What Is A Property Inspection Really For?
Purchase Property with Complete Information
When buying property, whether vacant or developed land, it is best to have a full inspection done on the property before making a final decision in purchasing the land. Doing so will give the buyer the confidence that the property in question is meeting all expectations. This is also a way to have information that can be used in negotiating prices for the property sale.
A simple “drive-by” property inspection, such as for a property for mortgage contracts or those in foreclosure is very reasonable in cost. These inspections in Melbourne may cost as low as $10.00 to $50.00 since there is no in-depth inspection. These types of property inspections Melbourne are typically for the loaning institution to be certain there are no glaring problems such as property vandalism while the property is unoccupied.
Property inspections that include the inspection of a building as well as the property itself will typically be much more involved, and will, therefore, have higher charges. Those charges will also be based on the size of the building or buildings on the land itself. There are both pros and cons of having property inspections done.
- The property may be worth more than previously thought
- Confirm that the property is meeting property and building codes (these may differ from state to state)
- Serious issues can be found, such as radon levels or termite infestations
- Easily fixed problems that can be nit-picked by inspectors trying to justify charging more for the inspection – such easily fixed issues can be used to lower the selling value
There are a number of different types of property inspections typically done for buyers and sellers. Here are just a few:
- Certificate of Occupancy (also known as a CO): Typically, this inspection is to allow the seller to certify that the property is liveable. Sometimes cities and municipalities require these before building a new home or before renovating a home
- Certificate of Habitability: This is to make certain that the property for sale is able to meet health codes and safety codes in the area
- Construction Inspections: If work is being done on the property, city and state requirements need to be met as well. This can include building inspections, plumbing inspections, and electrical inspections, making sure that all regulations are met and up to code
When purchasing a property, typically a third party is hired to inspect the property. If it is developed, this includes inspecting both inside and outside the building. This is usually in regard to lenders, such as mortgage companies or banks. This helps them to determine that the property and buildings are worth what they are lending for the purchase, as well as to assure that there are no glaring issues.
When selling a property, prospective buyers will want to have inspections done, simply to be able to identify any glaring problems that may affect either the decision to purchase the property at all, or at least be able to use to negotiate prices on the property and structures on it. Some of the inspections can include these items:
- HVAC and heating
After checking all of the inspections needed for the property, the purchase will be able to go more smoothly. Everyone, buyers, lenders, and sellers, are able to be satisfied that the purchase of the property and buildings is a dream, not a disaster. Melbourne has a number of property inspection experts ready to go now. That dream home and property is ready to go now!