How to Negotiate a Home Inspection Credit in the LBI Real Estate Market
Long Beach Island Real Estate
When buying a home in the Long Beach Island real estate market it is easy to forget that there are usually two separate negotiations that will take place. The first is the price of the home and the second is the home inspection repair list and/or credit amount. This second and often overlooked negotiation is critical to the overall transaction. If a problem with the home is not properly identified and addressed it can be a costly and even dangerous problem down the road. While it is a good idea to have a basic understanding of what to expect from a home inspection, understanding home inspection negotiation in the LBI real estate market is essential to any successful purchase on Long Beach Island. In summery:
- Always hire a qualified home inspector when buying a home on LBI
- Schedule the inspection early in the transaction
- Be reasonable with repair requests or credits
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Home Inspection Negotiation in the LBI Real Estate Market
One of the first and most important steps is to hire the right inspector. While this may see obvious, there are many ways to run afoul of this step. When looking to hire a home inspector you as a buyer should as how long they have been inspecting, what their background is and what services they offer. For example, I find it a plus if the inspector has a background in construction as it will give him or her some context when looking at potential issues in the house. The inspection should be scheduled as soon as possible. This will give you time to investigate any issues and have the right professionals give you suggestions on improvements. When looking to make repair requests or ask for a credit be reasonable. It is good to focus on the real important items, for example the safety and structural items, and give less important to cosmetic problems and suggested improvements. It can be helpful to point out to the seller that you are willing to address the rest of the items on your own to show a level of compromise. Credits should only be requested when backed up by a licensed contractor’s quote and likewise repairs should only be made by qualified individuals.
Buying a Home in the LBI NJ Real Estate Market
When buying a home on Long Beach Island there are many phases of the transaction that must be taken into account. Above all else, getting the right house in the right location and for the right price is paramount, but there are many subtleties that can also impact your purchase. For example things like getting the right kind of flood insurance coverage and understanding home inspection negotiation in the LBI real estate market are both variable and potentially expensive items to consider. For more information about buying a home in the Long Beach Island real estate market please do not hesitate to contact me.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
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