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.
So, Why is Property Inspection Important?
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.
When Do You Call a Property Inspector?
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.
Property Inspection Results: What to Do With It?
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.
Commercial Property Inspection Checklist
Here’s a list of all the things to remember during the home inspection process:
- Room size: Check the dimensions of the property by prioritizing the size of the rooms.
- Furniture fit: Check if all your current furniture will fit the new space. This can help you decide if you need new interiors or furniture.
- Drainage systems: Make sure there are no leaks or seepages on the ceiling and walls. Any structural flaws will be aggravated in the monsoons. The drainage system should also be in a good condition to prevent flooding and jams.
- Quality inspection: A house that has been resold many times may have damages like broken cabinets, doors, windows, scratched granite, worn-out floorboards, etc. Be aware of them before you sign the deed.
- Electrical systems: Next comes the HVAC systems, smoke alarms, gas lines, and the like. They must be in order to prevent future mishaps.
- Civic amenities: Cross-check all the amenities stated so that you the developers don’t double-cross on what was promised. Maybe the amenities are still under development which can help you negotiate the price.
Rental Property Inspection Checklist
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.
The Bottom Line: Property Inspection Report Helps You Negotiate The Selling Price
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.