Smart buyers require a professional property inspection when purchasing real estate, with satisfactory results as a contingency for the sale to close.
For most people buying a first home/land is a significant investment and to help safeguard you from buying a property with issues that might cost you thousands, it is critical you spend ample time inspecting the property yourself and asking the agent the right questions.
Home inspections can help place a value on a home and identify any problems that need solving, but they’re not for everyone.
If you own land/home, you’ll probably have to deal with it being inspected at some point. There are positives and negatives to this process. It can give you peace of mind, but you might also discover things that you’re not prepared to deal with.
Properties are inspected for many different reasons. It’s unlikely that you’ll experience all these types of inspections, but it’s always beneficial to know what to expect in case you’re faced with one or more of them.
In this article, we’ll be talking about the things to look out for when carrying out a site/home inspection, the pros of land/home inspection, and the importance of inspection.
Things to look out for when carrying out a site/home inspection
- Legal Concerns
- Where’s the nearest hospital or medical center?
- Whether approved process and procedures are being followed in the execution
- Is the land buildable?
- what is the size and shape of the land?
- Checking of Site Safety.
- Is the property located in a flood zone?
- Whether proper equipment and materials are being used for the execution
- Future development nearby: houses, commercial development, roads, highways.
- Does the land have a clear and verifiable title?
- Where can we build on the site?
- Is it a safe neighborhood?
The Pros of Site/Home Inspection
- You can rest easy knowing that your property is up to code.
- Home/site inspection affords peace of mind
- Inspection saves time for you
- You get to ask all your questions and get them answered immediately
The importance of Site/Home Inspection
- Allows You to Find Structural Problems: As a homebuyer, you can only assess the condition of a home based on the interior and exterior features you see. Most homebuyers wouldn’t see any structural damage if it’s covered with a fresh coat of paint or if new drywall has been installed. It’s essential to assess if the home is structurally sound, and a home inspection can help you find any structural problems, especially in old homes. A professional home inspection will determine if the house has any structural or foundation issues that could impact the safety, livability, and economic value of a home so that you can make a prudent purchase decision as a h
- As an Investor, I’ve personally found that having home inspections and building inspections by a qualified home inspector can save the owner or prospective buyer a lot of money. Especially when you are designing and building a home, you can save thousands of Naira/dollars by having a home inspector make three or four progressive inspections.
- It’s important because there can be several unforeseen risk areas relating to a unit that one might not see at the surface, so please be sure to hire an inspector, to shield yourself from any risk prior to buying any property.
- It reveals any problems with the property that could require repairs to meet local building codes or costly repairs in the near future. There is a time period that allows the buyer to request required repairs be paid for by the seller before closing and if necessary, repairs are too great the buyer can if stated in the offer, cancel the offer and walk away without penalties. It’s important to know what is in the original agreement to purchase regarding inspections. All agreements are not the same.