Why Do You Need a Property Inspection?
In a nutshell, property Inspection is a crucial step in determining a home’s potentiality to be sold at a certain price. Whether you are the buyer or the seller of a certain property, this process has to be undertaken seriously. It sets you for the future, especially when you already have property investments in Melbourne.
In any case, you don’t want to be fooled and regret your decision. So here are reasons why this activity is important:
Photos Are Not Enough
Marketing property is pretty much like advertising any other product. Aesthetic look is vital to strike a good first impression. Many sellers take advantage of this fact by posting the coziest and most welcoming photos of their home. These photos may sometimes cloud the buyer’s judgment. Without inspecting the property, buyers will not acknowledge the hidden faults a property may be having at the moment.
Wiring, plumbing, and structural issues are obviously not visible during a showing and of course, sellers won’t divulge them outright. Conducting an inspection will remove all the façade and reveal you a realistic and objective view of the property.
Save More Money
It may be conflicting for a new homeowner on whether to buy pre-sold land or an established property. The latter is less costly and more practical. The fact that you can properly conduct an inspection on a built property sets you at an advantage already. When you are a buyer, purchasing pre-sold land may be cheaper at first. However, rewiring them consumes so much time and costs way too high than just finding an ideal home.
A Chance to Negotiate
Now that we have addressed the concerns properties may be having behind those lavish photos, it’s time to negotiate. Sellers already have a set price for their property but many of them are still open to compromise. This is where a property inspection comes into the picture.
Once you have compared expectation to reality, you might be able to effectively use bargaining power to lessen the price. You can also persuade the seller to shoulder the reparation costs in case he is still adamant about the price. This will be covered more in the next section of this article.
Sellers’ Responsibility to Conduct Repairs
Sellers know their property best, so it is natural that they know how worse it gets. You are lucky if they managed to cover up these faults beforehand. In case they didn’t, then property inspection may help you detect these issues and possibly resolve them.
As stated earlier, you can negotiate for a lower price. Chances are, some sellers opt to fix the problems on their own. In addition, many buyers put clauses in their contract demanding the seller to make the repairs before buying the property. In both cases, the seller bears the responsibility to deal with these issues, saving buyers time and money.
Peace of Mind for Both Parties
A property inspection will absolutely provide buyers and sellers peace of mind. On the buyer’s side, he is assured that the home is in good shape. Additionally, he is more aware of the potential future maintenance and upkeep the property requires.
Meanwhile, the seller of a home foresees potential issues by conducting a property inspection before selling. It assists them in setting a price and it fixes issues with the home before putting on the market. This enables them to be more confident as they have nothing to hide anymore.
Tips During and After the Inspection
As much as possible, both the seller and the buyer must be present during the inspection process. This serves as a form of respect and an educational opportunity for both parties. Professionalism is of utmost importance as well. As a seller, you have to be as accommodating and welcoming as possible. As a buyer, you can be assertive, but still respectful.
The cost of a property inspection may depend on its size, region, and age. It is advisable to hire a real estate agent to aid you during this process. Usually, it takes anywhere from 2-5 hours.
It is not an inspector’s obligation to correct any potential issues found in the home. He may endorse more capable professionals for further information.
Once you have properly conducted an inspection, you are free to do the following:
- If the issues are far too momentous or too expensive to solve, then you can simply walk away from the purchase. Do not forget to put an inspection contingency on the purchase contract.
- Either ask the seller to fix the problems, lessen the purchase price, or give you a cash credit for doing the repairs yourself.