Buying a property is a huge investment, so the last thing you want to underestimate is the cost of repairs. That said, most people are exercising their right to a home inspection before agreeing to purchase the home. buyers inspection group That is a smart decision, but home inspections can deflate even the most optimistic buyer.
The list of repairs can be long and full of details that could make or break a purchase. While a home inspection is an incredibly useful tool for buyers to know more about their home, including its appliances, the report doesn’t tell the whole story.
Many buyers expect that the inspector will also provide estimates for repairs, but most simply won’t. As neutral parties that are meant to offer a professional opinion about building codes and safety compliance, buyers inspection group inspectors aren’t to be confused with general contractors who make a living by fixing all the outdated or damaged items on the list. Because of possible conflicts of interest or just the fluctuations in labor costs, few inspectors will talk numbers.
Instead, buyers should be prepared to have general contractors and experienced repair services on speed dial to prioritize repairs and comparison-shop for remedies. Doing so could put the buyer in an aggressive position to negotiate down the asking price or to see if the seller will pay for big-ticket items. Also, a frustrated buyer could walk away from the sale entirely.
Before going into panic mode, check out these three easy ways to figure out the price of everything on your punch list.
If your agent is really a local expert, she or he will know professionals in the trades needed to get the house into shape. They will also be familiar with which kinds of issues are common to the neighborhood or topography of your home.
Brian Chinn of Newberry Real Estate in Texas says that it is important for buyers to set proper expectations when they are purchasing a home. The house won’t be perfect; it would be unusual for an old home to be up to code
Most home inspections have to use the current code, 2020, to compare everything,” Chinn explains. “So if you are looking at the report and it is talking about your electrical wiring, guess what? It isn’t going to meet the current code if the house was built prior.”
A good agent will see hundreds of these reports and can help bring the right people to the table in each of the key areas—electrical, plumbing, HVAC, flooring—where costs typically soar. For routine fixes, the agent might already have a rough estimate in mind and a trusted contractor in their back pocket.
Both options could give you a loose sense of the numbers, but it is important to remember that your agent is not a neutral party. They only get paid when you close on the home and, technically, this part of the process is your responsibility.
That said, duplicitous agents might undersell the severity of an issue, and honest ones can miscalculate the cost