You have finally found the perfect house, but your excitement quickly turns to stress when you realize the substantial amount of repairs you are going to need to do. Before you walk away from what could be your dream home, consider negotiating with the seller to see if they will do some of the repairs themselves or cover the cost for you.
In order to start the process, you will need to get a home inspection to get a true assessment of the condition of the property. This process may reveal issues that you did not initially see. The home inspector will give you recommendations on repairs that should be made sooner rather than later.
The home inspector will give you a good idea of which repairs to prioritize; however, they cannot give you estimates for the cost of repairs. This means that you will have to reach out to a general contractor, or your realtor, in order to get prices estimates. Getting a professional opinion will give you leverage when negotiating with the seller.
Once you have a list of repairs that you want to be made you can present them to the seller. Since the seller is not required to make any repairs for you, it is important to be reasonable with your expectations.
Minor issues like overgrown landscape or paint that needs to be touched up are probably issues that you can go without. However, major issues that will affect your livability are the ones you want to focus on.
As a home buyer, you should be wary of issues with the electricity and plumbing. Other common issues to look out for are termite damage and mold. These kinds of major repairs are likely a surprise to the seller, so it is important not to go into attack mode and assume it was purposefully hidden from you.
Sellers have the option to either do the repairs themselves or give you money to do them yourself. Sellers are usually advised to give you the money because the credit brings down the closing costs. Doing this also benefits the home buyer, because they have more control over what is being done to their new home and do not need to constantly negotiate with the seller.
Most sellers want to keep you happy in order to not lose the sale. However, if you come across a seller that is not willing to corporate it is important to know when to walk away. Sometimes the cost of repairs and the stress involved isn’t worth it for the home buyer.
In order to successfully negotiate repairs after a home inspection, it is important to remember that both the seller and the buyer need to benefit. If you’re looking to buy or sell a home in Northeast Ohio, give the Katie McNeill Team a call, we would love to work with you!