Why Is Inspecting the Property Essential Before Buying It?
When it’s time to purchase a home, you don’t always get what you see if you’re going off the pictures sent by the seller or broker. You need to carry out a thorough inspection to know the ins and outs of the property. After all, real estate is a long-term investment.
So, you should always ensure that you’re making a suitable investment. When inspecting the property, there are a few things to note. In this article, learn why an inspection is necessary and how to do it the right way.
What a Home Inspection Involves?
Home inspection involves you or an expert walking through the property, looking at certain aspects of the home, and preparing a report on it. All the concerned parties, buyer, seller, and broker, can derive important information from such a report.
The scope of a home inspection isn’t fixed. But overall, you should go over the following things in a property:
- Roofs and attics
- Plumbing system
- Heating system
- Electrical system
- Chimney, fireplace, and duct
- Appliances
Ideally, you should inspect every room, including the garage and basement. Inspect for the slab, walls, vents, entry, door openers, windows, exterior, among other things. Similarly, exterior evaluations are also performed. The home inspector will evaluate the condition of wall covering, elevation, drainage, fences, landscaping, etc. But these might not be included in every home inspection tour. With that said, what’s the importance of the home inspection for buyers? There are a couple of good reasons.
Benefits of Home Inspection for Buyers
As mentioned earlier, real estate is a long-term investment. So you need to be highly calculative with your decisions. The reports that come after a home inspection help you to be calculative. They present you with a list of a detailed description of how good the house actually is. If there’s a roofing problem, they’d have listed it on the report. Similarly, if the drainage system needs work, the report would contain a description of it too.
This way, you can know how much you’d have to spend after you buy a house. With this information, you can negotiate better with the seller and lower down the purchase price if required. You’d also get to know if the said price is worth it. If you’re prospecting multiple properties, you should get an inspection done on each one. The assessment will help you find the right property to invest in. In other words, the inspection will make you more confident in making the purchase.
How to Prepare a Home Inspection Report?
Preparing an inspection report shouldn’t be complex. On one column, list the area or item you’ve inspected, and on the next, write the remark. Along with that, list recommendations and cost estimates of the repairs you think are needed before purchasing. You can use the inspection report templates offered by NACHI or prepare one in an MS Excel sheet. The inspection will likely take about one to two hours, depending on the size of the property. When inspecting the property, it’s better if you’re present at the scene. You can get better insight directly from the inspector. With that said, hire the right expert to inspect your home.