It’s not a strictly pass or fail test
A common question we hear from our clients before we list their home for sale is, “How do I pass a home inspection?” The first thing to realize is that a home inspection is not a pass or a fail test. This common misconception is simply a result of anxious sellers and hesitant buyers listening to bad advice from inexperienced real estate agents. Rest assured that all properties have flaws, and a home inspection is meant to benefit and protect all parties in a home sale.
There is no such thing as a perfect home. Even a brand new property is bound to have some deficiencies. A home inspection will identify any insufficiencies or defects, as well as components that are nearing the end of their service life and need replacing.
Hire a home inspector with experience
A qualified, licensed home inspector’s role is to prepare a report indicating the general condition of—and specific issues with—a home before it is sold. This is to be delivered in a timely fashion as a professionally organized report written at a level that the layperson can understand. There should be photos and explanations of all the deficiencies.
Sellers should consider obtaining a home inspection report before listing their property for sale. This can speed up the process for buyers, as well as show interested parties that your home has no hidden defects. Older homes are particularly vulnerable to surprise concerns, but your real estate professional should be able to advise if a pre-listing inspection is the right choice for your home.
Benefits of a home inspector and property inspection
A good home inspector should have the ability to have a conversation about the property upon completion of the inspection. When you invest in a home inspection, you’re paying for this professional analysis of the property’s defects. Your home inspector should be able to talk to you about the home’s age and materials used. They can offer important perspective on the hazards and general safety of the home.
For sellers, the inspection report will give you a to-do list of items to remedy before you sell your home, as well as provide you with a guideline for contractor quotes. For buyers, this information will not only inform your purchase, but also gives you an idea of how to keep your home in top condition and improve its life expectancy.
Sweet Pro Tip: When viewing a property of high interest, do a complete walk through of the property inside and out. Try to determine the current deficiencies and assess the life expectancy of the furnace, roof, and other crucial components. Ask your agent to get the seller to disclose this information if possible, or provide a home inspector’s report if they have it. This will save you the trouble of withdrawing from a deal after you get the results of the home inspection.
After the inspection: What’s next?
Based on the findings of the inspection, the buyer will have a decision to make. There are four options for buyers after a home inspection: proceed with the deal as-is, withdraw their Offer to Purchase, request that the seller remedy any deficiencies, or ask the seller to make a concession on price.
There are situations where buyers will feel uncomfortable with the deficiencies identified by the home inspection and may consider withdrawing from a deal. Resolutions may entail dropping the purchase price of the home, or requiring the homeowner to remedy minor defects before completing the deal. A savvy real estate agent will help you resolve this issue in a way that all parties are pleased with the result.
Can I renegotiate my offer after my home inspection?
The simple answer is yes, you can. However, it does not mean the seller will accommodate your request, especially when market conditions favour the seller. Additionally, the seller will be less likely to work with a buyer if they try to negotiate on items that were visible and disclosed prior to writing the offer.
There is a good reason to negotiate if the property inspection reveals deficiencies that the buyer and seller did not know about prior to negotiating a purchase contract. The buyer should contact qualified contractors for quotes on necessary repairs. Once repairs are identified and a quote has been received, all parties will decide on how to proceed (or not) with the deal.
