Greetings! This past month I have noticed a developing trend where home sellers, having received multiple bids, are refusing to negotiate on issues/repairs that come up during home inspections. I want to caution my buyers about the importance of reading the home inspection report thoroughly and taking into account how much those repairs will cost them if they choose to go forward with the purchase. That cost must be factored into the purchase price and, sometimes, it just makes better investment sense to walk away. Having attended every inspection with my clients (+400), I have the experience to help my clients take a hard look at the whole investment picture, especially when they have become emotionally attached to a property. To further inform you on how a home inspection report can guide you, I have included below some timely and money-saving advice from Joel Schachter, a licensed home inspector and Professional Engineer. Please forward this newsletter to a friend or family member who is looking to purchase a home and needs an experienced real estate advisor. Happy Thanksgiving! Sincerely, Michael Your Home Inspection: Plan To Be There! Recently, I spoke with Joel Schachter of Precise Home Inspections and he had a very strong piece of advice for me to send to my clients: “If you are buying a house, make sure you attend the Inspection!” When you buy a $ 30.00 toaster, it comes with a user manual. Unfortunately, for the most valuable, most complicated purchase you’re ever going to make – your home – it doesn’t come with one. And once you own it, you’re responsible to maintain it. That’s why Joel highly recommends that you attend the home inspection so the inspector can point out the critical items that need attention and can also give you a tour of the home’s important systems – for example the location of the water shut off valve, the electrical shut off switch, the smoke and carbon monoxide alarms, etc. In the state of New York, only a Licensed Professional Engineer or a Registered Architect can give you a professional opinion regarding the structural elements of a home. As a buyer, you have to pay for this service, but it is well worth the investment. After the inspection, the inspector will give you a written report on the condition of the home’s systems, including heating, cooling, septic, etc. and structure, including condition of the roof, foundation, electrical, plumbing, etc. Every property is unique and has its own issues. In his report, Joel separates problem areas into three categories: 1) Items that need to be done immediately 2) Items that the buyer should budget for in the future 3) Items that the buyer should maintain in order to retain the value of the house. Sellers are not always willing to negotiate with buyers over category #1 item, and may insist on selling the property “As Is.” As I mentioned in the earlier article, if there are significant problems, it may not benefit the buyer to continue as repairs may be too costly, especially if the seller won’t negotiate. At the same time, any item that is a safety concern has to be disclosed by the seller to a potential buyer, so it’s usually in the seller’s best interest to fix these problems. I asked Joel for an example of a category #2 item. He said it could be a roof that is showing its age and already has two layers of shingles. Since you can’t add a third layer, the buyer would need to budget for that expense. As part of his service, Joel lets buyers know that roofs need to be maintained to get the most number of years out of them. His advice would be to make sure there are no overhanging branches, to regularly remove leaf debris and make sure that the roof gets sunlight so moss doesn’t grow. In my experience, Joel is a true professional and his primary focus is on system safety. Joel is a qualified New York inspector and has been a licensed Engineer (PE) for 53 years –n and that carries weight. Joel started his business Precise Home Inspections in 1994 and has completed over 3000 inspections in the states of New York, Connecticut and Pennsylvania. As a Professional Engineer, Joel not only has the highest level of education in the industry, he’s also bound by a code of ethics, so it’s beneficial to have a PE do your inspections. Joel would be happy to take your calls at 917-279-6725 and speak to you about your NY, Ct. and Pa. inspection needs.
Posted on: Fri, 29 Nov 2013 15:40:54 +0000
Trending Topics
Recently Viewed Topics
© 2015