The purchase of a house or an apartment represents an important investment. Therefore, it is necessary to be particularly attentive to the property’s condition before taking the plunge. The realization of pre-purchase expertise can help future purchasers to identify possible defects or hidden defects. So, without further ado, let’s dive into this blog and learn some of the things you need to know about real estate appraisal.
Why has a property been appraised before buying?
During the visit to a house or an apartment, the future buyer can miss several details that can lead to additional expenses. Knowing if work is to be done in the next few years is useful in negotiating a lower sale price with the owner. On the seller’s side, the pre-purchase real estate appraisal is a way to protect oneself from possible lawsuits initiated by the buyer in case they discover hidden defects. Moreover, there is nothing to prevent the buyer from asking the seller to include the principle of this study in the sales agreement.
Who carries out this expertise?
The experts in charge of carrying out these studies are professionals with technical skills in the building industry. His experience allows him to make an inventory of the property and evaluate its restoration cost. The value of the pre-purchase real estate expertise represents for the buyer aid in the negotiation with the owner, for the seller a precise and dated assessment of its housing at the time of the sale, which allows him to avoid any pursuit for the discovery of hidden defects.
Course of the pre-purchase real estate expertise
The expertise of pre-purchase real estate consists of the expert in carrying out a visit of the good before the signature of the compromise of sale to establish a general and precise report of its state. For that, the professional will carry out technical control of the essential points of the building and will give a report of expertise, including its opinion on the general state of housing, accompanied by a list of the possible work to be undertaken according to one’s urgency.
They ensure that the property corresponds to the description plans contained in the compromise or the sales contract. What are the elements analyzed by the expert before the purchase? During his study, the real estate expert will check the state of essential elements which can impact the building in the long term. It is in particular:
- The structural work
- Of the roof
- Of the framework
- The retaining walls
- The facades
- The electrical system
- Humidity level
In order to evaluate the costs to be expected, the professional will also make sure that the mandatory real estate diagnoses have been carried out (asbestos diagnosis, non-collective sanitation diagnosis, electricity diagnosis, termite diagnosis, gas diagnosis, merula diagnosis, lead diagnosis, and energy performance diagnosis). It is, therefore, in the seller’s best interest to ask his notary about the legal obligations to be fulfilled, as the law requires him to provide these documents or risk being held responsible for lack of information.
How much does the pre-purchase real estate expertise cost?
The cost of the expertise varies according to the surface of the property and its location. It may also be higher for buyers looking for a property in the United States. On average, it is necessary to count between 400 and 1 500 dollars. This sum, which is not negligible, can make it possible to avoid a very expensive investment in the long term. It would also be wise to weigh the pros and cons before starting any transaction.
Ask for several estimates to evaluate the amount of work
Following the pre-purchase real estate appraisal, it is recommended to request several estimates to identify more precisely the nature of the problems and the scope of the work. This will give you an idea of market prices and allow you to make an informed choice. It is possible to obtain free estimates without obligation by using an online comparator.
The tool can be used simply by providing some information on the nature of the work to be done and the characteristics of the home. To schedule an intervention, you have to contact the professionals concerned. Thus, having a house appraised before the purchase has many advantages. It allows you to anticipate the work to be done and to think about a suitable financing solution.
Looking for help?
Are you looking for a registered building surveyor? Then look no further because Info Building Permits is here to help you with all your needs. They have almost 2 decades of experience in this industry, which is why they are the leaders in building surveyors in Australia. They specialize in building surveying and inspection services for domestic and commercial projects.
Contact them to ensure your building works are structurally adequate and meet the Building Code of Australia’s health, safety, and amenity standards. They can help you comply with all the conditions of your building permit. So, what are you waiting for? Give them a call today for more information.