Putting a house on the real estate market is something that needs to be done with tenacity if you expect to reach your profit margin. Additionally, investing in real estate is also a significant purchase; thus, you have to ensure that you are making an informed decision before paying for a property. One of the ways that both sellers as well as buyers can benefit is through building inspections. Here are a couple of advantages of having this done whether you are looking to sell or buy property.
When it comes to the real estate market, both parties involved are looking for the best deal that they can get. As a seller, you are looking to get a good price for the property; and as a buyer, you are looking to get a good bargain. So how can building inspections benefit both parties? On the seller's side of things, building inspections enable you to pinpoint the defects that need to be fixed. For instance, you may not realise that some simple repairs may end up affecting the overall price of the home. If a potential buyers sees cracks in the walls, faulty wiring and so on, they may undercut your asking price and with god reason. To avoid this, the seller should have a building inspection done to establish the problem areas and fix them before putting he house on the market.
On the buyer's side, an independent building inspection could enable you to considerably lower the asking price of a property. Some unscrupulous sellers may try to hide defects with a fresh coat of paint or some new tiles to make everything seem prim and proper. Enlisting the services of a building inspector will unearth any deceptive practices, and this gives you the chance to either pass on the property or have the price lowered in accordance to the repairs that need to be made.
Determine if there is an infestation on the property
One of the worst things that could happen is moving into a new home just to realize there is a pest infestation that you did not know about. In some cases, even the seller may not have been aware, especially if they were not living on the premises. Conducting a building inspection will ensure that all nooks and crannies are examined, and this could unearth rats, termites or any other pets that are present. It is also pertinent for the buyer to do this so as to determine whether they will opt to have the property fumigated on their own accord, have the seller do it for them, or forget about the property altogether.