What is property inspection?
Choosing the property that would be your future home is a process that should never be underestimated. While we might be merely bringing out the obvious through this statement, it is not uncommon that we get overwhelmed or too excited about something new that we become too impressed with that we want to purchase it right away.
As a result of that, we might end up doing so without studying the item carefully, asking the necessary questions or – in the case of investment purchases – consulting an expert. In the case of real estate purchases, property inspection is the equivalent to this one last step.
Similar to the friend you go shopping for new clothes along with albeit at a much higher stake, a property inspector is a professional real estate expert and an unbiased second eye on the house you are considering. Such an expert eye can catch a lot of details which you can’t see or details that you can see but without the needed experience to understand their ramifications.
Why should I hire a home inspector?
There are many instances where a property inspector can prove their usefulness:
Real estate investment expertise:
This is important specially if it is the first time for you to purchase a property; purchasing your first house or new home is perhaps the most complex purchase you would make in your life and it always turns out to be more hectic than you think it is.
This is because of the many details you could not know about the process beforehand, or the issues you do not know how to deal with. Therefore it is important to seek the aid of the industry professionals (whether it is the realtor during the searching phase, the home inspector during the evaluation phase, or the lawyer during the closing of the deal).
Leveraging your negotiation limits:
You are probably looking for the perfect property especially if you are seeking to make it your new home; it is a part of our nature. However, let me save you the unneeded suspense: there is no such thing as the perfect property.
This does not have to be a completely bad matter though. As a matter of fact, it might come in handy if the price of the house you want to purchase is a bit or two above your budget limits. If, during the property inspection procedures, the house inspector uncovered that there is a fault in the property’s plumbing or water pipes, you will be able to negotiate the price more broadly with the seller than you.
Needless to say, your gained negotiation power differs according to the severance of the damage or the fault you have uncovered.
Getting a clear estimate of the post-purchase expenses:
Although signing the house contract is the most crucial part of finding your new house or investing in a new property in general, it is not the final stage. You would still need to fix any problems discovered during the property inspection, let alone the house finishing processes.
Even if the property is flawless – which, as we mentioned before, is never the case – you would still want to tweak and adjust a few things or renovate it to suit your own taste and needs.
Now that we have demonstrated the main benefits you would sow from enlisting the help of a house inspector, let’s discuss the how-to along with some tips to make sure you have chosen the right person to do the job for you.
Ask for recommendations:
Much like the first step you take in searching for a certain product or service you need, reach out to your relatives, friends and acquaintances who have moved purchased a new home or property recently and ask if they have hired a house inspector and if they would recommend them for you.
Furthermore, if they did not enlist the help of an inspector, ask how they checked the house functions and services; the insights they will provide you with will certainly help you.
Disclose any conflict of interests:
Is your prospective home inspector working alone or as a part of a company? Does this company provide home repairing services?
If the answer to the second question here is “yes,” it is better to opt out or at least be extremely careful. The inspector might incorporate unnecessary repairs in his final report on the property to force you into requesting their help.
Oversee the Inspection Process:
Make sure to attend the inspection procedures yourself; you would want to know more about what you should examine in a property before purchasing it and see for yourself what the inspector does. There are the obvious primary checks, of course (water, electricity, and plumbing) but then again
There might be other inspections that will not occur to you if this is your first purchased house.
Consult your real estate agent:
Although this is not his very specific area of expertise, your real estate agent can give you some insights on the basic tests, checks or inspections you need to make at the new property to make. However, put it into consideration that it is in his best interest for the deal to be sealed.
Get a Report:
Before hiring the property inspector, make sure you are provided with a sneak peek to his method of operating. You need an inspector who would provide you with a detailed report on the status of the property, the severity of the problems it has, and what repairs you need to implement.
Last but not least, set your expectations right. While hiring a house inspector is a practical fail-safe for you against any unpleasant surprises you might face in your new home after you acquire its keys, the property inspection will likely miss an issue or two, especially the equipment whose de facto expiry dates are drawing near.
But then again, remember that a good property inspector will certainly help you to minimalize those costs and safe yourself a lump sum of money that you would have to pay later.