Tips for Handling Maintenance Issues When Buying a Home

Buying a home is an exciting process that isn’t without its fair share of hiccups and mishaps. When you’re interested in buying a home from current owners, it’s important to deal with the maintenance problems and necessary repairs before making them an offer. Here are some tips from McEnearney Associates for handling these issues when buying a home.

Identify All of the Necessary Repairs

No home with prior owners is going to be in pristine condition. There will always be minor details that can be improved, and some of these may be due to personal preference. What you’re most interested in identifying are all of the major problems in the home that require repair. Even if the seller has had a professional inspection to clear the house of any ailment, it’s always a good idea to hire your own for peace of mind. It never hurts to be thorough; after all, you don’t want to end up paying for a home with hidden issues.

Determine Who Is Responsible for the Maintenance

When you’re in the process of buying a home and issues are detected, it can be tricky to determine who should cover the costs of repairs and maintenance. On one hand, the home is still technically the seller’s property. As the buyer, however, you’ve already expressed an interest in the house. While there’s no one-size-fits-all solution to divvying up the cost of these repairs, it’s a good idea to have an honest discussion with the seller. If there are no other interested buyers, you’ll have more leverage with which to negotiate. Just make sure you don’t lose a dream house because another buyer was willing to foot the repair bill.

Decide Between Prior Repairs or Closing Credits

After you’ve determined how much maintenance the seller is responsible for, it’s time to determine how those repairs will be covered. There are generally two choices that home buyers have in this situation. Option number one sees the seller paying out of pocket for all of the repairs before the house is sold. The initial listing price remains the same. If you prefer, you can have the cost of these repairs deducted from the price of the home. This option can save you money on the home but also leaves you responsible for making any necessary repairs.

Negotiate the Cost of the Repairs

Many homeowners decide to accept a home that requires some maintenance on the condition that the seller reduces the listing price by the overall cost of the repairs. If you opt to ask for a price reduction, it helps to know what other homes in the area are selling for (Alexandria homes, for example, have sold for a median price of $510,000) so you have a better idea of what to offer.

Before you accept this deal, it’s important to determine the total cost of necessary repairs. If not, you could end up paying more for repairs than you received in deduction on the home’s price. It’s crucial to have professionals inspect the damaged areas to offer a free quote for repair. Adding up all of these costs will give you and the seller a good starting point for negotiation.

Understand the Terms of the Sale

Before you worry about anything else related to the purchase of a home, you have to understand the terms of each particular sale. Not every home is sold in the same condition or under the same agreements. When a home is listed “as-is”, you need to define what this term means in regard to the home in question. This phrase can mean different things to different sellers. One house could be sold “as-is” with no problems save some outdated furniture, though another home could be listed under the same term with mold, insect infestation, and other awful things. This is why it’s important to understand the terms of each sale before making an offer.

Buying a home is a lengthy and tedious process that can test the patience of many people. It’s important to take your time when negotiating the cost of repairs and determining who is responsible for the maintenance issues. Taking care of these problems could end up saving you thousands of dollars in the long run.

McEnearney Associates wants you to have a smooth buying experience. If you’re struggling or feeling overwhelmed by the process, contact us today for assistance at 877-624-9322.

Author

Jackie Waters is a mother of four boys, and lives on a farm in Oregon. She is passionate about providing a healthy and happy home for her family, and aims to provide advice for others on how to do the same with her site Hyper-Tidy.com.