When you are interested in a property and you make an offer, it will benefit you to get an inspection done on the property before solidifying the deal. While some people who flip houses may buy a house for cash as is, if you are going to finance your home through a mortgage, a home inspection is likely mandatory to get your mortgage approved. You will learn all kinds of things at the home inspection, from the age of the roof to the condition of your heating system. When you find problems with the property during the home inspection, this can boost negotiating power for you as the buyer to get a better deal on the home.
To Learn of Structural Damage
Structural damage such as damage from termites can be almost impossible to see without a home inspection. The current owner may not even know that there is a problem with termites before your inspector discovers the damage. Depending on the nature of the damage and the extent, you may need to back out of the deal if the homeowner is not willing to come down on their price after learning about the need to repair termite damage.
When the Septic System is Failing
In general, home sellers are responsible for fixing a septic system that has failed. When you find a property that you love and you learn the septic system is not working, this can lead to frustration on both sides of the transaction. The seller may not have the funds for a complete repair, yet is responsible for selling a home with a working septic system. It is important to work with a Realtor when negotiating a septic system repair, as this is expensive and can lead to a complete breakdown of the deal to purchase the home.
When a New Roof is Needed
If you discover a new roof is needed, or something just as expensive such as the boiler needs to be replaced, this can be difficult to negotiate with the seller. If the market is competitive, the buyer may have other offers to consider. When the home needs a new roof, you can try to get a cheaper price on the home, rolling the cost of a new roof into your mortgage. It is important to take a look at the big repairs you may need to complete in the next five years before committing to a property, even if you love it.