Home Inspections
Most buyers elect to have a home inspection done before closing on a property. The purpose is to identify existing or potential problems with the home before they purchase it. Purchase offers usually are contingent on a satisfactory home inspection, so if noteworthy issues are found, the buyer can cancel the purchase or negotiate with you for repairs.
The Inspection Report
As the seller, you should understand what areas are being reviewed in a home inspection. The buyer may ask you to repair/address issues noted in the inspection so it is good to know what is being looked over. Most inspections cover:
- Structural elements (roof, foundation, attic, floors, ceilings)
- Exterior (siding, trim)
- Plumbing system
- Electrical system
- Heating/cooling systems
- Insulation/ventilation
- Built-in and/or conveying appliances
Click here to learn how to prepare for a home inspection.
What Really Matters
A lot of the inspection report will be maintenance recommendations, life expectancies, and minor imperfections. These are good to know about, but problems that really matter, and that you will most likely hear about from the buyer, fall into one of the following categories:
- Major defect
- Issue that could lead to a major defect
- Issue that may hinder the seller’s ability to finance, legally occupy or insure the home
- Safety hazards
If the inspection reveals something in these categories, you can expect the buyer to request they be repaired – at your expense – before buying the home. Luckily, a lot of serious problems can be corrected quickly and at a reasonable cost. You and the buyer may spend some time negotiating the repairs, but most buyers and sellers come to a fair agreement and complete the sale.