A home inspection is a contingency that is typically added to a contract of sale for a property. It grants the buyer an opportunity to have the home inspected by a licensed professional to uncover any potential material defects. If any are found, the buyer can choose to either rescind the contract or negotiate with the seller for a price reduction.
For sellers, some things can prevent a home sale. It’s important to be aware of these and to address them before putting your home on the market, as they can delay a sale.
This article will explore some of the most commonly noted home inspection items that prevent a home sale.
1. Roofing problems
If you’re like most people, you probably think of the roof as one of the most important features of your home. It protects you and your family from the weather, keeps your home insulated, and adds to the overall aesthetic appeal, so keeping it in good condition is important. Unfortunately, the roof is one of the most overlooked parts of a home. Neglecting small problems can turn into huge ones, and if your roof is in bad condition, it could prevent you from selling your home.
If considering putting your home on the market, have a home inspection first. A good home inspector will be able to tell you exactly what needs to be fixed in your new home and how much it will cost. They will also be able to advise you on whether or not a property is worth buying.
2. Foundation damage
For many homeowners, the sale of their homes is a major financial milestone. It can provide the resources necessary to make a down payment on a new home, pay off debt, or take care of other pressing needs. Unfortunately, foundation damage can prevent a home from being sold. In some cases, the damage may be so severe that it is not financially feasible to repair it. Homeowners who are faced with this dilemma should consider their options and weigh the pros and cons of each before making a decision. This is where a home inspection professional comes in. A home inspector’s most dreaded finding is a foundation issue. Not only are they expensive to repair, but they can also prevent a home from being sold. According to a study by the National Association of Realtors, a stunning 39 percent of buyers said that damages to a home’s foundation would be the main reason they wouldn’t buy it.
3. Plumbing and electrical defects
If you are like some home sellers, you might think the inventory is low, prices are high, and buyers are plentiful. What could go wrong? Quite a bit, to an extent.
According to a report by the National Association of Realtors (NAR), one in five home sales falls through due to a defect. The top two defects that lead to failed sales? – Electrical problems and plumbing issues account for 26 and 23 percent of all transactions that fall through. For some US states, The law indicates that any seller who has had a home inspection and knows about any plumbing or electrical defects that have not been repaired must disclose this information to the buyer or face significant penalties. This law likely has a large impact on the real estate market, as it gives buyers more information with which to make decisions about whether or not to purchase a home.
4. Insect infestation
Insect infestation can prevent a home from being sold. It can be a deal-breaker if an inspector finds evidence of pests like cockroaches, bed bugs, or termites. Even if the infestation is treated, it will still leave a bad impression on potential buyers. In some cases, the pests may have already caused damage that is not immediately visible.
Home sellers should always have their homes inspected by a qualified home inspector before putting them on the market. If an inspector finds evidence of an infestation, the seller should immediately take steps to get rid of the pests. This may require doing some DIY pest control or, better yet, hiring a professional.
5. Water damage
Water damage can be a deal-breaker for many home buyers. It reduces the value of the property and can lead to health hazards. In some cases, water damage can be very expensive to repair and may even prevent a home from being sold. Home sellers should take steps to ensure that their homes are in good condition and free of any water damage before putting them on the market. This includes hiring a home inspector to check for leaks, fixing any identified problems, and using waterproofing materials if necessary.
We hope this article has helped outline some of the most commonly noted home inspection items preventing a home sale. Remember, if you want to sell your home or buy one, it is important to schedule a home inspection and take care of any issues that may be found.
