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Purchasing your Smith Mountain lake Property will likely be one of the largest personal investments you will ever make. Getting a detailed home inspection prior to closing by a certified professional inspector is an inexpensive way to discover the universal condition of a lake home. Your inspection will enable you to avoid purchasing a property in need of significant repairs and save you from unexpected hidden repair costs. We do not recommend using an inspector suggested by the seller or seller's agent. A home inspection typically costs between $350 and $600 depending on the size of the home and the inspection service options. Your inspection can potentially reveal thousands of dollars in repairs that should be considered prior to closing and can go as far as revealing a property that should be avoided all together.
Front Door recommends selecting a general inspector that:
Your home inspection should cover hundreds of components in the home and include a written report clearly outlining safety concerns and the current condition of the home.
The following major systems should be covered:
In general, a home inspection at SML should cover the same items as a general home inspection anywhere else. However, there are a few special considerations to keep in mind.
While nothing stops you from requesting that the seller take care of everything contained in the inspector's report, in most purchase contracts, the seller is only obligated to address structural defects and repairs to major systems and built-in appliances. There can be gray areas in terms of what is and is not a required repair vs a cosmetic one. Your real estate agent should be skilled in helping you navigate gray areas toward negotiating a fair resolution with the seller. Note that your purchase contract likely will contain a dollar amount below which the seller must address repairs and above which he has the option, but not obligation, to do so. Typically if the requested repair total exceeds the dollar limit designated in the contract, and the seller opts to not make repairs above the limit, the buyer has then has an option of cancelling the purchase contract or proceeding to closing while accepting a credit for the repair limit amount. When negotiating your purchase contract, be aware that the repair limit is a negotiable item. Typically the contract will set the repair limit at $1,000 if not otherwise negotiated. Front Door recommends buyers negotiate this to a higher value, if possible. Make sure that all repairs are completed by licensed professional contractors.