One of the smartest things you can do is get a professional home inspection before completing a home purchase. In today’s market place, almost all buyers order these. Typically, you would demand a minimum of 10 days to have this completed after the Offer to Purchase is accepted. You can expect to pay between $300 and $500 for a professional inspection. I will recommend a qualified professional to do your home inspection and provide you with a written report. Depending on the area and the property, this could include inspections for termites, dry rot, asbestos, faulty structure, roof condition, septic tank, and well tests, just to name a few.
We will word the agreement to allow you to withdraw from the sale without penalty, or to reopen negotiations if major defects are found during the inspection. You can request the seller fix the defects prior to closing, or you can request the seller give you funds on closing to complete the repairs yourself. If the seller agrees to fix the problem, insist that the fix be done by a professional. If you agree to accept monetary compensation, be sure it’s enough to allow you to fix the problem after the sale is complete. Get several estimates for the cost of repairs before you decide on a price.
Four major areas that can cost you thousands in repairs:
- Roof: a new roof can cost between $5,000 and $25,000 depending on the extent of repairs.
- Foundation: a cracked foundation can cost tens of thousands to fix, if it is fixable at all.
- Pipes: galvanized steel pipes over 30 years old can rust and cost $5,000 or more to replace.
- Flooding: basement flooding may be fixed with a sump pump or may require expensive excavation.