For most of us, the purchase of a home will be the biggest investment we will ever make.
This is why the home inspection is such a crucial part of the home-buying process.
During a home inspection, a licensed inspector will do a thorough assessment of a home, looking for any issues that could affect its value.
This usually takes place shortly after the buyer and seller have agreed on the terms of the sale and entered a purchase agreement.
The inspection allows the buyers to make informed decisions and ensures that you are investing in a safe and sound home.
Here’s a look at the home inspection process for both buyers and sellers:
For Buyers
Hiring a home inspector
Be sure to select a qualified and licensed inspector. Make sure they are licensed or certified by a recognized professional organization, such as the American Society of Home Inspectors (ASHI), the International Association of Certified Home Inspectors (InterNACHI), or the National Association of Home Inspectors (NAHI).
Also, ask them how long they’ve been inspecting houses and how many home inspections they have done.
What to expect
Buyers should accompany the inspector during the home inspection. This allows them to ask questions about the property's condition.
The inspection will include all visible and accessible parts of the home, including the roof, foundation, HVAC, plumbing, and more.
The inspector will provide a detailed report shortly afterward outlining their findings.
Keep in mind that no home is perfect, and an inspection will often list multiple issues from minor repairs to significant structural problems.
What’s next
As the buyer, you can use the inspection report as a negotiation tool. Depending on what the inspector finds, buyers could require repairs, ask for a reduction in the sale price, or ask for credit toward closing costs.
Many purchase agreements include a home inspection contingency, which allows buyers to back out if significant issues are found.
While some of the issues in the report may not need to be addressed immediately, they could require maintenance in the future so budget accordingly.
For sellers
Be prepared
A seller should consider getting an inspection of their home before putting it on the market.
By doing this, they can identify any potential issues that may come up in the buyers’ home inspection. Sellers then can address these issues ahead of time.
By doing this, the sellers can improve the marketability of the home and potentially justify a higher asking price.
Don’t forget that first impressions matter. Make sure your property is well-maintained and that the inspector can easily access areas like the attic and crawlspace.
When preparing to put your house on the market, collect any documentation you may have on maintenance, upgrades, and repairs that have been done to the property. Also, include any warranties with this paperwork.
Be Flexible
Do your best to accommodate the inspector's schedule and allow sufficient time for the inspection to be conducted (this could take two or three hours). Also, keep in mind that the buyers may accompany the inspector for the inspection.
As the sellers, you have the right to be present during the inspection but you should give the inspector the space needed to focus on their assessment of the home.
Next steps
Once the sellers receive a copy of the inspection report, they should consult their real estate agent to discuss possible responses.
If the inspection finds any significant issues, the sellers may try to negotiate for repair or a reduction in the sale price of the home.
Ensure that all agreed-upon work is completed by the time the buyers conduct their final walk-through.
Network Real Estate | Wilmington, NC Real Estate
Need help finding a home in the Wilmington, NC area under your budget? The agents here at Network Real Estate have years of experience under their belts and can help you find some fantastic home options within your price range. Call us at 910-395-4100 today to start working with one of our dedicated agents.
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