The Importance of Home Inspections in the Real Estate Market
April 7, 2024
Let’s try to imagine the level of devastation that arises after buying a new home worth well over millions of naira, and just when you move in, you discover a leaking roof in some part of the house or an in-built burst pipe in the walls. These and other minor or major issues discovered after the transaction has been completed are a dent in your pocket as well as your investment. This is why there is a need for buyers to be constantly aware of their right to home inspections. On their own or preferably with the advice of a professional inspector (whom the buyer must still accompany for first-hand explanation), a buyer is allowed a thorough inspection to discover any issue, whether insignificant or life-threatening, the home may have. This affords them a seven-day window after inspection to turn down the purchase if they want to. A home inspection is an assessment of the interior and exterior parts of the home, including the wiring, roofing, plumbing, and many more.
The first key importance of home inspection is one thing that cannot and should not be compromised: peace of mind. Identifying potential issues or problems that require attention can help the buyer make the best decision about the property or even look into ensuring that these problems are duly clarified before acquiring the said property. This way, the buyer can be rest assured that he or she has taken a step toward purchasing peace of mind. On the flip side, poorly planned or no home inspection at all can lead the buyer into purchasing a property that has all of these different issues unfold as time goes on. It goes without saying that a property that should be a blessed investment has taken a turn to yield the worst for the owner.
Home inspection, as established, is beneficial but not limited to the buyer. As much as it may seem to be a problem for the seller if all of these issues are dictated at the point of transaction, it is important to note that home inspection is, in fact, very important to the seller. The point being that sellers can also organize their own home inspections to allow them to identify and solve every issue that may arise at the point of transaction. What this does is protect them from unforeseen developments at the time of purchase that may affect their sales expectations and profit. This allows a smooth and stress-free process and also increases the credibility of the seller in the market. In a case where faults are detected in the course of the buyer’s inspection, the seller’s willingness to address these issues leads to a stronger sales relationship between them and the buyer.
What you want to do is ensure that, as a seller, you remain aware of the need for you to list properties with the fewest issues by ensuring that home inspection becomes an obligatory step you take before listing. And as a buyer, remain aware of your right to inspection and stick with real estate agents that would never deprive you of such an important step in your investment journey. Be reminded that Pryme Point Real Estate is one company that is very aware of these rights and would never deprive you of them. This is why, in the course of every purchase, the company will always allow you an inspection of your landed property before the transaction is sealed.