A common question we get here at Property Cayman is, "What's the point of a home inspection?" The truth is, a home inspection can save you a lot of time and stress regardless of what side of the real estate transaction you are on.
Sellers: A home inspection is beneficial for sellers because you can almost ensure the buyer won't have an opportunity to negotiate the sales price after their inspection, which is usually part of their conditions when they submit an offer. Ideally, you want to get mechanical, electrical, and plumbing (MEP) inspections to make sure everything is up to code. Examples of problems you might find are mold in the ducts, redundant electrical sockets or leaking pipes, and so on. The same goes for a structural evaluation - you want to make sure you have the latest hurricane strapping and that there aren't any hairline cracks on the exterior of your home. This will protect you from a buyer justifiably trying to get a lower price on your home.
Buyers: Inspections are, in many ways, more important for buyers. You can quantify your purchase price based on any defects discovered. An inspection will also give you peace of mind knowing the home you are about to purchase is structurally sound and passes an MEP analysis. The comfort of knowing everything is in working order is invaluable when making such a big investment.
As you can see, home inspections play a useful role on both the buying and selling sides of a transaction. If you want to learn more about inspections, or have any general real estate questions, don't hesitate to reach out to us. We would be happy to help your real estate experience go as smoothly as possible.
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