Property inspection is a systematic and detailed visual inspection of buildings, fixtures, and designs. It provides a transparent explanation of all the vital improvements and conditions of the property in question. The owner of the property, or whoever has assigned the property inspection company will receive a report that outlines a blueprint of what needs to be mended, or what needs maintenance attention in the property.
Further down the article, we are going to look into why a property inspection is needed, what happens during the inspection, and what you do with the report.
When you are either buying or selling a property, an inspection report can help you make the right choice. Purchasing a property is a huge investment and when you have to splurge again on repair or maintenance, you dig a huge hole in your pocket. Property inspection gives an upper hand in knowing what is wrong with the condition of the structure.
If you are a seller, a home inspection will give you a heads up in knowing what all the buyers may point out and what can make your property unsellable. You can do the necessary repairs beforehand and have better chances of making the sale. So how much will you spend on a property inspection? A typical property inspection will cost anywhere between Rs. 1750 to Rs. 5500.
Most buyers won’t be able to have a completely unbiased inspection of the property they want to buy. Plus, an average buyer won’t have enough knowledge about the technicalities of inspecting a property. For an accurate picture, you need to call a professional property inspector.
Property inspectors don’t fail or pass a house based on their report but rather a description of its physical condition. They just point out if there are any concerning issues on the property. Before you make a purchase or put your property on the sale market, call for a property inspection clause in the purchase or contract agreement. This clause must specify the terms and conditions agreeable to both the seller and buyer. Consult an attorney well-versed in property laws to draft this clause.
If the report states faults with the property, it doesn’t mean you cannot sell or buy the property. You will be able to expect all costs you may incur if you buy it. A seller might be flexible with the contract terms or purchase price because of the concerns listed in the inspection report.
Here’s a list of all the things to remember during the home inspection process:
When you are renting a property, you need to either have a property inspector or inspect the conditions yourself. The checklist for rented property inspection same as the commercial properties.
Property inspection is important before you sell or buy a structural property. After all the head-to-toe verification has been done, a report will be made that states all the concerning factors the property inspectors noticed. You may or may not buy the property even if the reports state concern. A property with certain defects may be negotiated for transaction for a lower price.
Commercial property inspections are a buyer’s opportunity to know all major issues with that property. The first reason for the significance of property inspections is that they can be used as a contingency in the sale agreement.
The 5 important things that property inspectors look for in a property are
A check-out report is made after a rental property inspection. This report lets the inventory company or an agent know if any improvements need to be made. It also mentions if the tenant or the landlord is responsible for those liabilities.
Property inspections take place to give the property owner an idea of any suggestions for improvements in the structure. Here is a list of the most common issues found in a typical property inspection:
A typical property inspection (whether it is rental or commercial) goes through the following seven stages of inspection:
