Buying a Home and The Importance of Conducting a Property Inspection
When purchasing real estate, such as your first home, it's very important to conduct a property inspection. Some people may try to save money by not doing a home inspection but we would be taking a huge chance in purchasing if we don't know the exact condition of the house.
Real estate is one of life's major purchases so it is extremely important for us to know the exact condition of the home before laying down our hard-earned cash. The true value of the home is dependent on its condition therefore; we need to be certain that the home is in good shape so we don't needlessly surprise ourselves with unnecessary repair bills after our purchase.
The Benefits of a Property Inspection
- It will give us the complete information about any problems with the home
- We will be better able to make an informed decision
- It will give us leverage in negotiating the final price
What is Checked During a Property Inspection
The property inspector will go throughout the home, inside and out and check for any major repairs that may be needed. They will check such things as
- The Foundation
- The Home Exterior
- The Roof
- The Windows and Doors
- The Basement
- Electrical System
- Heating System
- Air Conditioning System
- Interior Plumbing
- Home Insulation
How Long Does It Take?
A good property inspection generally takes two to three hours, depending on the size of the house.
Who Pays For The Inspection?
Either the buyer or seller may have the home inspection. Sometimes both will do a separate inspection.
- The benefit to the seller is that they will know about any repairs that will need to be done before they set their price.
- The benefit to the buyer (you and I) is that we will be sure that everything is in accordance with the seller's property inspection. You can rest assured that there was nothing overlooked by the seller.
What is the Next Step?
Once the property inspection report has been written up, you can then evaluate whether you still wish to purchase the home. Obviously, older properties will probably have some repairs that are necessary. You will have to decide if you can afford to pay for the repairs yourself or if you should ask the seller to lower his/her asking price.
You will need to take all of these things into consideration before purchasing your home.