June 16th 2023.
Black homebuyers often report regretting their purchase due to the amount of maintenance needed. This is unsurprising as 61% of Black Americans buy fixer-uppers, compared to 54% of white buyers. Therefore, it's important for Black Americans to consider the importance of a home inspection before investing in a property.
An interior and exterior home inspection can identify potential problems, such as bad plumbing and damaged roofs, while also helping to protect a buyer's wallet in the long-term. In addition, many Black Americans tend to spend more on repairs due to their purchase of older homes.
Real estate expert Jamie Seale advises that Black homebuyers should not skip the home inspection. It can help buyers understand the condition of a home and budget for future maintenance. Plus, it can be a great bargaining tool. The inspection report can be used to ask for repairs, credits, or a price reduction. A home inspector can also provide tips on maintaining the home, potentially saving buyers hundreds or thousands of dollars in the long run.
In fact, the report found that 86% of buyers had at least one problem identified by their inspector, while 46% used the report to negotiate a lower price. It is recommended that potential buyers contact a local home inspector immediately after signing the purchase agreement. Another option is to seek a home contingency clause that allows buyers to check for issues before buying the home. Many lenders also won't offer financing until a home inspection is done.
For more information on the importance of a home inspection and why prospective buyers should have one done, visit these sites. Doing so can help save a lot of money and ensure buyers are making the right decision.
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