You found your dream home and you can’t imagine living anywhere else. You’re already mentally furnishing the place and imagining the great summer BBQs you’ll have on the sunny deck.
But there’s a problem: your building inspector has uncovered an issue with the property. It could be that the hot water cylinder will need replacing, or it could be that the house’s piles are crumbling, leaving the foundation unstable.
Now that the issue has been identified, what do you do? Here are your options for dealing with issues highlighted during a building inspection.
Option 1: Negotiate With the Sellers
If the issue is minor, but represents a cost to you on the other side, you can return to the seller and ask them to fix the issue or provide compensation.
For example, in the case of the hot water cylinder, you could make an offer conditional upon the seller replacing the cylinder. While this isn’t a huge cost to them, it’s worthwhile seeing if it could be fixed before you move in. In this case, the building inspector’s visit has more than paid for itself.
For larger repairs, you could potentially negotiate a lowered purchase price, and use the additional money in your budget to fund the repairs. Whatever you agree with the seller should be formalised and added to your contract by your lawyer.
Option 2: Proceed With the Purchase
You may decide that the repairs required are minor enough that you’re happy to proceed with the deal as-is.
We definitely recommend if at all possible to negotiate with the seller. Make sure that you have a professional builder or other repair person look at the work to be done. Get a detailed quote so you know what you’re getting into.
Option 3: Let the Property Go
If the repairs are too extensive, or there are leaky home issues you’re concerned about, or if the current owners aren’t open to negotiations, it might be time to walk away from the property.
It’s hard to give up on a home you were excited about, especially after you’ve invested money in the lawyer and building inspector. But building issues will quickly sap your funds and your love of a place. It’s better to continue your search and find a home that really suits your family.
Whatever the result, getting a building inspection before purchase ensures you have no nasty surprises once you’re all moved in. You’ll sleep safe in the knowledge your dream home isn’t going to turn into a nightmare.
If you’re thinking about buying a new home, give Mike Whittaker a call to learn how we can help you get the best possible mortgage. Our services are completely free, so you have nothing to lose.
Book your free no-obligation chat today on 0800 579 324.
