Property inspections might seem like a lot of hassle, but they are actually an indispensable tool both for people buying and selling properties. You may have thought that people who look for property inspections in Narre Warren south or other locales do so because they are looking to buy a property and want to make sure that what they are buying is sound. Below we’ll explain why there are reasons on both sides of the property sale for property inspections to happen.
To Ensure the Building is Up to Code
From the buyers perspective, this is of course crucial to know. If, for example, there have been illegal additions or modifications made to the property, those liabilities pass on to the buyers if they are not first identified and rectified. A qualified inspection to either identify such modifications or confirm the absence of them is a critical step to a buyer gaining confidence.
Equally, for the seller to know the same thing is important, too. Some sellers walk into the house-selling process without realising that their homes contain these kinds of code violations. Some pursue DIY projects and the construction of extensions with the best of intentions for their family but not always being aware of the rules and regulations in place.
To Accurately Assess Value
Some sellers think they have a very clear idea on what their property is worth and without an inspection they may well have gone ahead and advertised as such. It would have looked terrible, then, after a subsequent inspection revealed defects or other factors on the property that substantially lowered the real value.
Buyers can gain leverage on a final offer if they understand the real value of a property in the light of a crystal-clear property inspection report. On the other hand, so can sellers if they can use the report to confirm what they already said in their advertising material.
To Accurately Assess Future Costs
When buyers are looking at a property, they’re not just looking at a place to live or bring up a family, but also a solid long-term investment. An important part of that investment is understanding how much further capital will be needed to bring the property up to the standard or specification they need. This is something that an inspection would reveal.
For instance, if an inspection revealed that the house’s foundations were currently in satisfactory condition, but within 5 years they would need major repairs, then that has to be taken into consideration. Property for sale may also come with existing planning permission to build extensions, or not. Either is something that a buyer would likely want to know.
To Qualify for an Insurance Policy
Homeowners who are not even buying or selling will need to get a property inspection if they want to qualify for home insurance. Much like the need for a medical before getting certain private healthcare coverage, insurers offering policies for home coverage won’t sign any deal until they have confidence in the real condition of your property.
For Everybody’s Protection
Property inspections come with an official stamp of approval that is acceptable to all sides in a property transaction, including when it comes to insurance. This provides buyers with the peace of mind and confidence that they crave, and sellers with the reassurances they need that all is above board and without any problem.
Without such inspections, all sides are potentially exposed to serious liabilities that could result in legal actions, penalties and worse. Therefore, the reasons for buyers, sellers and homeowners in general to invest in a solid property inspection remain solid and numerous.
