You go through the process of finding a home, starting the buying process, and then the building inspection failed. Finding out can feel so heartbreaking because it’s not easy to find a home that’s right for you.
Now you must decide. Your heart says you can make it work, but is it worth the thousands and thousands of dollars in repairs?
I finally found my dream home but the inspection failed, what happens now?
Maybe you’ve been dreaming of a colonial beauty with original quirky architectural features of the time. You’ve found one and it’s just perfect.
And then the building and pest inspections come back.
You find out your possible future home has shaky foundations or there is a horrible infestation of termites.
It’s devastating. Your dream home suddenly became thousands of dollars more expensive. It will also cost you more time and stress. Is your dream home actually a nightmare?
After a building inspection, you have to consider your options and make a decision. In cases like this when inspections fail, you can choose between following through with the sale or cancelling. Through all the emotion, how can you make a rational decision?
How do I choose my head over my heart?
Get a better idea of what the failed inspection means
You’ll want to get a clear idea of exactly how much it will cost you to address the faults that have been uncovered at your chosen property. Only then can you decide whether the financial outlay is worth it.
You’ll need to:
- Get quotes: What will the costs be for repairs or pest control? How about heritage-listed house renovations?
- Talk to your real estate agent: What are the prospects for growth in the value of the home weighed against the renovation costs?
- Ask the bank: Does the failed inspection affect your borrowing capacity?
See your building inspector about similar issues
Building inspectors will know best when it comes to these properties because they deal with them all the time. What is their advice for you?
Action Property Inspections provides thorough, honest, and reliable advice. Get everything you need to make a well-informed decision.
Make a pros and cons list
Now that you know everything you need, make a list. Be fully honest with yourself. What is it worth to you?
Photo by Alena Darmel at Pexels
Why do I feel so much grief over this?
After giving it some thought, you may decide it’s the best idea to pass on the property. Yes, it was the right decision financially – but you’ve lost your dream home. It’s crushing.
People experience similar grief and disappointment when outbid for a home. But these feelings can be even more intense after a failed inspection because you have started the buying process and become emotionally invested.
You were so excited. You were imagining your future in this home.
So let yourself grieve. Allow yourself time to process it. Talk to a friend. Find ways to engage in some self-care and recharge before you try again.
What are my next steps?
The truth is that all you can do is to keep trying. Once the disappointment subsides, you’ll be so glad you avoided a property nightmare. Your search will eventually lead you to the right home – and one that isn’t a money trap.
As always, a reliable building inspector is an essential tool in your property buying journey.
For thorough, detailed reports, choose Action Property Inspections.
