Buying property, whether commercial or residential, is a huge investment. As such, it is crucial to ensure that what you are purchasing is worth every penny that you are going to spend. One of the ways of doing this is through building inspections. Here are some of the reasons you should be present during a building inspection to ensure you are investing in an asset rather than a liability:
They give you leverage as a buyer
One of the greatest advantages of these inspections is that they are catered to ensure the buyers is going to benefit from the outcome. This means no matter the results of the inspection, you will be better placed at making an informed decision on the property you are looking to invest in. By being present during an inspection, you get to see first-hand the different areas of the property that could be of concern to you.
This gives you the opportunity to either request the seller to fix the problems before the sale, or to reduce their asking price if you will end up footing the cost of the repairs. If the seller is looking for a quick sale, chances are they will reduce their asking price and this gets to save you some money.
They help you figure your course of action with the property
A thorough building inspection will enable you to establish what you would like to do with the property you are purchasing. For instance, as a property investor, you could have various options as to how you would like to generate revenue from the building. Perhaps you would like to make it into an office space; alternatively, you could choose to have it renovated into a guesthouse.
Whatever the reason the inspection gives you the chance to see any material degradation that may have occurred, what areas you could get rid of, or perhaps if you will keep the original structure intact.
They guide any renovations you have in mind
Once you have a thorough inspection done, you are better placed at making decisions on what features and material you will need to upgrade your investment. For instance if you would like to enhance the structural integrity of the property, you may opt to switch some of the materials it comprises of to more durable options.
The inspection will also give you insight on how best you can increase your investment's longevity. Overall, the inspection makes you better placed at evaluating your options a knowing the best way forward with your intended renovations.Share