Whether you’re a first-time homebuyer closing in on your very first property purchase or an experienced investor with a diverse real estate portfolio, you should have a clear understanding of the beneficial roles that their pre-purchase inspections can play in the property buying process. Building inspections, pest inspections, and other forms of expert assessment reduce the amount of uncertainty involved in buying a piece of property and often end up saving you money.
What Are Common Forms Of Pre-Purchase Inspection?
While you can arrange to get expert opinions from a virtually endless array of different professionals prior to making any commitment to purchasing a property, these are the three most common forms of inspection carried out prior to residential and commercial property transactions:
* Building Inspection: this is a thorough report on a building’s condition written by a construction industry professional. It will uncover potential safety and health hazards and potential structural issues with a property.
* Pest Inspection: These specialized reports go into greater detail when evidence of insect damage is observed. They provide detailed guidance as to what steps will be required to correct the problems.
* Strata / Condominium Report: This financial and legal report is often used before you buy into a communally-owned property scheme. It will expose any irregularities in the way the property has been managed and ensure you enter into your purchase fully informed.
There are five key benefits of pre-purchase inspections:
1) They Make You A Well-Informed Buyer
The more you know about a property before purchasing it, the better position you’re in the price it accurately. Enlisting the help of trained and experienced professionals ensures that you don’t miss any important warning signs.
2) They Simplify Negotiations
Problems noted during pre-purchase inspections don’t necessarily invalidate the purchase. They provide objective information that you can use to negotiate a new price with the seller that accurately reflects the state of the property and treats both parties fairly.
3) They Reveal Issues You Might Have Missed
Thanks to pre-purchase inspections, you’re far less likely to be blindsided by costly problems after buying property. Not only will you be aware of the issues, you’ll also have sound advice on how to fix them.
4) They Tell You What Repairs Will Cost
This is how pre-purchase inspections help you in negotiations if you go on to buy the property. By providing a professional estimate for the cost of repairs, you know to the penny how much of an economic impact the issues found during inspections have.
5) They Give You An Accurate Valuation Of A Property
This is a benefit for both buyers and sellers, and one of the reasons that pre-purchase inspections are regularly ordered by either party. Inspections provide excellent assessments of a property’s true value, which makes negotiations more transparent for both sides.
No matter how confident you are in the value of a piece of property and the trustworthiness of the party selling it, it’s always a good idea to have its condition verified by an expert who knows what he’s looking for. This is why pre-purchase inspections will continue to play an important role in real estate transactions for a long time to come.