Just as individuals buying a car believe tire kicking and vehicle reports are expected and deserved elements in making such a commitment and large investment, individuals buying a home are using building reports to their full advantage in the negotiations process, ensuring that they fully aware of the property's condition and are paying a fair price for the home. Yet, they are not always looked upon so favorably by the seller, just as tire kicking and vehicle reports are often portrayed as a used car salesman's worst nightmare.
In this context, it seems surprising that they were initially intended to service and benefit both the buyer and the seller. With the exception of unscrupulous sellers attempting to pull the wool over the eyes of unsuspecting buyer's, homeowners stand to benefit from building reports. Not only do housing inspections help assess and prevent issues with the home during the time of ownership, they also help the seller develop an accurate understanding of their property value when they decide to sell. The information given by the inspector can encourage a seller to perform renovations prior to selling their home or reduce their asking price.
Unfortunately for sellers, building reports are often used after the asking price has been set to renegotiate the price of the house. Potential buyers may see the building report's identification of cosmetic faults and ask for a price reduction to cover the cost of renovation. This process puts many sellers on edge; understanding that their home has been lived in for multiple decades, often, sellers can feel cheated and shortchanged by negotiations over expected wear.
Seemingly, building reports are being used by buyers to point out flaws more so than they are used to confirm the integrity of structural, electrical, HVAC, and plumbing elements. In the competitive housing market, it is expected that the standards of buyers may increase, and with the availability of housing inspections and building reports, it is important for sellers to be acutely aware of the content of these reports.
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