In today’s real estate market where buyers are looking for the perfect house to live in and the sellers are looking for the best value they can get off their home, overvaluing or undervaluing collaterals is highly common. As everyone is in an intense hurry to sell off their properties and make use of the financial gain to own something that satisfies their aesthetic and acquired demands. With such a competitive market where every player is trying to maximize their gain, there is a huge open field for foul play. Decision about spending are not as simple because the market is asymmetric and one party always knows more than the other and will be willing to hide crucial information based on their own benefit. This is where, both as a buyer and a seller, it is important to protect yourself against such adverse situations.
One of the processes involving protecting oneself against being fooled by the exterior superiority of any home is to evaluate it based on its usefulness. Home buying is a grueling and laborious process because the home in itself has a high level of significance in the consumer’s life. A home is where the consumer will spend the most amount of time and thus it needs to fit as many criterions as it can and be just perfect so that the buyer is not filled with regret about their choice. Other goods, with lower amount of involvement and investment can be easily switched but houses cannot be liquidated as easily. Thus, to make sure that your choice of a home is the best choice, the process of home inspection should be the first thing on the list and on the buyer’s mind.
What is home inspection? Usually the houses which are listed on the market to be sold are resale homes and have been used. The previous owners are putting it out on the market for many reasons, both known and unknown. The buyer needs to asses every feature of the house to see if it aligns with their needs and also to see whether the house has been priced accordingly compared to its functionality. Smart buyers acquire the services of an expert for their home inspection. Throughout the process of a home inspection, a professional provide a detailed assessment of the whole house and identifies all issues, small or big, that may need attention. Issues could be in the form of major structural issues, poor plumbing, faulty electrical system, damp basements, pests and many others which a buyer is not likely to mention in their listing. The problems which can he hidden is going to be left out of the real estate listing for the house because the buyer will not want to discourage potential customers before they even make an offer on the house. A home inspection is a service that the buyer needs to process to make sure their investment will be worth its money.
The choice of the home inspection service is pivotal to the home inspection rendering the highest benefit to the buyer. As the real estate market is growing, the number of home inspection services is also growing. This presents a dilemma for the buyer for choosing the company that will be the best fit. However, there are a few ways in deciding which home inspection company is going to be effective and efficient-
As the internet provides the best use of technology in being able to access information as quickly as the blink of an eye, it is the least you can do is read up on the company you are hiring. Most businesses have websites and will list all of their information on it. That information can help you understand the functions of the company. Whichever type of inspection you want to get done, research will help you determine whether the company has it and the volume of that type of inspection they get.
Especially for first time buyers or sellers or home owners, the wiser choice is to go with a type of company that has been around for a longer period of time. The strength of a company can be shown in the time period for which it has existed because without superior performance, companies cannot survive in this market. The competitiveness of an open market is enough to drive out the inefficient companies. Companies which have been around for a longer time will have more experience and will provide the customer with a more thorough home inspection.
A firm’s portfolio is a direct reflection of the quality and quantity of work they do. Portfolio would include the previous work done by the home inspection company and would help buyers get a preview of the services they can expect. Portfolios might include photos of previous home inspection reports to provide a visually stimulating effect to the consumers and the websites might even include videos of site visits which will help the buyer see how thoroughly the homes have been evaluated.
As a consumer, you must pay attention to the mission and vision statement of the company to understand the main purpose of the existence. Based on the mission and vision statement, a firm’s main objective can be assessed because every company summarizes the objective of their production function through it. Based on this single statement, a consumer will be able to identify whether the company seeks to be more cost effective or concentrates on providing a premium service or is dedicated to making the process less laborious for the consumer. The consumer will be able to pick based on what they require from the company.
A company which concentrates on particular types of houses will surely not be a wise choice to go with if you want a different type of home evaluated. Many home inspection companies specialize in inspecting particular types of houses and thus are experts in them but do not have any expertise or competitive advantage when it comes to a type not similar to it. If a company has particular expertise in inspecting bungalows, hiring them to inspect an apartment will not be wise. Theory states that the higher the diversity the better the company but sometimes even specialization is more effective.
While investigation can be done online; face to face investigation can be more effective as it is an exchange of verbal communication. Talking to the previous clients of the home inspection service is an effective form of deciphering the bad ones from the good. Clients are less likely to lie about their experiences about the company and are a great way of finding out the factors which the potential consumer is likely to face. By talking to the previous clients, you will be able to understand the negativities that you need to look for and can also think of ways of minimizing those issues.
It is wise to check the credentials of the company before hiring them. While consulting witn an inspection company, ask if the company is properly registered and insured to conduct a property home inspection.
Due to the presence of various consumer review sites and discussion boards, merely posting the name of the company will give you access to over billions of reviews about it and will also help you see the ratings. Ratings are significant because it keeps every company on a constant scale and helps you to see the levels of performance. If a company has low ratings and is charging a premium price, it is not the one to select.
Real estate market is constantly changing and the efficiency of any service is influenced by how quickly the resources can be used in an effective way. The length of time taken for a company to finish a project can reflect its quality of work. While some perceive that a longer period of time taken to finish a project shows that the company is being thorough, some consumers might need a quicker service to close the deal.
The good companies will always have an extra something to go with their primary service. After sale services can help determine the quality of service. Established and premium quality companies will have the funds and expertise to provide after sale services such as free yearly home inspection after the purchase has been made.
The traditional view of “pricing matches quality” is up for debate and price does not always reflect the quality of service provided. When comparing home inspection companies, compare the average pricing of each and match it with the services they are willing to provide and the areas of the house they will be focusing on. A good company will always show the breakdown of their pricing to avoid any confusion with their customers.
Companies which value customer input into their operations make the whole process easier. As a buyer you may have particular concerns or inputs about the home inspection and the value of the service will increase if the professionals have a sit down meeting and take into account all the queries of the buyer. This will be able to make the home inspection more thorough and customized.
The professionalism of a company is the first clue as to what to expect from the company and small details like timeliness of the appointments, layouts of the inspections, office environment, etc, can be a hint of the quality which the company will provide.
The more detailed a contract, the better it is for the customer as they will understand the limitations of the service they have taken up. As a consumer, you should be completely sure about all the clauses before you decide to take up the service.Buying a home can be hard. If the choice of picking the proper home inspection company is made then the buyer or the seller will save themselves a lot of trouble which will help them save money in the future.