The thought of buying or owning a house is ecstatic and a dream comes through for virtually everyone. However, while you are awash with excitement, you must also not forget to do due diligence and request a professional property inspection. That way, you will sure that you are getting full value for your money and you won’t have to constantly look over your shoulder for property regulatory authorities.
Before you enter into any deal and proceed to make payment for a property, you should familiarize yourself with property inspections and develop a home buyer’s checklist. A hike buyer’s checklist will help you informed decisions while scouting for your dream home and ensure that you get the most value for your money.
Don’t be deceived to think that property inspections start and end with taking a tour of the property. While taking a tour of the property (either in person or virtual tours) is part of the property inspections, it’s always best to let an expert do the job. That way you will be sure of not falling for some hardtodetect tricks that home sellers pull on unsuspecting or inexperienced home buyers.
What is the importance of property inspections?
The obvious reason for undertaking property inspections is to save you from throwing your money at houses that are better off pulled down. Before we dive into the importance of property inspection, let’s quickly touch on property inspection contingency.
It’s almost impossible to do business (even it’s one time) in the real estate industry without crossing paths with the words property inspection contingency”. Often, the first tip you will get as someone seeking pointers on how to buy a house is to be on the alert and be cautious of whoever you are doing business with.
If you are learning about home/property inspection contingency for the first time, a contingency clause is a provision in a real estate contract that allows you to terminate your contract if conditions are met regarding the state of the house. Depending on where you live, this clause is also known as “the get-out-of-sale clause” or “escape clause.”
Then there is such thing as the inspection contingency. This clause allows you as the buyer to call for a professional inspection of the property. If the results of the assessment by a professional make the property fall short of the standard, you can pass on it and decide to terminate the contract.
Having mentioned that, you should be more aware of the rarely talked about aspect of property inspections. Let’s now, shift our focus to the importance of property inspections.
The importance of property inspections
As we mentioned earlier, as a first-time homebuyer or a fledgling in the real estate business, the chances are that you are most likely to overlook or miss out on details that spell disaster in the future. As such, risking the lives of the occupants.
Getting a professional home inspector to comb the property or at the very least, accompany you (if you have time and want to be involved in the process) will save you future heartbreaks. Professionals have been in the business long enough to spot those little defects you may miss or disregard. They have the knowledge, skills, and experience you can leverage to make wise and profitable investments.
Since the value of residential land is measured by the value of the house. As such, a house that has defects (be it structural, electrical, heating or plumbing) will significantly impact the value of the building and cost you more to fix over time. Considering how much you will spend to revamp a dilapidated property, wouldn’t it be best to invest in property inspections at the early stage to save yourself from incurring more cost?
Home buyer’s checklist: what to look out for during property inspections
Usually, a home or property inspection takes between two to four hours. However, it could take longer depending on the condition of the building and of course, the size. During home inspections, the expert will assess the foundation, structural components, HVAC, electrical, and plumbing systems. Afterward, he/she will write a home inspection report based on the results obtained from the process.
While some reports won’t take long to compile, it’s not unusual for others to take a couple of days for the inspector to send the written report. In addition to heating and air conditioning system, plumbing and electrical systems other items the home inspection checklist include:
- Windows and doors
- Interior finishes and fixtures such as sinks and cabinets.
For a first-time homebuyer, there are factors you should consider while scouting for a property and before making arrangements for a professional property inspection. Some of these factors include the location of the property, the lot size, commute and accessibility, shop and conveniences, and county (and neighborhood) regulations.
With that in mind, you should set a budget and determine how much you can afford to invest in the property without putting yourself under financial strain. If your personal finance can’t afford the property, consider talking to mortgage lenders and get pre-approval. Last but not least, get a professional real estate agency or agent/realtor to give you insights on market conditions and help you close profitable deals.