How to Negotiate Repairs After Your Inspection
Are you about to purchase a home and need to know how to negotiate repairs after a home inspection? If so, you’ve come to the right place! Home inspections are a critical part of the buying process. Understanding how to negotiate repairs after your inspection can help you get the most out of your purchase. Explore the importance of repair estimates and the steps you can take to negotiate the best price for your new home.
Get an Estimate for All Repairs
It is crucial to get accurate repair estimates associated with the defects found during the home inspection. With precise repair estimates, you can successfully negotiate the purchase price of the home. A professional home inspector can provide you with repair estimates so that you can plan your budget accordingly. This will help you determine which repairs are most important and must be addressed before you close on the home. Knowing the repair costs can also help you negotiate a lower purchase price based on the estimated cost of repairs. With a detailed repair estimate report, you’ll have leverage when it comes to negotiating your new home.
Prioritize the Most Important Repairs
When it comes to home inspections, it’s essential to prioritize the most important repairs that may be discovered. It’s likely that your home inspector will provide you with a list of “maintenance” findings. Maintenance findings on your repair estimate should be taken with a grain of salt. If you believe the repair is necessary for the safety and habitability of the home, it may be worthwhile to negotiate the purchase price to account for repair costs. It’s always important to remember that during negotiations, a professional home inspector can provide you with accurate repair estimates to help you determine what repairs or negotiations are worth pursuing.
Research the Average Cost of Repairs
Before you negotiate repair costs with the seller, it’s important to understand the general cost of repairs. You can research the average cost of repairs by talking to contractors, getting quotes from specialists, or using online resources. While talking to a home inspector is a good option, not all are able to provide accurate repair estimates. A licensed contractor can help you get an accurate estimate of repair costs, but many contractors are now charging for quotes and are booked out over a week. Once you know the average cost of repairs, you can use it as leverage when negotiating with the seller for a lower purchase price. Ask your home inspector if they have the ability to provide accurate repair estimates. MVP Inspectors offers detailed and accurate repair estimate reports based on your home inspection.
Use the Repair Estimate as Leverage
Once you have a good idea of what the repair costs will be, you can work with the seller to adjust the purchase price in order to cover the repair costs. This is referred to as a “repair allowance”. You can ask the seller to make repairs or give you a credit at closing to cover the repair costs. If you want the seller to make repairs, make sure that these requests are reasonable and within the scope of the repairs noted in the inspection report. If the seller is unwilling to make repairs, you can request a lower purchase price to cover the cost of repairs. Repairs should be consistent with the recommendation of your home inspection and should not exceed the repair estimates.
Hire a Professional Inspector
When it comes to buying a home, having a professional inspection can be key to negotiating a fair purchase price. A professional home inspector is able to provide comprehensive repair estimates associated with any findings of the inspection. This helps the buyer and seller come to an agreement on the amount of money needed to cover repairs. The buyer can factor these repair costs into their purchase price. A qualified inspector can help the buyer understand any found defects when it comes to repair negotiations. MVP Inspectors offers detailed and accurate repair estimates provided by Repair Pricer. If you’re in the process of purchasing a home in the Greater Dayton, OH region, give us a call – MVP Inspectors: 937-332-1413