A real estate investor needs to know the condition of the property before closing any deal. This is what makes a home inspection essential.
The home inspection is conducted by an inspector who is trained to check all sections of the house. He utilizes different devices and equipment to verify the functionality of the various areas. After the inspection, he submits a report. The report will detail his findings. He will indicate if there are defected areas. In addition, he will also indicate what needs to be done.
Many doubt the importance of a home inspection. For most, it is just an unnecessary expense. After all, they can deal with whatever damage there is in the property. However, you could lose significant amount by paying more than what you should. A problematic property should be cheaper than the market value of a property in top shape.
It is essential to conduct a home inspection to ensure that the property is secured. If you are unaware that the electrical lines are damaged, it could lead to fatal results. Just imagine if the heaters are not working well during the cold season. Aside from being uncomfortable, you can get sick.
In addition to that, you can use the report from the home inspector during the final negotiation. Bear in mind that before closing the deal, you have the right to check the property. You can use the report to negotiate for a lesser price for the property. If the seller refuses, you can ask him to have the property repaired first before you purchase it.
Most sellers would make essential repairs before they market their property. However, they do not repair everything because not everything can improve the value of their estate. This is why you need to inspect the house. If there are certain areas in the house that are not functioning well, you can present it to the seller to make better arrangement.
In order to negotiate well, you have to make your research first. You need to do this before making an offer. Find out if the property is overpriced. You should also check if the value is already discounted. Aside from that, you should also identify the cost of repairing the damaged portions.
This will give you an idea of the amount you can negotiate.
Home inspection is crucial in ensuring that the house you will purchase is the house you want. You can also use it to negotiate the value of the property. This will prevent you from paying the property more than it’s worth.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125