You’ve accepted the offer on the home and are in that short period of waiting for the conditions to be withdrawn. But, your real estate agent has let you know that while doing their inspection, the buyers found a few issues. Maybe you are the buyer and your inspector has let you know the same. What do you do? While finding issues with a home is not uncommon, not all issues that buyers find are a large enough deal that you’ll need to renegotiate the offer or do repairs. Here are some examples of issues that will be on the home inspection report that you should consider.
If your home has electrical issues, like ungrounded wiring, this could be a deal-breaker for the buyer. But, if your home is older, this is something the buyer should expect could happen. As a buyer, you do need to weigh the pros and cons of having faulty or older wiring or having to replace it or looking for a different home. The cost of rewiring a home could be anywhere from $8,000 to $15,000. Discuss with your agent if you should ask for a reduced purchase price or ask the sellers to do the work. As the seller, knowing this issue may pop up again with another buy, you may want to heavily consider if taking a hit on the final price of the home is worth it.
Just like electrical, plumbing issues are a costly job if there is the need to replace the system. Many homes built before 1970 were outfitted with galvanized steel pipes, which allow the build up of minerals and reduce water supply. They also often rust and leak. According to the experts, asking a seller to replace pipes isn’t going to fly. If repairs are needed, this is a more feasible request. If the pipes are that big of an issue to you, move on to another home.
Many home inspectors don’t inspect the roof, but it is usually pretty easy to see if there is damage or if the shingles need to be replaced. It is reasonable to ask the sellers to replace the shingles, although this should have been apparent before you put in the offer. If the roof wasn’t done before you looked at the home, then it is more than likely that the sellers won’t do the replacement. Depending on the type of roof you have, the job could cost anywhere from $2,000 to $8,000, so it might be worthwhile to put this item on your to-do list for after you get the home, unless of course, there are visible leaks within the home.
HVAC systems/water heaters
Many times these systems are a rental, so check this with the sellers and ask the company to do the repairs needed. But, if they are owned by the homeowner and the furnace, A/C unit or water heater needs replacing, you may want to ask for the systems to be replaced or for a credit on the price of the home. As a seller, you may want to consider this request.
If you need help selling a home in the Collingwood area, my door is always open. I can take you from the showing stage to the offer stage to the home inspection stage with ease.