The real estate industry in North America is very lucrative! Agents earn over $40,000 annually. The industry is in a recovery phase since the 2008 crisis. Ironically, most home buyers are unaware of the home inspection process. A home inspection critically examines a home that determines its value. Experts are responsible for the examination process.
Below are a few things every buyer should know about the home inspection process.
Who Does The Inspection?
The inspection process requires an expert familiar with the field. Most real estate companies have specialists who offer these services. You may also opt for personal inspection by hiring a specialist. Either way, the cost is yours. In the latter, you’ll have a chance to negotiate the price of the service. Once the inspection has occurred, you’ll have to wait until the report comes out. Usually, the report entails all aspects evident in a specific property. You should seize transacting with a firm that fails to give you the report.
The Report Is A Critical Part Of The Deal
Even before any deal materializes, the report’s findings should be available. Take your time to analyze the report. In case of any questions, contact the management. If the queries persist, it will necessitate a fresh inspection though at your expense. The report may capture issues, e.g., the damages within the property. Such damages will grant you some voice at the negotiation table. Avoid putting any deal to paper before critically analyzing the findings to ensure honesty and professionalism are observed. Use the damages that the report captures to have a price reduction. Be wary of firms that force you into a deal before the evaluation procedures.
Components Of The Home Inspection Process
The structural integrity of a building is a vital component of the inspection. It’ll include the roof, walls, and foundation. This scenario applies to both new and old homes. The officer will also cross-examine the ventilation system. Exterior parameters, e.g., the fence and landscaping, are next. These exterior components will influence the home in several ways, e.g., the overall security and drainage. Weak barriers are a security threat. Inappropriate landscaping would also cause flooding. The inspection also captures the plumbing systems. They identify any errors in the piping and record them. Poor plumbing causes spillage all over your new home. Modern homes typically have necessities, e.g., water heaters. It’s upon the inspector to examine their condition. Issues of electrical faults are critical components too. The electrical system will capture areas, e.g., the lighting system. At the tail end, the inspector should capture the condition of the garage. The slabs and walls ought to be in good condition. After the inspection, the officer should take the shortest time to compile the observations.
The failure of an officer to capture a particular aspect doesn’t render it unviable. It may be because the officer is not a specialist in that sector. Accompanying the inspector will help you save money and time. Walking with them also instills a sense of satisfaction and probably value for your money.
The Inspection Takes A Short Time
Though it isn’t minutes, the process takes a few hours. The length of the process will depend on whether the home is new or old. Old homes require a lengthy session. The integrity and other essential aspects of the building require extra examination. They tend to wear with age. New homes lack these complex procedures, thus, a shorter time. The speed of the inspector is also a key determinant. Not all officers work at the same rate. Helping your inspector in the whole process is also recommended. Your dressing should thus be appropriate for the occasion.
Inspections Don’t Tie You To The Property
Purchasing a property requires you to place a bid. Once the property agents accept your bid, you proceed to the next evaluation phase. The fact that your request is in the office doesn’t give the owners power over you. You are free to exercise your wish, i.e., buying or rejecting. After the inspection, you may decide to honour your bid or walk away. If the property meets your expectations, you’ll acquire it. You’re also at liberty to walk away if you find the necessary repairs too expensive for you.
Repairs Are Negotiable
Once the inspection phase is over, the issue of repairing the damages comes into play. Initially, the property owner will require you to fund the repairs. Don’t rush into quitting the venture due to this prerequisite. You should instead keep calm and engage the seller. This way, you will strike a deal that favours both sides. How you approach the report and present your issues to the negotiating table will determine whether they will listen to you. Always focus on specific aspects of the report. Generalizing problems may lead you to be mistaken for a joker. In the negotiation table and contract accenting, be wary of terms, e.g. ‘as is.’ The term means that the seller may not be able to make repairs. However, such property tends to have a low sale price, compensating for the lack of negotiations.
Do Some Paper Work After Negotiations
You ought to exercise caution when approaching the repairs after negotiations. Don’t rush into amending the errors without appropriate documentation. Hire professionals to help in the corrections. The repairs should be high-notch. You’ve to collaborate with sellers to avoid a conflict of interest. Proper documentation makes it easy for you to make a claim. Invoices should be intact as well. On the next valuation, the inspection personnel will need them. Make inspection a priority before acquiring a new home. It’ll aid in determining the property’s real value and enhance your negotiations.
Be Keen!
The home inspection process is a simple but vital element in real estate. Always be on the lookout to ascertain value for your money. Contact us for more information on investments and home inspection services.
