The real estate market is moving at the speed of light right now in the Triangle especially in Cary. Such activity is leading to buyers to have to make quick decisions on whether or not the make an offer on a home. This makes the inspection process even more important. In the past it has been common practice for a buyer to only hire a home inspector to inspect the home and then with their agents help submit a repair request based on the findings of that one report. While new construction is flourishing in West Cary there are still a large percentage of “older” home, ones built in the late 80’s early 90’s, that are being bought and a sold everyday. As a buyer, you should take full advantage of the inspection period and the ability to try to negotiate seller paid repairs. A basic home inspection can range from $300-$400 but buyers in today’s market should budget at least $700 for home inspections
*If possible, have your agent ask the vendors to put their invoices on the HUD.
As a buyer’s agent I now advise all buyers of mine to get separate roof & HVAC inspections. These inspections can be done on average for $125 a piece. Where a home inspector may only use binoculars to judge the condition of a roof, a roof inspector will walk the roof and take pictures of the entire roof. A home inspector will judge the exterior condition of a HVAC and take interior temperature readings to calculate a unit’s effectiveness. A licensed HVAC contractor will take the unit apart and give a more expansive report of the unit’s condition and effective age. With these detailed reports a buyer can make more specific repair requests. While a seller is only required to fix things that are not functioning properly the buyer will have a better idea when these two items may need more extensive repair or need to be replaced.
*Unfortunately every roof and HVAC will need to be replaced at some point. HVACs start to hit the end of their life expectancy around 14 years but can be good into their 20’s. A roof should last for at least 25 years after installation but we have seen shingles start to break down as soon as 15 years in this North Carolina heat.
While spending the extra $300 upfront may not seem ideal it could potentially save you thousands. Wouldn’t you rather spend $300 dollars to find out that you will need a new roof in 3 years or a new HVAC any day than be caught off guard 6 months into a new home. Knowing ahead of time will allow you to either save up for these pending repairs or terminate the existing contract before the due diligence date. *Every home will have its repairs and needs, but it is being knowledgeable of these issues that is most important. If you do not know specific vendors for your inspections ask your agent. They should have a list of qualified vendors for you to pick from. I know at DT&Co we do and we’d be happy to share.
As always if you or anyone you know if looking to buy or sell; contact me. I’d be happy to talk to you about the current real estate market and what we can do to make your real estate desires a reality.
– Benjamin Passwaters Benjamin@DTandCompany.com 919-608-4226 @BenSellsHomes