So far, the real estate market in Northeast Ohio has done fairly well in light of several potential setbacks surging the nation. However, there is one catch: the supply is low. In other words, there are more buyers looking for a home than sellers with a home to spare.
With demand higher than supply, sellers are given the opportunity to hike up their asking prices. Some may even try to get more than the property is worth.
That’s why it’s important to know what to look for in a home inspection that could help you negotiate the price. Don’t overpay for a potential money pit!
Read on to learn which aspects of your home inspection results can and should come up in negotiations.
What to Look for in a Home Inspection That Will Affect Your Offer
The point of getting a home inspection as a buyer is to make sure that you know exactly what condition the property is in. This gives you the opportunity to make a more informed decision and decide how you want to proceed with negotiations. Read on to find out the top five sources of damage that should never go unmentioned.
Water damage isn’t just unsightly. It can cause long-term structural damage or pose a risk to your overall health.
For example, water damage that has seeped into the walls can damage the insulation, requiring a somewhat costly demolition and replacement of materials. In the time that it takes to replace and repair this insulation, affected rooms may be out of commission for safety reasons.
Water damage can also lead to mold that is hazardous to your health. Mold can cause or worsen respiratory conditions and poses the biggest risk to individuals who suffer from asthma or allergies.
Repairing a roof is one of the most costly renovations you can face as a homeowner and often one of the most urgent. Whether you’re looking at cracked shingles, a worn-down underlayment, or deteriorating eaves, you can expect to invest a big chunk of change.
A damaged roof compromises the notion that a property is “move-in ready.” Oftentimes, you won’t want to start bringing your furniture and belongings into a home that has serious roof damage.
If the foundation of the property is cracked, sinking, or otherwise damaged, you’re in for trouble. Fixing a damaged foundation is one of the most costly and invasive renovations there is when it comes to homeownership.
Depending on the extent of the foundational damage, the property in question can become unsafe to live in. A foundation that is no longer level puts a strain on the flooring and walls, threatening the overall integrity of the home.
Outdated Electric or Plumbing
Minor issues with the electrical wiring or plumbing aren’t too difficult to tackle. However, there are a few warning signs that the electric or plumbing are going to present major problems down the line.
For example, a home that is still hooked up to knob and tube wiring is a major safety hazard. This kind of electrical wiring is severely outdated and often can’t stand up to our modern needs. Plus, wiring that is that old is prone to sparking and starting fires.
Ideally, plumbing should be inspected and repaired or replaced every ten years or so. If the plumbing is outdated, you could face a number of unpleasant issues, ranging from deterioration and flooding to drainage systems that aren’t up to your city or state’s current code. Plus, older pipes are more likely to contain lead deposits that can compromise your tap water, making it unsafe to drink.
No one wants to share their new home with unwelcome guests, especially when those guests are insects, rodents, or other pests.
When it comes to other kinds of damage, you may want to weigh the pros and cons of asking the seller to address the damage, themselves. It’s often better to negotiate for credits or lower closing costs. However, when it comes to a pest problem, you may want to go ahead and ask the seller to hire an exterminator and take care of the issue right away. That way, your home is far more move-in ready.
Details You Shouldn’t Bring Up During Negotiations
Sometimes, you’re going to notice aspects of the property that you don’t particularly like but that shouldn’t come up in negotiations. If you want to be an effective negotiator, it’s important that you stick to the big problems. What are the things that don’t fall under this category?
For starters, anything that is purely aesthetic is not a reason for the seller to negotiate. For example, you may not like the wallpaper they’ve chosen for the dining room or the color they’ve picked for their kitchen walls. However, these are factors that you should typically expect to address, yourself, as they are subjective and affordable to fix.
In addition, your home inspector may note damage that you were already aware of. For example, perhaps the seller showed you that the tile in the bathroom needs regrouting. If they’ve told you that and you continued to move forward with the deal, it is expected that you are willing to handle that issue on your own.
(Note that if the damage a seller pointed out to you is revealed to be far worse than they stated, this is a different matter.)
Get a Home Inspection in Northeast Ohio
As a buyer, don’t leave your finances up to chance. Get a home inspection and make sure that you know what to look for in a home inspection. That way, you don’t pay more than you should have only to discover that the property’s damage will be costly to repair.
If you’re purchasing a home in Northeast Ohio, contact us today. We’ll schedule your inspection and make sure that you are an informed buyer.