You've finally found the home you want to buy and the sale of your current condo will cover it. Don't get too excited yet, because your new house still has to pass an inspection before you should even think about closing. No house will have a perfect report, especially if it's a resale home, so what should you do with the information? That's what this article is all about. Interpreting your inspection report and deciding where to go from there.

A lot of repairs that come up on a house inspection report are things you can easily do yourself, but some will be more significant. Often if you are buying an older home, you may have to replace or upgrade the heating system. You can even decide to install central air. It's a good idea to get an estimate on this type of work before deciding whether or not to firm up your offer. There are other problems that should make you at least hesitate before pursuing the deal any further however, like old wiring. Your home inspector can be a big help in this regard, so don't forget to ask him for advice before he leaves and especially make sure to get him to give a rough estimate of how much the repairs will cost.

Among the results on home inspections that should be considered deal breakers for the average buyer are roof replacements and electrical work. Repairing a roof is easy enough but replacing one can cost almost as much as a home. Even a roof needing repairs should give you pause, because there's no guarantee they will hold. You might still end up replacing the roof. As for electrical work, that's a Pandora's Box. If there are wiring issues you'll probably end up ripping out all your walls to get at and replace the unsafe wiring, which is a massive expense and a time consuming undertaking.

However, most homes will probably only need a few medium to small jobs done. For medium sized jobs like replacing the hot water heater or replacing the deck, you'll need to get estimates before you can figure out if the sale of your current home will still cover it. If it won't and you can't get the seller to come down in price, then you will no longer be able to afford the house. Small jobs include things like replacing light fixtures, refinishing floors, and fixing wall holes.

The most important aspect of your home inspection report is that it gives you an excuse to go back to the negotiating table. Anything that turns up on your report is reason for you to ask for a price reduction. Some agents state that they will often take the home inspection report back to the seller along with a new offer. If you approach them with the quote of the mandatory repairs they should be willing to negotiate that amount off the cost of their home. The sellers might give you the price reduction so you can do the work yourself or offer to get it done themselves before you move in. Either way they should offer you something if they're being reasonable.

We think you might find the article "7 Big Home-Buying Deal Breakers" interesting.

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