key just right to lock it, swap out the ceiling fan that only works on low speeds. When the inspections are done, a long list of small maintenance items could make a buyer doubt their decision and worry that major maintenance was overlooked as well.
Inspections With an offer for purchase, you may decide to request inspections. These inspections could be for single items – such as a roof or electrical inspection – or a more comprehensive whole house inspection. You will pay for any inspections at the time they are performed.
An inspection looks for major defects in a property. Typically a whole house inspection report comes in two parts. One part itemizes all items inspected and any issues found – from simple cosmetic items to more major concerns. The second part of the report summarizes those items deemed truly “defective” and therefore may affect the value of the property. Depending on your contract, the defective items may either be addressed with estimates for repairs or the seller may be required to make those repairs.
Inspections for specific items, such as roof or electrical, may have a less comprehensive report.
An inspection is NOT a way to know absolutely everything about everything. It is your guide to the condition of the major components of the home. Any home, no matter how new or old, how well maintained or how ignored, will have something show up on an inspection report. Inspections are your way of being an informed buyer.
Repairs versus “as is” homes
If you purchase a home “as is,” it simply means you may have inspections done but the seller is not required by the contract to make repairs. You will have a dollar amount you are willing to accept in estimated repairs.
For example, you negotiate to accept a home “as is” as long as repair estimates do not exceed $1,000. Inspections find the home in need of a new roof, estimated at $5,000. Within the terms of your contract, you might not be obligated to continue with the purchase and may choose instead to renegotiate or to cancel the contract. Again, your realtor can assist you regarding inspections and repairs.
If you purchase a home with the seller responsible for repairs, those repairs are typically completed prior to closing. Part of your pre-closing walkthrough should include verifying all repairs were made.
