A property inspection prior to purchasing an investment property can prevent you from being stuck with major repairs or other issues. A contingency for a property inspection within 7-10 days can be included in any purchase agreement. A good property inspector will look closely at the physical structure and systems of a house-from the roof to the foundation. Generally a report will come back with a number of issues that have been identified – this is why you get the report in the first place. The vast majority of sellers will then repair 90-100% of the issues identified. If the report indicates any serious issues it can be justification for you to back out of a purchase agreement, or renegotiate better terms.
Typically it would cover the following:
An inspection fee can vary from $250-$400. This depends on the size of the house and if optional services are opted for.
There are two main associations that govern home inspections: The American Society of Home Inspectors (ASHI) and The National Association of Home Inspectors. Each group has a rigorous accreditation process that requires ongoing training and development. Seek out inspectors that carry one or both of these credentials and you are assured a quality level of service.
We have totally independent property inspectors to refer you to in all regions that we offer properties. These inspectors are not paid by us, and have a duty of responsibility to only you.