Property inspections are very important, and necessary in a wide range of real estate situations. It can be difficult to determine when you need to schedule an inspection, and when it can wait. You don’t want to spend unnecessary time and money performing them, or hiring someone to get it done, but on the other hand, you don’t want to neglect a necessity that can prevent many future problems and expenses either. Here is a list of a few circumstances where you should perform or schedule a professional property inspection and obtain a condition report.
Annual Inspections
If you manage a property, or multiple properties, then annual inspections are very important to monitor their status and maintain their quality and worth. A great way to maintain a schedule of these inspections is to enter them into your property management app or program. Then you will have automated reminders. If you have multiple properties to inspect, you can either try to knock them all out in a day, or stagger them to be sure that you have ample time to spend in each home, which can reduce mistakes. It all depends on the size of your team and the number of properties you have which need attention. The important thing is that every property gets a thorough inspection at least once a year.
Pre-Listing Inspection
If you are preparing to sell a home, then an inspection is just what you need to speed up the process. Annual inspections are great, but if yours was more than 3 months before you have decided to list the property, then you should schedule another one. One of the things that can make a home sale take longer is the negotiation for repairs. If you do a pre-listing home inspection, you can cut this part out by identifying problem areas and addressing the repairs before the home even goes on the market. While this isn’t required, it is definitely suggested. You will have more time to find an affordable solution to your home problems if you aren’t rushed to agree to repairs or price reductions by a potential buyer.
Pre-Purchase Inspection
When you are preparing to purchase a home, it is imperative to get an inspection performed. The party selling the property has probably had an inspection done, but they may have opted to ignore some damage, or do a brief, inadequate patch job so that the problem won’t be apparent. Having your own inspection performed can help you uncover any problem areas or appliances that you might wish to discuss with the realtor. Often, the procedure when problems are found is to negotiate and come to an agreement about repairs being done by the seller, or a price reduction. The cost of having a property inspection performed is well worth the peace of mind you will gain about your prospective home.
Whatever your reason for getting a property inspection, make sure that it is done by a professional. Get a high quality condition report, to help you make important decisions, and have documented proof that your home is in great shape.
