The Importance of a Building Inspection Report

One of the smartest things to do before buying or selling a home is to hire a professional home inspector to examine the property and provide you with a building inspection report, often called a home inspection report. A quality report will document the condition of all the major elements of the home such as the heating system, central air conditioning system, electrical system, plumbing, roofing, and foundation. The completed report should also detail the makes and models of the systems in your home, as well as estimated life spans for the systems. This information will help you or your prospective purchaser gain some insight into when the major systems in the home will begin to require replacement and therefore negotiate the price or adjust the budget accordingly.

A building inspection report can often be completed on-site or be generated shortly after the inspection. Since most real estate transactions are time sensitive, your real estate contract will provide a limited amount of time for you to get your inspections so it is beneficial to find an inspection company that can promise a quick delivery of the final report. You will want to review your building inspection report with your real estate professional and/or lawyer to determine your next steps.

Many buyers use their building inspection or home inspection report findings to negotiate with the home seller to make repairs or reduce the price of the home based on needed repairs. Every deal is different and there are not black and white rules to determine what items found in the building inspection report will be negotiable. Market conditions often dictate the buyer’s ability to negotiate repairs. More and more sellers are opting to have a home inspection, so they can take the condition of the home into consideration when pricing the home. They then provide interested buyers with a copy of the building inspection report and note that conditions disclosed are not negotiable because they have already been reflected in the price of the home. Regardless of whether you are a buyer or a seller, an inspection that provides a comprehensive report is essential to a smooth purchase or sale.