Very rarely is a home in such solid condition that there isn’t something “wrong” with it. A residence with nothing in need of repair or replacement truly is a major exception to the standard rule. As a result, a home inspection is a wise element of the overall process of selling and buying residential property.
With that in mind, there are five crucial things that you need to bear in mind when it comes to a home inspection.
1) A Home Inspection is Not Required in Rhode Island
A home inspection is not required by law in the state of Rhode Island when a residence is on the market for sale. With that said, a seller and buyer alike need to consider the value of obtaining a home inspection
If a seller has obtained an inspection, a buyer can rely on the content and conclusions of that inspection if he or she desires. On the other hand, due diligence very well may require a seller to obtain an independent inspection of the premises before closing on a contract for sale. Perhaps the only real exception to obtaining an independent inspection would be if the buyer is familiar with the inspector who evaluated the premises for a seller and has confidence in that professional.
2) Obtain a Home Inspection Before Listing a Residence
A homeowner should seriously consider obtaining a home inspection before putting a property on the market for sale. By taking this course, a homeowner has a clear understanding of the condition of the premises before putting a residence on the market. Such an inspection may highlight items that can be easily repaired or addressed in advance of putting up a listing.
In some cases, a home inspection will bring to light more serious issues with the property. Armed with this knowledge, you can schedule a process to rectify a situation. Because you’ve not taken the step of listing a property for sale, you don’t have to feel under a time crunch to rectify an issue. Moreover, you avoid the drastic step of taking a property of the market to address an issue discovered during an inspection process.
3) Be on Hand for an Inspection
You are paying for an inspection. Thus, you really do have the right to be on hand for the inspection itself. This is easy to arrange if you are the homeowner. If you are a prospective buyer, you need to coordinate the inspection, and your presence at it, with the homeowner.
You do not want to interfere or impede the efforts of an inspector. However, you do want to consider seriously following the inspector about as he or she evaluates the premises. You have the right to answer questions or seek clarification about some of the preliminary conclusions an inspector makes during the inspection process itself.
4) Negotiate Repairs
If a buyer’s inspection reveals that something or another is need of repair, a prospective purchaser should be prepared to negotiate further with the seller. For example, depending on the nature of issue, a buyer can seek to have the homeowner undertake repairs and assume the costs for that process. In the alternative, a buyer can attempt to negotiate a fair and reasonable reduction in the sales price of the property. A reasonable home seller should be amenable to discussing these types of possible accommodations when an issue is discovered during a professional inspection.
5) Multiple Quotes or Estimates for Repairs
Finally, if repairs are indicated after a home inspection, obtaining multiple quotes for different contractors is recommended. The reality is that there can be a fairly notable cost difference between different Rhode Island contractors.
In addition to obtaining different quotes or estimates from multiple contractors, due diligence also necessitates taking the following steps:
- Obtain recommendations of contractors from friends, family, and other colleagues
- Obtain references from prior clients of prospective contractors
- Confirm appropriate insurance, bonding, and licensing
- Prepare and enter into a written contract
By following these suggestions, both a seller and buyer have a far better understanding of the state and status of a residence. Both parties have a clearer understanding of the condition of a property and how it should be valued.
Finally, a seller needs to be bear in mind that the results of a inspection may necessitate advising prospective buyers of an issue discovered during the inspection process. In Rhode Island, there are specifically mandated disclosures that must be made by a home seller. There are also disclosures that might not be explicitly mandated by law but become necessary under certain circumstances. An issue discovered during an inspection needs to be disclosed by a seller to a buyer if that issue is something that reasonably can be considered of a nature that it would have a material impact on a buyer’s decision making process.
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– Charleston Property Solutions, LLC