For many, investing in a real estate property requires a lifetime's worth of savings, making it necessary for the buyer to do their thorough homework. One of the key responsibilities is a property inspection, ideally before the purchase agreement is signed, defined as examining a property to determine the present condition and forecast any potential problems in the future.
Performed by a property inspector and forming a crucial step in the buying process. The role of the said professional is to inspect the property, which includes its structure, roof, walls, plumbing system, and electrical systems, serving as an essential tool for the potential buyer. Nonetheless, it is a must for the inspector to procure a state-approved license before carrying out his duties, some of them being the following.
- Keeping a hawk’s eye for any present or potential structural defects.
- Ensuring all safety requirements, such as a fire exit, extinguisher, and elevator shafts, are up to the mark.
- Attending to any grievances of potential buyers.
- Overseeing the maintenance system.
- Conducting traditional inspections (water quality, electrical system, and plumbing).
Therefore, having a property inspector on board provides a buyer with the following benefits.
- Saving time, cost, and money.
- Get an unbiased view, exposing defects that may have been overlooked or hidden.
- Repairing or replacing any faulty systems.
- Protecting the buyer's rights from any unfair practices the developer adopts.
Though the property inspector can serve as a great aid, it is necessary for the buyer to have a basic understanding, given it’s their investment at the end of the day.
Let’s look at five things to remember when inspecting a property.
1. A Basic understanding of the structure
Checking the house's dimensions, including the floor space and layout. If done post-completion of construction, this could be a financial and emotional burden on the buyer. There are umpteen cases to suggest builders make alterations to what was promised and delivered to the buyer in such a situation. The latter party can approach the necessary authorities for aid.
2. Checking in case of any plumbing issues
Many may assume such cases primarily exist in the case of resale properties. However, newly constructed properties aren’t immune to this, especially if the developer has tried to cut costs by using inferior-quality materials. Seepages and leaks are the most common problems in this case. Considering the monsoon season, one needs to be extra vigilant in cities like Mumbai.
3. Checking the exteriors and interiors
Before signing the final document of purchase, a buyer should look at the house's exterior, especially in the case of a resale flat, which are the walls, corridors, lobbies, staircases, and other quality checks. Moving forward to the interiors, one must ensure proper ventilation systems, fittings, and hygiene conditions.
4. Cross-checking the amenities
In today’s cut-throat competition in the real estate market, developers are pulling off all they can to outdo each other, even if it means luring potential buyers with unrealistic expectations. No doubt, modern real estate offers some top-class amenities today, but the problem arises when they cannot fulfil these tall claims. Hence, a buyer needs to be precautious in this case, and if not supplied with the said features, a mode of compensation should be available.
5. Installing necessary safety equipment and having a disaster management plan in place
Fire accidents have been on the rise off-late, especially in congested cities like Mumbai, making it necessary for all kinds of real estate properties to ensure all safety checks. There needs to be an effective disaster management plan in place in case of events such as a fire, earthquake, or tsunami.
Buying a property isn’t one of your day-to-day activities. The buyer needs to research, study, and learn the internal and external factors surrounding their property purchase.
