Whether you are a seller or a buyer, there may come a time in your home selling or buying journey that you come face to face with a home inspection. There is nothing to be alarmed about - they are very common and very routine. However, there are some very common myths when it comes to a home inspection that we want to make crystal clear. Before we begin, if you have any questions about home inspections, please click here.
Myth #1: You can fail a home inspection
Fact #1: This is 100% false. A home inspection isn’t a high school quiz - there isn’t a pass or fail. A home inspection is a professional’s opinion of your home. Their report identifies any structural or safety concerns. However, if there are structural or safety concerns they can impact the sale of your property.
Myth #2: Home inspectors help buyers negotiate
Fact #2: Your real estate agent helps you negotiate, not a home inspector. A home inspector merely provides you with the information you need to know before finalizing a deal. If an inspection finds a problematic area, this information may be used to negotiate a lower sale price or it may result in the sellers having to fix the problem before the sale can be finalized. However, this is a case-by-case situation and may not be applicable to every problem an inspector finds.
Myth #3: Home sellers have to fix items detailed in the home inspection report
Fact #3: The seller is under no obligation to repair or fix anything that is outlined in the home inspection report. That being said, if you as the buyer are reasonable with your requests and can negotiate a deal with the seller, they may be inclined to fix the items or reduce the sale price in order to compensate for the repairs. Talk to your real estate agent about what repairs to ask for. For example, a leaky tap can be easily repaired but structural damage cannot.
Myth #4: A home inspection is the same thing as a home appraisal
Fact #4: There are a few important differences between a home inspection and a home appraisal. Appraisals are used when evaluating the price of a property and takes into account the building, the property, the location of the home and the overall real estate market. A home inspection focuses solely on the property and how it's built. For more information about home appraisals, click here.
Myth #5: New builds or flipped homes do not need an inspection
Fact #5: Just because something is new does not mean it’s perfect or up to code. There are still a lot of areas that could have been overlooked or damage during construction. If you and your real estate agent are concerned about the safety or structural integrity of a building it does not matter if it's new or recently flipped you can still get a home inspection.
If you need any more help navigating home inspections please get in touch with us. Whether you are a buyer or a seller, we can help guide you through every real estate transaction.
At Knowledge Broker, our goal is to create an open-source of information for all our clients. We want to ensure that, at the end of the day, they get exactly what they want and what they need. If you know someone who could use our help or services please put them in touch with us or send us their details using the contact information below.