Ok, Congratulations! You are buying a home! This is the dream of most people all around the world and YOU have just accomplished the American dream my friend. So now what? How can you insure that what you are about to purchase is going to be a dream come true and not a nightmare? Hiring a home inspector is a surefire way to educate yourself about the condition of the home and how to manage and maintain it. You can create a healthy budget based on the current and future repairs the home will ultimately need as well. A home inspector can be one of your most valuable resources IF you use them correctly. Make sure you ask your inspector key questions.
How much does that cost to fix?
The home inspector will find inevitably something in or around the home that will need repair. Homes need to be maintained, but also updated with the changes in codes as the home ages. If you are purchasing a home that is 100 years old, it is possible you may still have hidden knob and tube wiring in the home or as simple as not having smoke detectors in each room. The job of the inspector is to visually inspect the home for any defects and repairs that may be needed to insure you are educated on what you are buying and any costs that may be needed to insure your home is safe. There will be very simple inexpensive repairs that the Inspector may just say “hey, use a hammer to nail those nail heads back in” or they may request that you have a structural engineer come out to tell you if a foundation can be repaired or not.
Your inspector will educate you, so make sure to ask as many questions as you can to feel comfortable. If you don’t know what a piece of equipment is, ask the inspector to show you how it works and why its there. When you hire your inspector get the most from the inspection and don’t be scared to get your hands a little dirty.
There is a proper way to get the most from your report and then there is the nightmare for every home seller out there, when the buyer hands over the complete report to the seller and expects all repairs to be made before they purchase. We have seen this time and time again and ultimately can and will leave everyone unhappy.
When purchasing a used car, we would not expect the car dealership to put in a new engine just because it has miles on it. We do know the price will reflect the condition of the vehicle and we can make an informed decision knowing that we will need to maintain the vehicle to keep it running smoothly. Your home is absolutely no different than this. When a home is placed on the market and a selling price is given, everything has been taken into consideration before going on the market. This doesn’t mean that there are not any hidden repairs that the sellers were unaware of. The inspectors findings can and do sometimes surprise everyone involved.
Find out from your inspector what the most pressing repairs are for the home, this will help you create a budget for when you move in. When we are well informed we can make solid decisions that we can stand by and live with. If some findings are more expensive than the seller or yourself expected than negotiate with confidence, for some it is easier to ask for allowances over repairs. This is where your Real estate agent can help you communicate with the homes seller so everyone is happy.
We are excited about your home purchase and believe that the more informed you are the more happier your life will be.
Here at Lighthouse we are excited to welcome you into the home of your dreams or the investment property that will help you make more money for you and your family. Every home has the potential to be great. We know with the proper education we can remove the fear of budgeting concerns and give you the confidence that you need to succeed. Thank you for reading with us today and we look forward to shining our light to guide your way home.