Did you know the average cost to repair a foundation is between two to seven thousand dollars? If you have bought a property and soon find yourself faced with these repair bills, it can be a huge financial shock. But do you know how to safeguard yourself from these costs when buying?
That comes when you get a home inspected. Read on as we give the reasons you must have a building inspection.
1. It Gives Financial Security
A home inspection makes a lot of financial sense when buying a home. By doing this, you are investing in your future. Even the newest, most well-maintained buildings could have problems that may cost thousands of dollars to repair later down the line.
When buying a home, an inspection lets you know any defects before you commit to buying. You can make sure these are attended to, or factor it into the offer price you give. Either way, it ensures you are not out of pocket.
Inspecting a home is a procedure that will be carried out by an expert builder. They know what to look for, often in places, you would not even think. From the basement to the roof, they will survey every part of the property.
This means you will find out about any problems that may have been missed by untrained eyes. If problems have been poorly covered up, the inspector will be able to point them out to you.
3. Points Out Structural Problems
When buying a house, you really need to know about its structural integrity. The inspector will look at the structural elements, including the foundation. Any minor or major problems will be flagged in the report.
Unfortunately, structural problems are usually one of the most expensive problems to fix. If you buy a house with problems and don’t find out until later down the line, it can cast you immensely.
4. Prevents Leaks
One of the main areas for inspections is the roof. If this is not sealing your home off from the elements, then rain and snow can get into the attic space. This can cause any number of problems in your house.
The most dangerous leaks are the small, unnoticeable ones. With downpours, immediate attention is given to the problem. However, smaller leaks gradually wear away, causing mold, mildew, and dampness, often without people noticing.
5. Professional Documentation
Inspecting a home does not only have to be done when you are selling. In fact, regular checks show you have cared and maintained for the property in the most attentive way. By getting the reports on paper, you have a document showing how well it has been kept.
When selling, these are a great incentive for buyers as they have a record of the property’s state. When the time comes to do a house handover checklist, you can include these in the documentation for the new owner. If you rent out your properties, an inspection can also check for lease damage violations.
6. Increase Retention of Tenants
When you keep your properties well maintained, you will gain a reputation as a good landlord. Structural integrity is key and will show your tenants you are serious about keeping the property in the best condition. This will make them more likely to stay at the place or rent other places you have available.
Many insurance policies ask that inspections get performed annually, as part of your commitment to the policy. Without one, your insurance is often invalidated. Check with your policy providers to see if this is one of your contractual obligations.
When you are putting together a budget, either for maintenance or a renovation, you need to know what is going on with the property. Even if you believe everything is fine, things naturally wear down and break over time. Knowing what is wrong and needs repair lets you budget accordingly.
Without this, you may face huge costs that run over. Inspections will cover the life of your systems, such as HVAC, the roof, and water. As older houses tend to need more maintenance, you can factor in any possible repairs that may occur.
9. Building Inspection Safety
When you purchase a house, you need to know it is safe. This comes from many factors that are not just related to the structure. Of course, making sure the roof and walls do not fall down is still a high priority.
For example, the house may have poor, dated electrical systems. This can cause electrocution, fires, and shortages.
Another test you need a professional to conduct is a radon test. Radon is an odorless, colorless gas that can cause lung disease. It is present in some environments and unless a test is done, many people do not even realize it is there.
10. Check for Pests
Most building inspections will also include a check for pests. While this may seem minor, critters and creatures can cause untold damage to property. Would you want to buy a home that had been destroyed by termites, which you will have to remove then repair?
In some cases, animals on the property can be almost impossible to remove. You may fall into the trap of buying a home that has protected species living in it. This will be a burden on future planning permissions.
In summary, regular inspections are needed to create a document of maintenance. If you are buying, then a building inspection prevents any surprises later down the line. Check your local area and listings to see who comes highly recommended.
If you enjoyed this article, we have many more. With everything from management to real estate, we can help you get yourself on the property ladder this year!