When you purchase a home, your offer should be contingent upon favorable review of a building inspection that you (as the buyer) pay for. A building inspection by a qualified inspector (www.ashi.com) should be completed within 5 days of a negotiated binder agreement or as agreed by seller and buyer at the time of agreement, and made part of that agreement.
The building inspection's purpose is to find out whether the home has any major defects, or needs any major repairs that would be undiscoverable to an untrained person. A building inspection is not always cause to renegotiate the purchase price if the report is not as favorable as you would like it to be.
Normal wear and tear, improvements that are important to you but are unnecessary to another buyer, cosmetic changes that you would like to make, and anything that is obvious to you or your Realtor when you see the home is not cause for renegotiation.
A rule of thumb- If you and/or your Realtor can notice defects at the time you view the home, you make the offer with that knowledge.
1. If the item has to do with safety, it should be addressed.
2. If the item has to do with anything that could fall under the heading "Protect Your Investment" it should also be addressed.
A roof that needs replacement because of age - DON'T (your Realtor should have seen this)
A roof that needs replacement because of defective shingles DO
A furnace that is older but still working DON'T
A furnace that is not working properly DO
An electrical panel that is not upgraded DON'T
Double tapped breakersor safety issues in the electrical panel DO
Asbestos related materials present and confirmed DO
Leaking pipes DO
Hardwood floors that need refinishing DON'T
Renegotiating can mean anythng from having the seller perform the repairs prior to closing, to crediting the buyer for the repair work, including certain items with the sale that were not included previously, or any combination of the above.
With me as your Realtor, I will always point out defects in the home when we first view it- it is senseless and a waste of your money and time for me NOT to tell you the bad along with the good. I am not a building inspector, but I can say this- I have attended every building inspection for every home that I've sold, (and that number is in the hundreds) and learning about what to look for becomes much easier with repetition. You can benefit from that knowledge. When its' time for your inspection, make sure you attend, stick to your inspector like glue , and ask lots of questions. And if you forget, I will most certainly remind you!