Are Property Inspections Really Necessary?
Buying a house, especially if you are a first-time buyer, is both nerve-wracking and extremely expensive. It may prove to be the biggest and most expensive investment of your lifetime. One might feel comfortable in assuming that it is a good buy and yes you and your family ‘love’ the house, after all you looked at it quite a couple of times and all involved in the sale told you what a bargain it is!
This assumption might prove wrong as many home buyers have experienced that their “Dream Home” turned out to be a “House of Horrors”.
It is sad but true, most home buyers get so caught up in the pressure of negotiating the price of the home, securing a deposit and a bond that they don’t even stop to think about the benefits of getting an Independent Home Inspection done. A bank inspection is not a home inspection, a bank inspector assesses whether the home as an asset justifies the bond amount requested.
Purchasing a property is a large investment. In fact, for many it’s the largest financial investment they will ever make. For this reason it is important that buyers take their time and give their decision the necessary consideration that it requires.
As many as 99% of buyers of pre-owned homes sold in South Africa buy without professional independent third party advice about the physical condition of the buildings.
The house looks amazing – but what about the things you can’t see? What are the hidden costs? What if you buy someone else’s problem?
While skipping the home inspection may be tempting, home buyers may later regret not having been aware of the actual condition of the house, below the surface, before finally committing to the purchase.
Few would risk buying a pre-used car without an independent inspection so why risk your life savings on a property that you can’t be sure about?
“Very often distraught home buyers contact me – after they have bought the house, moved in and only then discovered problems that was not visible to the naked eye. At this point however, it is usually too late for most practical purposes to sort out the problem without incurring huge costs,” Richard remarked.