Real Estate Matters
By Elisa Jo Eagan
Buying, owning and maintaining a home are likely the largest financial decisions you will ever make in your lifetime. To gain a better understanding of a home you are purchasing or selling, and to provide tips for maintaining it, it is essential to have a home inspection as an integral part of the home buying and selling process.
As a Buyer: Caveat Emptor
The Latin phrase “caveat emptor,” which translates to “let the buyer beware,” is often used in real estate transactions when a seller is selling their home “as is.” As a buyer, you accept the property in its current condition, flaws and all. Therefore, it is crucial to conduct your due diligence by having a home inspection.
Often, when a home is being sold strictly “as is,” the seller may not have been the occupant of the home and may lack the ability to accurately disclose the condition of the property. This could be due to inheriting the home from a parent or family member’s estate, or perhaps the home has been used as a rental investment property occupied by tenants, rather than being the seller’s primary residence.
Even though sellers are required to provide property disclosure forms, they may be unaware of the actual condition of their home. Sellers who have lived in their homes for many years may have varying degrees of ability to maintain their property. When deciding to sell, some homeowners keep stellar records, while others may have years of delayed maintenance or lack of upkeep due to age or financial hardship. A licensed home inspector serves as an additional set of trained eyes to examine all aspects of the property as your paid advocate.
Be sure to hire a local, reputable home inspector who will conduct a detailed inspection and prepare a comprehensive home inspection report. This report will assist you and your real estate professional in documenting and outlining the condition of the home, including the approximate age of the electrical, mechanical, heating, air conditioning (HVAC), and plumbing systems, as well as the roof and structural integrity.
The inspection will also identify whether wood-destroying insects and pests are present, and if there are environmental issues such as mold or lead-based paint that require further attention or evaluation by qualified experts. All of this information will help you determine how to proceed with your home purchase and any additional negotiations for repairs or credits that you and your real estate professional will present to the seller on your behalf. Additionally, a quality home inspector will offer recommendations for qualified contractors and maintenance suggestions.
As a Seller: Be Prepared
When considering selling your home, think about having a pre-sale home inspection to accurately document the condition of your home in advance and to address any issues that may arise during the selling process. This will provide you with insight into your home from a buyer’s perspective and give you an itemized punch list of concerns that you can address before placing your home on the market. By doing so, you can optimize your sales price and resolve any problems that could hinder a successful sale.
Ask your trusted real estate professional to guide you and provide referrals for qualified, licensed, insured, local and reputable inspectors to assist with your home inspection.
For More Real Estate Questions, Information and Advice Contact Elisa Jo Eagan “The Real Estate Godmother” (609)703-0432 and Remember…”There’s No Place Like Owning Your Own Home!”
