Your home inspection is complete and you’ve just received your inspection report. What to do, now?
Inspection reports identify issues relating to the condition of the home that are safety items, items that aren’t functioning as intended, or items that either warrant further investigation by some other professional or that are in need of being monitored over time for any future change. Any or all of these might warrant your attention as an item that might need to be repaired. The questions then become which items are going to be repaired?… And who is going to pay for those repairs?
As for which items are going to be repaired, that’s often directly stipulated by your real estate Offer To Purchase contract…the agreement that you have between you and the seller of the home. Keep in mind that some of the items contained in your inspection report might not correlate with items that are able to be requested of the seller to be repaired. It all depends on the laws, in your local area, that pertain to real estate transactions. Your best bet is to consult with your professional real estate agent or attorney…they’ll be familiar with the particulars of your contract. Another consideration is your comfort level with the repairs…some people are comfortable making some of the repairs themselves…others might not want to tackle any of the repairs. Some repairs, such as those involving structural, air conditioning and heating, or electrical concerns are most always best left to the professionals.
Now…who is going to pay for those repairs? This is often the most contentious of topics in the transaction. There are usually a few different ways to handle it:
- You could choose to pay for the repairs yourself and not ask the seller to do anything – this is usually dependent on how good of a deal your got on the sale price of the home
- You could accept a consideration of the purchase price in the anticipated amount of the repairs and then contract for those repairs yourself…the repairs would get completed by your contractors under your direction
- You could ask the sellers to make the repairs – with this option, you generally have no direct input or control over the quality of the repairs
Know the pertinent legalities, determine your comfort level, consult with professionals, and…enjoy your new home!