At some point in time if you own a property chances are you might have to get an inspection to either sell it or get it revalued. Like all things and process, property inspection has its positives and negatives. It can go really bad and unearth things you are not ready to face or you can have a peace ofmind that your property is safe from unexpected events.
Property inspections are done for various reasons and the inspections differ for types of property.
What are the advantages of property inspection?
The main point of an inspection is that it can tell you whether or not your property is up to current standards. So, to ensure safety and to meet building codes inspection is quite important. You are lucky if the inspection report does not have any major issues and this will for sure giveyoupeace of mind.
Another advantage of property inspection is that your property could have a higher value after the inspection. Usually after an inspection, you get an appraisal of yourproperty. The appraisal value could be higher than the figure in your head of how much your property is worth.
What are the disadvantages of property inspection?
Like I mentioned before the worst thing that can happen after an inspection is a long list of repairs and replacements. Things like structural cracks or termite infestations can be quite critical. In a way getting those things done in the long term is good but you might not be ready to face them now.
The second disadvantage is hiring an inspector who wants to spot some kind of fault. Yes, those kinds of inspectors do exist so you must get property inspections by someone you can trust.
Some inspections can be done by the city where your property is. There are few types of inspections under this,
Certification of Occupancy: This type of inspection gives the clear that the property is suitable to live in
Certification of habitability: The municipal ussies this certificate when the property meets certain health codes.
Fire inspections: The city inspector check whether there are appropriate CO2 detectors and smoke detectors.
Certain provinces or states have a requirement that some type of properties be inspected frequently to ensure they meet the standard. This is in addition to the city inspections.
Some regions require an inspection while construction is being done on your property. This is to ensure that all work is being done according to standards.
The inspector will have a rough check of the plumbing, electrical work and maybe even a fire inspection during construction.
If you are purchasing a property with a loan or financing option, then the bank might need aappraisal and therefore will hire someone to inspect the property.
Similar to banks, insurance companies will also hire third party inspectors to inspect the property they are insuring. This to decide the liability risk.
These are just some of the few types of property inspections done nowadays. There are so many inspections and certificate to obtain for certain type of commercial properties and this defers from province to province. Residential inspection is rather simple when compared to commercial inspection.