Home Inspections Problems become part of the Negotiation Process
In nearly half of the cases where home inspections turn up problems, buyers and their agents are able to negotiate a lower final sales price, the survey found. The lower sales price tended to be negotiated based on the cost of the repair or replacement. For example, home buyers who discovered problems with the heater were able to negotiate the sales price down by $1,250, on average. That is about the cost of installing a new heater.
The Most Common Problems Uncovered in Home Inspections
Very few home inspections ever come back completely clear. Indeed, 86% of buyers who recently had a home inspected said their inspector identified at least one problem, according to a new survey from Porch.com, a home remodeling resource, which surveyed about 1,000 buyers who hired a home inspector during their home purchase.
Some of the most common issues uncovered threatened the essential components of a home too. In a fifth of the cases, the home’s roof was a major culprit. Other issues included cosmetic flaws, but also more serious cracks and leaks were found, according to the survey. Electrical problems also were common, and among the most concerning, since they can pose a fire risk, according to the study. Problems with windows also were prevalent, appearing in more than 18% of reports that had issues detected.
Home Inspections can help Buyers and Sellers avoid Potential Problems
Many buyers say their lender required them to get a home inspection as part of their mortgage qualification.
For most buyers, the average inspection cost $377, which tended to be a smaller fee than other fees associated with purchasing a home. Many home buyers said they found their inspector through a recommendation from their real estate agent.