There’s a lot on the line when purchasing a home.
It’s a huge investment – often the largest in a buyer’s portfolio – and requires ongoing time, money and effort to maintain.
So, when a home inspection report comes back with a long list of imperfections, it’s no wonder why buyers – wanting to protect their investment – want those imperfections, well, perfected.
No Home Is Perfect
While their degree of severity may differ, defects are common in virtually any resale home you’ll find on the market.
This is important to keep in mind when reviewing an inspection report and negotiating repairs. The goal isn’t necessarily to perfect the home, but rather to remedy the defects impacting the short and long-term health of your investment.
Determine What Matters Most
What is the hill you’re willing to die on?
Ok, that’s a bit “doom and gloom”; when repairs are requested during due diligence, both sides will typically work together toward a solution.
Still, the deal is on the line, so you want to be clear on what repairs are worth negotiating.
If you’re not clear on this, ask your inspector for specific details. For example:
- If left untreated, will that crack in the foundation lead to structural issues?
- What is the current and future impact of the water issues in the crawl space?
- How long before that wood rot on the back deck becomes a big issue?
You got the home inspection for a reason – make sure you understand the potential implications of each defect. Then…
Get a Repair Estimate
With time being of the essence in due diligence, you’ll want to quickly find out the cost of remediation.
Get an estimate that is backed by contractors who will complete the work. This way, no matter which party is responsible for overseeing the repair process, everyone can be confident that the quoted amount will cover the repairs.
Negotiate with Confidence
With the right mindset, a clear understanding of which repairs are critical, and an estimate that clearly outlines the steps and costs of remediation, you’re ready to negotiate with confidence.
By focusing on what matters most (vs asking for every single defect to be repaired), you’re showing the seller you want to fix real issues – not take them to the cleaners!
This is a negotiation climate more conducive to producing solutions that preserve your investment and get all parties to closing.