Home Inspections

[ccameron]

I am purchasing a bungalow of 820 sq. feet, block, crawl to rent out. I am wondering if a home inspection is worth it or not? The price is $300.00, and although a problem could cost alot more, I feel that for the 2 hours work that is steep!? Any feedback would be appreciated. Thx

 

[RedlineBrett]

I always get my properties inspected and I advise my clients to do the same - with a couple exceptions which are typically condos.

If you are a shrewd negotiator the inspection will more than likely unearth something that will give you leverage to try for some $$ off to pay for the inspection anyway

QUOTE (ccameron @ Apr 2 2008, 05:06 PM) I am purchasing a bungalow of 820 sq. feet, block, crawl to rent out. I am wondering if a home inspection is worth it or not? The price is $300.00, and although a problem could cost alot more, I feel that for the 2 hours work that is steep!? Any feedback would be appreciated. Thx

 

[MonteDobson]

I agree...home inspections are a necessity.

And as Brett mentions...it can be a great way to re-negotiate the purchase price once some of the small problems are uncovered. For example, we have saved upwards of $5000 because of an old (but still functional) furnace, or shingles that may need replacing in 5-8 yrs and many other things. The worst that can happen is that the seller says no and then the ball is back in your court.

Bottom line, $300 is cheap insurance and peace of mind!!

Good luck...

 

[IanSzabo]

QUOTE (ccameron @ Apr 2 2008, 07:06 PM) I am purchasing a bungalow of 820 sq. feet, block, crawl to rent out. I am wondering if a home inspection is worth it or not? The price is $300.00, and although a problem could cost alot more, I feel that for the 2 hours work that is steep!? Any feedback would be appreciated. Thx

I home Inspection is great, Just remember that they may have only done 4 week Course & have no Renovation or Building experance. Home Inspectors base there findings what they see. They cannot open up electrical panels or open junction boxs ,Nine times out of ten they will say that the House needs new gradeing to cover them self from a pour weeping system. Now I am not saying a home inspection is not a good idea, here is my advice. Ask you home inspector if he or she stands behind there findings. What did they do before becomeing am Inspector, would they let your contractor go over there report. Being a General Contractor I do home Inspections for some of my clients, I do a two hour inspection with a Quote for all work needed, now I open up the Electrical Panel, all visable junctions & various plugs/switchs etc. You can hide thing in these places that an Insector may not find. So is $300 dollars a lot of money not if a rewire will cost you over 10k. Hope this helps Thanks Ian

 

[ssteckler]

Property inspections are a necessity for me, for several reasons. But let`s just talk about the cost. I always put the cost in perspective. Let`s say you are buying a $250,000 townhouse and the inspection costs $400. The expense (investment) is only 0.16% of the value of the property. That`s not a very high cost for doing part of due diligence. When the property appreciates 1%, you`ve more than made back the cost.

Stephen Steckler

 

[ccameron]

Thank you for your response. I will go for the inspection. At the very least it may save me a couple of $ off the purchase price. THX Chris

 

[nubiwan]

I am presently buying a property being sold as is where is. The property is essentialy going for the land value, plus $50K for the old large house sitting on it. It's selling for $220K. When I am done renovating, which may yet include some rewiring, then it will appraise for double it's current value. If I am essentially gutting the house, and planning to repair any rot, replace all windows, siding, redo all bathrooms, kitchens and lay new floors etc., then is there any real need to get an inspection. Structurally, the house is sound, and I was able to crawl underneath and confirm teh foundation and footings all look dry and ssolid for myself. Pretty sure there are wiring issues (non grounded outlets etc.), but I already know this. An exceptable risk for the asking price of the house, and part of my reno budget.



My chief concern might UFFI, mold or an underground/environmental (oil) hazard, but can I be sure an inspector would find any or all of these issues, if they exist? I therefore have my doubts an inspector adds value in my particular case.



Not really sure what an inspector is going to tell me, that I do not already know.



Welcome any comments from posters on this, as sound advice forms part of my final decision.