A property owner seeking to sell a house or apartment, or any real estate investor, always checks the cost of the property before buying. This is because most people who are interested in buying a house do not have the financial standing and experience to assess the actual value of a property, and therefore they usually rely on the seller’s guarantee of the price. However, there is no guarantee that this guarantee will stand up in the long term. Therefore, it is highly advisable that buyers check the cost of the pre-purchase building inspection, which helps them avoid making a bad investment and also ensures that they don’t get cheated out of their hard-earned money. While building inspections are not mandatory in most states (they vary according to the state), they are advisable for buyers, as such it ensures that they are getting a good deal, by getting as much information about the condition of the building as possible.
It is advisable to have your building inspected at least once every five years or so, this is due to market changes and the expansion of the market. While the property is still relatively new on the block, a lot of unseen issues could have been created, which may affect the structural integrity of the house. Also, due to a large turnover in the housing market, there can be unexpected discrepancies in the condition of homes that had just been sold. The inspector is well trained to identify and resolve the issues, and thus helps in improving the credibility and reliability of the property.
Usually, a pre-purchase building inspection cost is around two thousand dollars but can vary depending on the type and age of the building. Most inspectors charge around eight hundred and fifty dollars for their services. It is advisable to get a quote from an inspector before hiring one. When comparing the quotes of different inspectors, it is important to note that there is no uniform method of determining the exact cost of an inspection, as each inspector will use a different methodology to arrive at his/her estimate.
This cost can be compared based on the number of days required to conduct the inspection. Each inspector works according to a specific timetable. Some inspections are usually done on a daily basis, while others are completed at night. A typical pre-purchase inspection costs from two to four hours, depending on the complexity and size of the property. For example, if you were buying a three-story-omnium, it would take about six hours to finish the inspection. Other major issues covered include the following:
An important pre-purchase building decision you need to make is whether to hire a building inspection service to conduct the inspection or not. If you decide to get the help of an inspector, you should let your agent know that you want to hire one. Your agent can then provide you with various options based on the size and scope of the property. Also, ask your agent which services are covered by his company and which ones are not. For instance, some companies may only cover roofing or facade replacement.
Another way to reduce the cost of pre-purchase building inspection is to work directly with the seller when negotiating price. Buyers often feel pressured by their seller to accept the offer they are being offered without having done their own background research. As a buyer, you have all the right to look into the seller’s background and find out the full extent of the repair work. If you feel that you are being shortchanged during negotiation, simply walk away from the deal. Your agent will be more than willing to refund your purchase money for any unwanted items found during the pre-purchase inspection.