Whether you have constructed or bought the property you own, the purchase of the home is a single large investment you will ever make. Whether you are looking to expand to a bigger home to accommodate your growing family, simply looking for something that better suit your needs or you’re ready to retire and downsize, as a homeowner, there will come a day when you are willing to sell your property. On this day, you need to make certain that your home is in pristine condition to attract the potential buyer’s interest.
Alternately, you might be looking to become the proud owner of a home by investing in a property you ever dreamed of. If you want to ensure the best possible value from the major investment, you need to ensure that the property you are purchasing hasn’t only been well-maintained but will also serve as a safe home for your family for years to come.
Good homeowners protect their investment by conducting regular property maintenance and update components as necessary as well as performing upgrades like renovations to increase the value. This serves the interest of the buyers and sellers alike. Even so, there could be existing problems in a property that may threaten a sale or even the safety of inhabitants.
Property inspections in Melbourne are almost always part of the escrow process unless you’re involved in an auction, where the property is sold as it is. However, you may always want to hire your own property inspector, so you aren’t surprised by the results and the sale isn’t compromised. It is highly advisable to conduct a home inspection before a sale goes through, as it will benefit the buyers and sellers both. Here’s our blog post on the importance of property inspections.
Ideally, you’ll find that the property is in excellent condition and there are no visible defects. However, there may be some major defects that aren’t visible directly and could impact the buyer’s interest or the seller’s asking price. Here you need to take into account that even the brand-new property also has some problems, so there’s no surprise if a lived-in property has few issues. The good news is that the trained and experienced home inspectors can help you make an informed decision.
Here’s what you can expect when the inspection is completed:
Receive an Inspection Report
Once property inspection is accomplished, you can expect to receive the same day report containing comprehensive details about the property’s condition along with its pictures. The inspectors meticulously inspect the interior and exterior of the property including:
- Foundation and basement
- Interior plumbing system
- Interior electrical system
- Heating and cooling system
- Any additional structural components
- Condition of windows
- The condition of floors, walls and ceilings
- The condition of doors and frames
- The attic and any visible insulation
This enables them to provide a detailed assessment of the property’s condition. It’s important to understand that once homeowner knows about the problems, they are required to disclose them, by law. Laws might somewhat differ from state to state, but if any issue with a property is discovered during the inspection, it must either be disclosed to prospective buyers or be fixed. This is for the protection of both sellers and buyers. If a buyer learns the problem after the fact, the seller could be held liable. Know about the 10 most common building defects that can be spotted over time.
One the inspection is completed and the report is delivered, you will have to decide on your level of interest in the potential property. Upon review of the aesthetic and structural condition of the property, you will need to decide if the repairs are minor enough to fix and continue the deal or serious enough to discontinue the deal.
In most of the cases, homeowners are willing to make the needed repairs and upgrades to make the sale. While on the other side, if the homeowner is unwilling to deal with the problems identified during an inspection, you can even negotiate for reduced pricing. If you request the seller to be responsible for certain repairs, you need to notify the seller in writing of which things need to be fixed.
The list needs to be accompanied with the inspection report which re-affirms the importance of the requested repairs.
The inspection report can help improve your chances to sell the property. There are a couple of reasons why you need to go ahead and fix the problem before listing your property for the sale. The first and foremost is safety. If your property has a potential safety issue, buyers will be hesitating to take a leap, even if you offer a discounted price to compensate.
You might also need to anticipate buyers request for repairs. In simple words, they might demand certain repairs before signing the deal. You need to carefully consider the value of the repair expenses before listing the property. It could cost you a bit up front, but as a result, you’ll be able to ask for a better selling price.
No property is perfect. If the problems are identified during the property inspections, it doesn’t necessarily mean that you shouldn’t sell or buy the home. It’s just that you’ll know what to expect in advance. Hiring a local and certified property inspector will help to add the value to your investment.