In mature markets like the west, home inspections are common. This concept is slowly making its way to developing markets like India. It’s a result of the slowdown in residential sales in India since 2014. After the COVID-19 pandemic, this trend gained momentum. Why is this? The situation became worse during the Coronavirus-caused economic meltdown. This was especially true when you consider that India’s eight largest residential markets had more than 7.32 million unsold homes*. Buyers now have to be concerned about home security after the Coronavirus epidemic. Sellers who pre-list their home inspections may find buyers much faster than if they did not.
What’s home inspection?
To inspect a home, you will need to hire a specialist agency or certified individual to do a thorough inspection to identify any structural and/or mechanical problems. A home inspection will typically reveal any safety or functional issues, major deficiencies, and the nearing end of the useful life of the various parts that it was built. Home inspections will reveal any hazardous, broken or defective issues in the house and its surroundings.
Home inspector in Sea Girt should pay particular attention to
- Structural problems
- Roof damage
- Electrical systems that are damaged
- Problems with plumbing
- Water damage
- Faults in heating or cooling system
- Insect infestation and pest infestation
- Examining woodwork
- Examining appliances, furniture, etc.
Home inspections are designed to assist buyers in obtaining a certificate on the property’s liability.
What are the areas that homes inspections don’t cover?
The home inspection is designed to uncover potential safety and life-threatening issues in the residence. The inspection does not include any damage to the exterior of the house, or any cosmetic modifications it may have undergone. It is only for potential safety concerns. The inspector would not mention the peeling paint in the drawing area as a concern. However, a faulty switchboard would be mentioned in the report. This is also true for noisy air-conditioners, unclean chimneys, and leaking faucets. Any faults that could lead to the property’s safety and health in the long-term will be mentioned on a home inspection report.
Is home inspection and home value the same thing?
The home inspection and the home valuation are two different things. Home inspections are for the owner and help them to identify any structural or mechanical problems. However, home valuations are for the sellers. They help them to determine the asset’s market value and potential price on the open market. These tools can be used to help sellers find buyers quickly and close the deal quickly.
Major Indian home inspection service providers
Home inspection services in India have not gained traction, as we mentioned previously. In the last half-a-decade however, there have been a few service providers who entered the Indian market, as a result of rising awareness about the importance of property safety and risk management. MACJ India and HomeInspeKtor are some of the service providers in this market. These companies are usually members of the industry-specific organization, Home Inspection Association Companies.
Home Inspection Association Companies was established in 2018 with the goal of increasing awareness about the home inspection trade. They also set standards that each home inspector must adhere to during home inspections.
Home inspection cost
This segment is very competitive with only a few players. Home inspection costs are still relatively low. Home inspection costs can vary depending on the size and condition of the property. Buyers or sellers might need to spend between Rs 2500 and Rs 20,000.
e-Ghar charges Rs 3250 for special inspection of super-built-up areas up to 500 sq ft. The company charges Rs 20,000 for micro-inspection in super-built-up areas ranging from 1,500 to 1,999 sq. ft.
Home inspection benefits for home buyers
Real estate is a capital-intensive asset. Any issues regarding its structure or mechanics could lead to large sums of money being spent by the buyer on an asset that has just been acquired.
Although home inspections can increase the cost of a property, buyers should still get them done before they finalize the deal. If the report reveals major safety concerns, the buyer should reconsider making the purchase. The seller could be asked to correct the problems. Before he makes the purchase. Buyers have the opportunity to negotiate their price by having their home inspected. If the inspection reveals any minor defects in the property, and the seller is eager to close the deal, you could receive a discount on your final price.
A condition on this front must also be included in the agreement to sale document. A home inspection is mandatory for a resale property. However, buyers must have the inspection done even if they are buying a new unit. Home inspections are a great way to assess the quality of construction.
Home inspection benefits from property sellers
Sellers in India are known to ignore suggestions for improving the quality of assets that they intend to sell. However, the current market is making property selling difficult. Owners are changing their approach.
The seller should have his property inspected by professionals. This will allow him to repair any problems and add these costs to the final sale price. As proof of everything being in order, the final inspection report and receipts for repairs would be helpful. This could be a great selling point for your property and save you precious time. It will also help the seller close the deal quicker.
