Pre-purchase property inspection is a relatively new thing in the United Kingdom. It’s not something that most people have heard about, but it has become increasingly popular over the last few years with the rise in property prices and increased demand for high quality homes.
What are the benefits of pre-purchase building inspection? What can you expect to find out when you pay someone else to inspect your home before you buy it? And what should you look for during an inspection?
Many people want to know if they’re buying a house that’s been well maintained or if it’s had any serious problems. If you’ve found a place on the market that seems attractive, but then discover some issues after moving in, you may not be as excited about buying it as you thought you were.
It’s important to do your due diligence when looking at properties. A lot goes into making a property appealing to potential buyers, from the landscaping to the flooring to the kitchen appliances. The same applies when inspecting a property – there are many things that need checking over to make sure everything is running smoothly.
Here are some of the benefits of performing a pre-purchase inspection:
- You get to see exactly what will happen to your money
When you go shopping for a new car, you’ll probably be shown several different models. You might even be shown one that looks like a great value, but doesn’t fit around all of the extra features that you want. When it comes time to actually buy the vehicle, however, you won’t have seen how your money will be spent on it once you drive it off the showroom floor.
Likewise, when you shop for a new home, you don’t really know what you’re getting yourself into until you move in. In order to get a feel for whether the home you’re considering is what you want, you normally have to spend quite a bit of time inside it. This allows you to learn more about everything that you’re going to be spending your hard-earned cash on.
A pre-purchase building inspection gives you much the same kind of experience without having to spend thousands of dollars. Since you’re paying for the service, you can expect to see exactly what you’re paying for, instead of just seeing a vague idea of what you might end up with.
- You find out about potential major repairs
Some buildings are very expensive to maintain, which means that owners often neglect them for the sake of saving money. While you’re paying for a building inspection, you’re also paying for a professional who knows how to spot signs of trouble and repair work that needs doing.
If you notice that a particular area of your new home needs fixing right away, you can call in an expert to take care of it quickly. If you find that there’s something wrong with your boiler, you won’t have to wait weeks for a plumber to come over and fix it. Instead, you’ll have access to a solution immediately.
- You can save hundreds of pounds by finding out about potential problems early on
One of the biggest expenses when you first buy a home is the cost of moving in. Many people don’t realize this until it’s too late. Buying a home involves not only paying for the actual house, but also for moving costs, furniture, and other items that have to be moved along with the home.
Having a good idea ahead of time of what you’re likely to encounter can help you avoid these kinds of costs. If you know you’ll need to replace the plumbing system, for example, you’ll be able to put together a budget for the expense and plan accordingly.
- You can protect your investment by finding out if the home’s been well cared for
While there are plenty of people who think that houses always look better when they’re newly built, you’d be surprised at how well maintained older residences can still look nice. Sometimes, though, those homes need some additional maintenance to keep them looking their best.
This could involve repairs that aren’t so noticeable or small improvements that you wouldn’t consider otherwise. Even worse, some houses have fallen into disrepair without anyone noticing. This is why having a professional perform a building inspection prior to purchasing a home is such a big benefit.
Not only will it give you insight into the state of the property, but it will also give you peace of mind knowing you’re not getting taken advantage of. As long as you’re aware of the potential pitfalls, you’ll have less reason to worry about the state of your new home.
- You can use information gathered during a building inspection to negotiate a lower price
If you’re worried about buying a home because you suspect that it may need extensive renovation work, you may already have a rough idea of how much work you’ll need to do to bring it up to scratch. That knowledge can come in handy if you decide to buy the home.
You can use all of the details that you gather during a building inspection to present a realistic picture of what the home is worth to prospective buyers. If a potential buyer thinks that the home is worth more than what you paid for it, you can try negotiating a lower price.
- You can sell your home faster and for more money
If you decide to list your home on the market soon after buying it, you’ll need to price it accurately in order to attract buyers. But if you’ve already done a thorough building inspection, you’ll know exactly what work is needed and what the current market conditions are.
In other words, you’ll be able to make a more accurate estimate of the amount of money you’ve invested in the home and how much it’s worth. If you find that you’re selling your house for close to its full market value, you can use this information to convince the potential buyer that your home is worth the asking price.
Even if you’re planning to stay in the home for a while before you decide to sell, the fact that you did a thorough building inspection will give you more confidence when listing it. Prospective buyers will know exactly what they’re paying for.
- Your home will hold its value longer
As mentioned earlier, the value of a home depends heavily upon the condition of the building itself. If your home is in bad shape, potential buyers won’t be interested in buying it. On the other hand, if you’ve performed a thorough building inspection and know what sort of repairs are necessary, you can offer your prospective buyer a compelling reason to invest in your property.
When you buy a home, you’re essentially agreeing to have it inspected periodically to ensure that it stays in top shape. Not only does this allow you to avoid expensive repairs down the road, but it can also increase the value of your home.
- You can make smart decisions about property investments
Buying real estate isn’t as simple as just driving a couple of minutes to pick up a house. There are lots of considerations involved, ranging from location to cost. The same is true when you’re investing in property.
If you find a house that meets all of your requirements, you’ll want to make sure that you have a solid understanding of where it stands with regards to the rest of the market. If you haven’t spent enough time researching the area, you could inadvertently end up with a bad deal.
There are lots of resources available online that can help you determine the overall level of competition in your area. They can also help you figure out if there are any properties that meet your requirements that you didn’t know about.
- If you own rental property, you can use the information to identify tenants who might cause damage
If you own rental property and you’ve noticed that certain tenants consistently cause damage, you can use the results of a building inspection to identify them. You can then contact them directly to let them know that you’re watching them closely and that you don’t appreciate the problem they’re causing.
They might start taking better care of their homes, which would be good news for everyone. It could also be the case that you’ll find out that they’re responsible for previous damages that weren’t caught during a previous visit.
- You can make smarter decisions about hiring contractors
If you’ve hired contractors to build or repair your home, you might want to ask them for references. However, unless you perform a thorough building inspection, you might not know exactly what to look for.
For instance, maybe you only checked the roof for leaks or the walls for cracks. You might not have looked underneath the foundation for anything that could cause a future issue. By performing a building inspection, you can ensure that you hire reputable contractors who will be trustworthy with your money.
- You can avoid purchasing a home that’s in poor condition
Of course, the main benefit of structural inspections perth is that it helps you avoid purchasing a home that’s in poor condition. Before you make the decision to buy a home, you should do whatever you can to find out about the state of the building.
You can also ask your realtor about what sorts of inspections are typically recommended. Some agents say that it’s standard practice to check the heating system, the roof, the electrical wiring, and the floors. Others will tell you that they recommend that you check the entire structure.
Either way, if you choose to hire an inspector, you’ll find out exactly what needs to be fixed and how much it will cost to do so.
As a result, it can be concluded that a pre-purchase building inspection is highly important for the buyers because it provides transparency regarding the current conditions of the structure. Additionally, the building owner is made aware of any upgrades or repairs that are required, which could lead to a fair deal throughout the purchasing and selling process.