Understanding Building Inspections: What to Expect and How It Impacts Your Home Purchase
The intent of a building inspection is often misunderstood. The intent of a building inspection is to compare the subject property to the modern building code and point out where it doesn't meet the modern standard. This does not necessarily mean that there is something wrong with the home, nor does it mean that the value has changed or that a repair needs to be made. The focus of an inspection needs to be placed on the specific items that could not have been reasonably anticipated given the age of the home, and most importantly, the items that impact value. At the end of the home inspection we always only have 3 options.
1. Walk away.
2. Take it "as-is" or
3. Attempt to renegotiate.
An experienced advisor is going to be able to help identify these items that impact value and differentiate these from the ones that were to be expected. They are also going to be able to help you measure their impact on market value and outline your various options moving forward.
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