Although there is a saying that ‘seeing is believing’ it is not always right to believe what you see. This is most felt when you are buying a property like a building. What you see from the outside does not have a direct relation to the quality of construction and safety features that constitute the value of the building. In order to know the condition of the building that can be related to its worth, it is essential to go for a building inspection that is undertaken by professional inspectors. The purpose of the inspection is to present a property inspection report that reveals all the elements of the property that are not seen from the outside or even if it is seen its implications are not well known. But why at all would you need a property inspection report and what it is all about has been discussed in this post.
The right name
Building inspections are usually treated as one of the many activities related to evaluation of the condition of the property that is undertaken prior to purchasing the property. You can learn about the process of the property settlement in this article. The onus is much more on the buyer, who wants to know the actual worth of the property so that there is enough justification of the price that is paid for it. Therefore calling it a pre-purchase property inspection report is more appropriate because all constructional elements included in the property comes under the scanner of the inspector. Don’t know what exactly is a pre-purchase building inspection? The condition of the property is captured in every detail in this report.
The nature of the report
All defects and drawbacks in design, engineering and construction of the building are captured in the report. Any deviation that may have occurred from the building rules is also established. Cracked walls, defective roofs, water seepage in the foundation, rising damp and safety issues are identified and the cost involved in its repairs is also estimated. It does not include pest inspection, which has to be done separately, but it indicates the existence of pests that is evident from the damages that are linked to pest infestation like termites.
The report is seen as a very important weapon for buyers who are better placed to negotiate the price of the property. Knowing about the defects of the property and damages that exist, buyers are able to take a well-informed decision about whether or not to buy the property. And even if they are willing to buy they are able to figure out additional expenses involved in getting the property free from defects which give better negotiating powers. The future of the property is better perceived through the inspection report that indicates the implications of the defects in the long run.
The pre-purchase inspection report is like a health card of the property. Buyers know about the actual worth of the property and find enough justification for investment. Since buying a property is a large investment, the small sum of money that is spent on the inspection can turn out to be a huge cost saver.