A pre-purchase inspection is a service that a lot of homebuyers these days consider getting before they plan on buying a home they are interested in. So why a pre-purchase inspection? In a typical scenario, after a buyer’s offer is accepted, the next step of business is then to arrange the home inspection. Plenty of buyers these days already know that it makes the process of buying a property easier when a pre-inspection is completed.
If you are a buyer or are considering buying a property soon and wondering if this would be the right idea for you, we have conveniently done the research and outlined a brief idea on what exactly you should be expecting in a pre-purchase inspection, and how it will benefit you.
A pre-purchase inspection is an assessment of the property’s condition that you are purchasing which would normally be conducted by a qualified inspector. They cover almost every aspect of a building that you could possibly imagine. From faulty roofs to cracked and damp walls, they should include all the information required in regard to the faults that need repairing and how much these repairs would cost.
Reasons Why Pre-Purchase Inspections Are Essential
While it is an exciting event to buy a new property that you could call your own, there are a few key reasons why a pre-purchase inspection is absolutely essential:
- It determines structural soundness like rotting beams, rising damp, cracking walls, and rusting roofs
- It would help you as a buyer to estimate repair costs
- When you buy a new property, you would be able to pinpoint any safety issues which are a major factor when choosing your home
- Any additional structures are also inspected like the garage, shed, patio, fences, driveways, and decks
Costs Of A Pre-Purchase Inspection
While pre-purchase and pest inspection is widely becoming handy in the real estate industry across the globe, the costs will vary from state to state. Needless to say, inspectors and professionals operating in metropolitan areas may charge a higher rate than professionals working in regional areas. However, you can usually expect to pay no more than around $600.
With regards to the excitement of buying your new home and the hundreds of thousands of dollars you would be spending to buy your property; a pre-purchase inspection is a small price to pay for your peace of mind. This will ultimately let you avoid a lot of unnecessary repairs that could be avoided.
The price will also vary based on the location of the property, size of the house, how old the property is and if there are any special conditions.
How Long Does A Pre-Purchase Inspection Take?
While we know that a pre-purchase inspection is an essential aspect of buying your own property, it would essentially take around one to two hours depending on the size of your property. A lot of companies these days need a few days’ notice to conduct an inspection and once the inspector/professional has completed the assessment/inspection, you would receive a written report of the findings.
Some companies will give the written report within 24 hours of inspection while other companies would take a few days. It would completely depend on your urgency of buying the property when you choose the company that does your pre-property inspection.
If there are any specific inspection flags that come up that are worrying you, it is always advisable that you get a more detailed assessment from an appropriate expert like a plumber, electrician, engineer or a related expert who would be able to give you further insight on the problem.
What Gets Inspected In A Pre-Purchase Inspection?
A pre-buy inspection is something that a lot of the buyers and sellers have been doing, there are a lot of aspects that get checked during a pre-purchase inspection. In this area, we will be discussing a lot of these aspects that will give you an insight on what you could put on your checklist of things to do before buying your home or building. A few of these could be:
- Personal Inspection
- Building Inspection
- Pest Inspection
- Pre-Settlement Inspection
- Swimming Pool Inspection
- Surveyor’s Report
Keeping the above checkpoints aside, there are other aspects that are checked as well during a pre-listing inspection, a few of which are:
- Structural issues are checked
- Insight into necessary repairs
- Electrical wiring and smoke alarm tests
- Identification of unsafe areas
- Evaluation of sundry structures like the patio, balconies, and driveways
While a lot of aspects are checked during a pre-purchase inspection, a lot of the buyers would ask their inspectors to check for pest damage by termites as well during their inspection. While this may cost slightly more than a standard inspection charge, it is generally advisable to get it done as well, given how much damage pests could also create to the property that you are considering.
We hope this article has given you an insight into all the how’s and whys of a pre-purchase inspection. You should now be able to consider all the aspects involved before getting one done before you purchase your home. Hope you have a great experience in buying your dream property!