HOME INSPECTION

Yes! Your offer got accepted! Now, they are asking if you wish to do an inspection of the place. Is it worth it spending a little bit more before closing?

Inspections are normally not required unless the lender tells you otherwise but, trust me when I tell you, even if it's not required by the lender, it’s better to spend a few extra dollars now to inspect the property properly before you buy it rather than later on finding an unpleasant surprise that could’ve been avoided.

The Inspection Findings

“The inspection helps to point out defects the property may have so that you are aware of the real condition the property is in.”

When I was about to buy my first condo, my realtor spoke to me for the first time about scheduling an inspection. At the time, I quoted several inspectors and the most economic one quoted me $450. Since I was watching my budget closely, and this was not required by my lender, I decided the property looked good and everything seemed in working conditions, so I ended up skipping this step. A couple of months later, my unit started having pipping issues. When I called the plumber, they told me I needed to repipe the entire unit. Cost of repiping came up to $3,300 for a 1,146 sqft unit. Perhaps the seller would’ve never agreed on changing the pipes before selling me the unit but, if I had known this was an issue before closing, I would’ve definitely negotiated a better price for the unit. The inspection helps to point out defects the property may have so that you are aware of the real condition the property is in. Now, the inspector is not perfect but their analysis or inspection report comes pretty close in pointing out details that perhaps us as buyers probably missed in the first place. It goes without saying that for my second condo I spent the $450 without thinking it twice. So my recommendation is always inspect the property before buying it. Think of it as, this is going to be an investment for you and, while you're willing to take good care of your investment, the person living in it right now may not be as careful as you are with your things.

When I purchased my second condo, I did hire an inspector to give me an assessment on the condition of the unit. We schedule the inspection and I met the inspector at the place the day of the inspection. He walked around the unit carefully looking in detail at every possible problem the unit could have. Whenever he found a particular important issue, he would ask me to come with him, he would show me about his findings, and let me know what potential problems could arise if the issues wasn't corrected in time. He also helped identify what sort of help I would need in order to take care of the problem. For example, in this second condo, he showed me one of the windows had a water leak problem. He advised me to first communicate with the owners to see if this was already taken care off and later on to reach the home owner's association of the complex to check with them if this was something they covered. In my case, the old owners took care of it. The inspector found the issue because they didn't paint over the wall after taking care of the issue. This is only an example of how an inspector can help you with your unit.

Another thing the inspector pointed out was that some of the electrical switches in the unit were old and therefore could become an easy fire hazard. When I spoke to the owners about this, they agreed on changing them before I bought the unit. This is another way hiring an inspector can help you. Once the inspector is done checking the entire unit, they send you an inspection report detailing everything they found in the unit. With this report, my realtor was able to negotiate any changes I wanted done before that unit was passed down to me at closing. It is important to note that the owners are not required to do any changes but some of them, in order to sell quickly and have a smooth closing, will agree to do some of these changes before you buy the unit. In my case, the owners did some of the changes stated in the inspection report and the ones they left undone weren't too important to matter.

My advice to you is, always inspect the unit before buying it. Even though it may be a couple of extra dollars, in the end it's better to be safe than to be sorry. If you have any questions for me, don't hesitate and contact me through the site. I will try to answer any questions you have pertaining getting your first property.