While most people think that this will be an exciting journey, a fresh start, too many are disappointed and suffer financially when they find out that their dream home is a money-drainer rather than the investment they imagined it to be.
Eric Bell of Inspect-A-Home believes that it is important for buyers to understand the condition of their property before they buy it. While some defects such as cracked roof tiles and damp walls might be more obvious, latent (hidden) defects such as rotten roof beams or a leaking geyser are more difficult to spot.
These defects might mean that a house is unsafe and repairs could run into the hundreds of thousands, leaving buyers with massive, unexpected bills. A current case before the Estate Agent Affairs Board (EAAB) has one buyer living in a hotel while over R400 000 worth of damage is being repaired in his newly purchased home!
Despite extensive media coverage and an exposé by Carte Blanche, individuals are still buying houses without having them inspected by a professional organisation like Inspect-A-Home.
Bell warns that there are currently no laws governing the disclosure of defects before a property sale. All too often, sellers want to sell their properties and agents want to get their commission so pre-sale inspections are not recommended and buyers are encouraged to sign disclosure documents stating that the property is in good condition. Potential buyers should remember that they are not required to sign disclosure documents or accept a Voetstoot's clause. Most sellers, buyers, and agents are not building inspectors and are therefore not qualified to evaluate the condition of a property.
Check it out before you buy…
- Are you house-hunting? At the next show house, consider the following:
- Are there any large plaster cracks that could indicate structural damage?
- Can you spot peeling or blistering paint indicating a damp problem?
- Are there signs of rot in any wooden doors, floors, or window frames?
- Does the roof have missing tiles or da-maged gutters?
- Are the kitchen and bathroom well-ventilated and are the taps in good working order?
- Are boundary walls, electric fencing, electric gates, and garage motors in good working order?
- What about the geyser? How old is it? When was it last serviced? Is it insulated?
While you can pick out obvious defects through a quick visual inspection, the truth is that it is difficult to spot latent defects unless you are an expert. Bell recommends that all sellers and buyers have a thorough home inspection by an accredited expert before buying a property.
An inspection on a standard 3 bedroom, 2 bathroom house with a double garage should cost you approximately R3 000 - R3 500. A reputable inspector like Inspect-A-Home will deliver a comprehensive report on the interior and exterior of the property, highlighting structural concerns, recommending repair solutions, and ensuring peace of mind for both seller and buyer.
Bell explains that using a service like Inspect-a-Home does not mean that the sale will not go through. Rather, it means that the seller and the buyer will have an objective assessment of the value of a property and any possible concerns. In the long-run, this means happy clients, possible repeat business going forward for the Agent, and no nasty surprises! "Most houses inspected do have defects, and if costly to repair, a reduction in the purchase price is only fair. It is important to note that 97% of houses pass inspection and are still sold," says Bell. Don't get caught out and buy one of the 3% that have serious problems!
Before signing, call an accredited home inspection service to ensure that your dream house is all you expect it to be.
Courtesy of Inspect-A-Home.
