Let’s say you move into a perfect house with a garden on the outskirts of town. As you are basking in the warm morning sun in that garden, you hear a crackling, eerie sound. Where does it come from? The roof! At first, it looked in excellent shape and showed no sign that it was about to collapse anytime soon. What could have happened suddenly? This is where building inspection comes into play!
Let’s start at the very beginning:
- The first step is to conduct a market survey to find a property that meets your needs.
- Then you contact the seller or their agent.
- Finally, you make an appointment to visit the property.
This inspection is perhaps the most crucial stage, but what does it consist of?
What Is an Architectural, Technical, or Structural Inspection?
During this inspection, a professional expert will thoroughly check the structural condition of your future home. They will prepare an accurate report on what kind of maintenance needs to be done, when it needs to be done, and how much it will cost.
Is it Required Or Not?
A building inspection surely costs a lot of money but is it really necessary? After all, buying a house already entails enough extra costs. However, such an inspection is efficient and beneficial. It will help you inspect the condition of things such as the condition of the roof, ceiling. basement floor etc. In this way, you have a better idea of what you’re getting yourself into, and you will have more clarity regarding your decisions relating to the property.
There are also situations where financial institutions will require an inspection of the building before approving a mortgage. For example, if the appraisal reveals that the cost of overdue maintenance on the house is more than 10% of the house price.
However, it is essential to note that the inspector only inspects what he sees. For example, he will not break or open anything to detect a leak. Therefore, even if he does a building inspection, you cannot be completely sure that you’re not buying a house with hidden defects, but this risk is relatively small.
When Is the Right Time for a Home Inspection?
It is obvious that building inspection is essential when buying a house. However, that leaves us with a big question. That is, “When is it appropriate to do it and at what time? Before or after the offer? In principle, any time is possible, but each timing has advantages and disadvantages.
Before Making an Offer
On paper, this is the most favorable situation. Before you make an offer, conduct a home inspection. This way, you will know exactly what you are bidding on and decide how much to bid based on the inspection results. Additionally, any defects found during the inspection can put you in a better-negotiating position. Why is this an ideal situation only on paper? The simple answer is that there is usually not enough time. Especially if you are buying in an overheated real estate market, you need to act fast. Often there is no time for a second viewing, let alone a building inspection.
One way to do this is to make an offer in advance and schedule the building inspection simultaneously. In other words, just like the previous option, you are spending money to inspect a home that you may or may not be eligible for.
Let’s say the seller initially wants to buy the house at a higher price than you intend. Then the building inspection is a waste of money. However, it could be that your offer is immediately accepted or that you receive a counteroffer and negotiate while the inspection is taking place.
Let us know if this information has helped you with your home inspection in the comments below!