Purchasing a property can be an emotional rollercoaster. Walking through your prospective starter home, business location, vacation property, or retirement home can evoke romantic notions of how life “could be.”
But don’t forget this is a business deal, not a fairytale. You need to go into this transaction with your eyes wide open.
Property Ownership Is a Wealth-Building Opportunity Like Nothing Else
For most of us, investing in residential or commercial property is the most significant purchase you’ll ever make. With that risk comes an excellent opportunity for wealth building and a hearty ROI (return on investment). In fact, experts suggest that homeownership is THE #1 way to increase household wealth, so getting it right is crucial. That’s where a certified home inspector comes in.
With Knowledge Comes Power—Your Home Inspection Report
In this blog, we’re talking about home inspection “deal-breakers,” or problems that your certified home inspector may find that cause you to reevaluate whether a prospective property is actually right for you or not.
Remember, InterNACHI standards don’t allow home inspectors to make recommendations on whether to buy a property or not. Your home inspector is there to provide accurate information in the form of a home inspection report that you can then use to determine your next best step.
Here’s an interesting fact: many times, things that may seem like a deal-breaker don’t have to be. In fact, they can sometimes be surprisingly easy fixes—or at least an opportunity to negotiate!
Leverage Your Home Inspection Report for Greater ROI
Once your certified home inspector completes their evaluation of your property, you will receive a detailed report indicating the most pressing issues in descending order.
Armed with this information, you are ready to leverage the deal.
Ask yourself these four questions before deciding if you want to move forward with the property:
- Are the problems you inspector identified easily, quickly, or cheaply fixed?
- Are the repairs needed urgent, or will you have time to save up for them down the line?
- Are the necessary repairs vital for the home to function correctly?
- Do you have the skills and/or budget to remedy any of the problems?
Once you’ve taken the time to evaluate your home inspection report and answered the four questions above, you should be much closer to understanding whether this is the deal for you or not. If your report comes up with a list of expensive repairs, you may be able to request that the seller fix the issues, and/or negotiate the price down with the seller to help recoup some of those expenses down the line.
Also, remember to weigh these potential problems against potential strong points of the property:
- Is this the neighborhood that I want to raise my family/grow my business in?
- Is this property convenient for commuting to work or school?
- Does the property have a “wow factor” that I haven’t seen anywhere else?
- Will my quality of life be improved by buying this property?
If you answer “yes” to any of these questions—it’s time to start crunching the numbers to see if it makes sense to go ahead with the offer despite any potential small or large problems with the property.
Everyday Situations That May or May Not be Deal-Breakers
We often get asked about the most common things that come up on a home inspection report that cause buyers to pause.
In our experience, these are the situations that buyers tend to be most concerned about:
- Mold issues
- Radon exposure
- Water damage
- Water quality issues
- Outdated electrical wiring
- Faulty roofing
Luckily, UP Home Inspection LLC offers a comprehensive inspection that includes everything from the roof down to the foundation. Additionally, we offer mold testing, water testing, and radon testing to round out your evaluation of the home. Once you know what and how severe the issues are, if you’re serious about the property you can get estimates from local contractors so you have a better idea whether it’s worth moving ahead on the deal.
No matter what other buyers are concerned about when buying a property, the buying decision ultimately comes down to how YOU feel about the property, so feel free to ask any clarifying questions with your inspector that may help you decide how to proceed.
Schedule Your Professional UP Home Inspection Today
Now that you know how to leverage your home inspection report for the best deal possible, it’s time to schedule your home inspection with a qualified organization.
If you’re ready to get the ball rolling on your next wealth-building property deal, schedule an inspection today with Rich Beasley of UP Home Inspection LLC by calling (906) 360-3879. Or click HERE to schedule your inspection online 24 hours a day, seven days a week.