Sometimes Buyers Will Find It Difficult To Make Rational Decisions About Home Inspection Findings


Sometimes Buyers Will Find It Difficult To Make Rational Decisions About Home Inspection Findings
By Scott Rogers • August 6, 2019
Buying a house can be an enormous decision - full of plenty of emotions - anxiety, apprehension, excitement and much more! Buy a house is likely to be one of the largest financial decisions you will ever make - AND you are making a decision (where you will live) that will affect countless other aspects of your life, likely for many years to come. So, are you good at making difficult decisions in a highly emotional state? Many people find that to be difficult! Let's imagine this scenario -- you're buying a $245,000 home and you are SO excited to buy it because if it's charm, character, location, and so much more! It is within walking distance of the downtown scene - and even though it is an older home, it seems to have been well maintained and updated. But then, you do the home inspection and you find out that the ___ will need to be replaced in the next few years. Technically, this could be any number of items -- heating system, roof, appliances, etc. What to do...what to do!? Perhaps it is going to cost another $5,000 to make this update - and the seller is not willing to adjust the contract terms based on your inspection findings because, after all, the ____ is still working properly now. So - do you throw the whole purchase out the window? You're going to have another $5,000 of costs within the next few years!? The seller should be willing to negotiate to cover some of that cost!? Is your "really good decision" now actually a "really bad decision"?!? This advise is not prescriptive to all situations, but I would encourage you to consider the big picture as rationally as possible. You are about to buy a home that is (in my fictional scenario) going to totally change your life. It's a home you can see yourself living in for 10 - 15 years. You look forward to the memories formed in the house, the places you can walk and experience based on its location, the opportunity to have a garden in the backyard, and so much more! A question that you could then ask yourself would be whether you'd pay $250K for this awesome, amazing, perfect, life changing house and opportunity, instead of the $245K you have contracted to pay. If so, and if you'll have cash available to make the needed upgrade to the ____ sometime in the next few years, then maybe it's not really a terrible idea to continue with the purchase despite the newfound information about the condition of the house and despite the seller's unwillingness to assist with it financially. Again - this is not generic advice of "don't worry about the issues that come up in the inspection" - but more of an encouragement to consider the big picture of what you are buying, why you are buying it, what it is worth to you, etc. Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 21, 2024 (unless otherwise noted).
Comments (0) or Subscribe