A Home Inspector Is Indispensable When Buying Property
Although it may seem to be incredible, the fact is that the majority of people spend lesser time scrutinizing a home before making an offer compared to the time they spend while trying to purchase a pair of jeans! And, worse still, there are occasions when the buyer does not view the property that he or she is buying at all before submitting an offer!
Hence, the moot point is that is it possible to find if the basement of the house has termites or the remaining life span of the roof without inspecting a residential real estate appropriately? Or is it possible to know whether the furnace is just a few months away from its definite death? There are no prizes for the right answer, as any sensible person would know that this is never possible. Therefore, what is surprising is that even without trying to know these aspects of the property you are about to purchase with thousands of dollars in cash and debt from an absolute outsider, you are prepared to invest the sum. In other words, making an offer or buying a home even without viewing it properly or, sometimes not even once, means that you are simply gambling your money.
Now you realize why all of us require the services of a home inspector while buying a real estate property, especially these days when the houses are becoming ever more confusing with the addition of digital domestic devices, high-efficiency furnaces and plumbing that is almost adequate for a small hotel. Honestly speaking, it requires some amount of proficiency as well as time to appropriately inspect a house, and the truth is none of us have these to vital elements. Therefore, it is advisable that under normal circumstances, every offer to purchase a home should essentially incorporate the clause of a satisfactory home inspection - the cost for which would be borne by the buyer. However, in unusual market situations when there are numerous offers for the same property, this condition of 'satisfactory home inspection' may be put aside. However, in this case too you should take along with you a proficient home inspector when you visit the property for the first time.
However, there may be circumstances when you may be insisting on a home inspection, but the seller may be refusing to accept your proposal on some pretext or the other. In such situations, it is prudent to drop the property like a hot potato and continue your search elsewhere; as it is most likely that the property has some vital shortcomings for which the seller wants to keep you away from undertaking a typical home inspection. Below, we will be discussing a few points that you need to bear in mind while going for a home inspection. Following these guidelines would eventually prove to be useful when you finally decide to buy a particular property.
- Be organized
- Like in the case of hiring the services of a legal expert, you should also engage the services of a proficient home inspector even before you begin to look for your desired home. This is essential because once the seller has accepted your offer, in the majority of instances, you will be provided with even less than a week's time to inspect the house and complete the proceedings. In fact, the inspection process itself will consume an entire day's time and after this there needs to be adequate time to prepare a report on the physical appraisal of the property. Once, the report is written, you need some time to determine whether you are willing to take or buy the house in the condition it is at that point of time.
- Negotiate anew
- In the event of the home inspection report not being favorable, it is essential that you go back to the seller and regenerate the deal. This is all the more important if the home inspection report suggests that major renovation of the house is needed right away or in the near future. Remember, that your offer had mentioned that the acceptance of the property would depend on the receipt of a satisfactory home inspection report from the home inspector hired by you. In other words, this signify that you may either compel the seller to undertake the repairs before selling the house or deduct the amount required for you to undertake the renovation once you have acquired the home from your original purchase offer price.
- Seek references
- It is important to remember that the home inspectors are not licensed agents, as there is no licensing agency for them yet. In other words, this would denote that while looking for a good home inspector, you may possibly come across some buffoons claiming to be home inspectors and claiming that they are best at the job in the locality. Hence, it is important that you seek recommendations or references from people whom you know and have utilized the services of proficient home inspectors. Ironically, the Internet will not help you in finding a good home inspector.
- Be present
- At any cost ensure that you are present at the property you want to buy on the day of the inspection. It is important to stroll around the area with your home inspector in order to see the locality and you will actually begin to realize how comfortable you will be in your new residence. When you have already bought the place and moved into your new home you will know the exact place where the circuit breakers are, the manner to use them. Moving around the place with your home inspector on the inspection day will also enable you to know how to turn off the water to a sink, toilet, outside tap or the whole house. You will also come to know the time when you need to replace the furnace filter or the way to get entry into the attic or the crawl space. In fact, when you are organizing a home inspection, it should include every minute detail regarding the property, such as the pebbles in the roof, sewer and water connections in case of homes in urban areas, the basement, kitchen, insulation, the electrical, heating and plumbing systems as well as the fittings in the kitchen and bathroom. During your home inspection, you should also acquire knowledge regarding the chimney, drainage system, brickwork and the driveway of the house.
Now, there are two more important things that remain to be discussed - the charges of engaging the services of a home inspector and the expenses that you may have to incur for the renovation of the house one you have purchased it. So, let us discuss the first thing first.
- Like in the instance of hiring a lawyer, the expenses for hiring the services of a proficient home inspector will differ based on the dimension and intricacy or complexity of the residential real estate. In case you are contemplating to purchase a home in the rural areas, you may need to spend some extra money, as it would entail additional traveling expenses and the reimbursements you would be required to make for checking the septic tank, the well, cistern and the pump. In such as situation, it is advisable that you engage the services of a local home inspector as this will help you to save some money.
- Now, regarding the suggestions made in the home inspection report. The home inspector engaged by you will inform you regarding the nature of renovation needed for the property as well as an estimated cost, but you need to ensure that he or she does not offer to undertake the job themselves. In fact, the home inspector will first provide you with a verbal report, which will be followed up by a detailed written report. This will help you to take a decision on whether you want to accept the property in its present condition, including all the shortcomings, reopen the deal or simply walk out and continue your search for a new home elsewhere.
It is important to note that when the real estate market is going slow and at a time when there is hardly any offer and if there is any, they are far between, you need to provide the sellers with ample time and opportunity to undertake the requisite renovation of the property. If you don't, it is possible that the seller's legal representative may blame you using the opportunity of home inspection to go back on the deal. Although this may sound incredible, you need to realize that it is a part of the job of the lawyers - they will always contest for the maximum advantage for their clients.