Monday, 1 June 2015

The Benefits of Pre-Purchase Property Inspection

Now that the global recession has finally slowed down, you can once again start thinking about investing in real estate or buying a property you wish to have for yourself. Or, with the real estate business slowly recovering, you might as well sell one of your properties. In both of these cases, it is vital that you have the property evaluated properly, and that's where property inspectors can help you. In this article, we'll try to answer some questions - what are pre-purchase property inspections; what they do and don't offer, and lastly, what are the possible problems that can occur when a property is inspected.
What are property inspectors?
Property inspectors are people who have a look at your property, evaluate the highs and the lows of it and also highlight areas that need development, give you a cost estimate and get all the information they've gathered in a paper called a pre-purchase property inspection report. Aside from going quite deep into what should be done with the property in the future, the report can help to market the property properly. There will be many little things that you won't notice by inspecting the property by yourself, unless you're a home expert... which you probably aren't.
Possible problems with property reports.
Things that aren't included in a pre-purchase property report are: reports of places that weren't or couldn't be inspected (that can happen in very few cases like having a waterfall or caves in your property); termite inspection (be careful with this one, especially if the property is located in the south states); estimated repair costs; things like chimneys and fireplaces, alarms and electric wiring. Be sure to check those out by yourself, or else you can be severely disappointed when purchasing the property. Furthermore, some of the specifics of a property can be left unchecked because of the weather (like leaks and rising damp). Some minor defects can be checked by property inspectors for additional fees - ask the inspectors for details. The Inspections are usually done in up to three days.
Vendors use inspection reports for advertising to potential buyers, but the reports have virtually no value since an independent report is what matters to the customer, and any report from the seller can be written off as biased. So a property inspection is usually done because a client requested it, not a buyer.

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