Five Tips For Negotiating Your Home Purchase With The Home Inspection Report
When purchasing or selling a house, you want to make sure you work with someone who understands construction and the changes to account for when making a purchase. When it comes to getting a house, they would ideally be the largest purchase someone makes. Through the pandemic, it was challenging to make a lot of sales with people losing their jobs and changes that were taking place in the job markets.
We would advise anyone considering buying a house to make sure they have someone who knows what they are looking for and can inspect a house when needed. The last thing a new home buyer wants is to have to spend another huge amount to repair the house they just purchased. They should get it inspected to make sure everything relevant is in good condition and won't need a lot of work. There might be minor repairs that are needed, but those are common.
However, there are ways to use any issues and repairs the house might need completing as an advantage to negotiate the cost of the house. There are other changes as well, and you have to make sure that you know about the location and the type of house that would change its cost.
Tip #1: Review the report summary with your agent and attorney
They will have much experience in sorting the relevant issues from the mundane. You want them to make sure that they address all the red flags. You also want to make sure that someone reputed did the test so you know that the results would be in your favor. It would make the process a lot easier if you worked with a professional home inspector who has worked on such projects in the past.
Tip #2: Compare your request list
Compare your request list (to seller) against any immediate renovation plans you have. Remove the issues that they could resolve during your renovations.
If there are delays with the renovations, request repairs as needed to reach that planned date. Many processes would have to be coordinated by an expert. There are times when the seller would be working on renovating the house, and they should not add issues that they would sort in the renovations to reduce the value of the house.
Tip #3: Make a list of small issues and the large ones
I suggest making two lists of requests: the small issues and the large ones. Present them all the issues and changes as requests to the seller, but be willing to withdraw the small items if they resist, which may give you room to press more heavily on the larger issues. Every part of the process of getting a new house is a negotiation, and you want to make sure you know what you are getting into. If you add a long list of changes to be tackled, you might have them work on some of those instead of you having to work on all of them after purchasing the house.
Tip #4: Request monetary compensation
Request monetary compensation for issues that may have a decorative aspect that allows you to work on repairs and changes according to your taste. Another change that you could go through is asking to handle the renovation and changes yourself after the purchase, but for compensation, so you rebuild the house and make changes that make sense to you.
Tip #5: Repairs of utility systems should be done by the existing owner
You should always press for the repairs of utility systems that may be needed soon (furnace for winter, AC for summer). Making changes to utility services can cost a large amount and you want to make sure they are handled by the previous owner before finalizing paperwork. If they are not willing to work on repairs, you could significantly reduce the cost of the house.
If you are looking for a home inspector to assist with your purchase, connect with us at True Blue Home Inspections. We work on various client requirements and handle different cases throughout Chicago and other parts of the state. We also help our clients by giving them information on why we worked on any of the processes the way we did. We understand their requirements and create solutions on how we plan to move forward and handle the process. If you want a better understanding of our services, please click here. If you are looking to connect with us and think we can assist with your requirement, please click here.