Inspections play a very vital role in any home purchasing process. While many people in highly competitive markets are choosing to skip this crucial service, assessing a property's condition helps you make an informed decision. With this in mind, there are a few things for buyers and sellers should know about the process.
“Because home inspections are often one of the most influential factors guiding a deal, everyone should be aware of what they typically cover,” advises Royal LePage Network Realty Corp.'s Norm Jensen. “Defects found during an inspection can influence a property's pricing or stall a deal altogether. However, if used correctly inspections can be beneficial to both parties.”
As a seller, you may want to conduct an inspection and make the necessary repairs before listing your property in order to ensure the best possible return, recommends Jensen. As a buyer, an inspection can help you identify problem areas, shaping your purchase agreement.
Here are four factors to consider when opting for a home inspection:
1. A home inspection is a visual assessment.
Home inspections are only based on what can be observed on a given day. Therefore, it is next to impossible for everything to be caught during the process.
2. As a buyer, you are paying for an objective opinion on the home.
During any inspection, be sure that the inspector understands that you are the client by encouraging them to pinpoint problems that are critical to your needs.
3. Understand the parameters of an inspection.
It is important to understand what the inspection does and does not cover. This service is by no means a warranty or guarantee, but should still be as comprehensive as possible.
4. There is no such thing as a perfect home.
Don't be concerned if the inspection reveals problems; most properties will have a few deficiencies. Instead, use the information as part of your negotiations or take care of the issues before you list the home.
In conclusion, being able to get your money's worth is the main concern. An inspection conducted would mean nothing if the one doing the inspection is not reliable and trustworthy.