As part of the home buying process, prospective homeowners will hire a home inspector to perform a professional home inspection to evaluate the property and check for any issues. Their job is to identify anything in the home that could need replacing or is not up to code. The home inspector is hired to see if a home is suitable for purchase and if there is anything that the buyer should be aware of before purchasing.
But, what happens after the home inspection has been completed? The home inspector will give you a detailed report showing their findings along with any issues that need to be fixed. Sometimes the home inspector will find a few costly issues. Usually, at this point, you’re probably still interested in purchasing the property but you don’t want to spend the money on the repairs and dig yourself further into debt than necessary.
Once the home inspection has been completed, you can often negotiate in your favour. This may include asking the seller to fix and repair any issues or lowering the price of the home so that you can pay for the fixes yourself. Below, we will take a look at several different tips when it comes time to negotiate post-inspection.
Ask For A Price Adjustment
As a buyer, it may seem like a good idea to ask the current homeowners to make repairs before purchasing their home. However, this can lead to subpar repairs. Eventually, you may have to redo the repairs, costing you more money in the long run. Instead, consider asking for a price adjustment in the sale price of the home. This way, you can have the repairs done to your standards by a contractor you trust. By requesting a price adjustment, you can ensure high-quality repairs without having to pay for them out of pocket.
Don’t Sweat The Small Repairs
When negotiating, it’s best to avoid getting bogged down by minor issues. Typically, buyers should overlook small repairs under $100, such as paint chips or loose boards, and instead concentrate on more significant problems. By focusing on the larger issues, buyers can plan to take care of the smaller ones after purchasing their new home. It’s essential not to let minor issues derail the negotiation process.
Know What “As Is” Means
When a seller puts their house on the market “as is,” it means they are not willing to make any repairs and want the property to be sold without any modifications. As a buyer, it is important to know that you can still negotiate the contract price if you discover any significant issues with the house especially if the home has been listed for quite some time. Do not hesitate to ask for a price reduction, even if the property is being sold “as is.” Remember, it is always better to be upfront about any concerns you have before finalizing the deal.
Be Strategic
When interacting with the selling agent or house sellers, it’s crucial to maintain a poker face. Any indication that you’re okay with the inspection findings could result in a loss of negotiating power when discussing renovations or repairs. On the other hand, if the sellers believe you’re dissatisfied with the findings, they may be more willing to negotiate, leading to a better deal.
