Buying a house is a significant investment that requires input from various professionals during the conveyancing process. Any mistakes or negligence on your part can lead to substantial losses in capital and time. One area that many homebuyers fail at is a termite inspection. Just because a house looks impeccable from the outside does not mean that the interior is in optimal condition. For instance, termite infestation is the last thing you want to deal with when buying a home. This article highlights the importance of conducting a termite inspection when buying a house.
Lender's Requirement
You can buy a property using savings or by applying for a mortgage from a financial institution. Many homebuyers source funds through a mortgage because of the attractive repayment periods. However, many lenders require a termite inspection report before releasing funds to an applicant. Being aware of the requirement is essential since it determines the speed with which a lender releases funds. By requesting termite inspection early, you can present the report to a lender in good time and have your funds released early. However, if you delay termite inspection, a lender will take time to process your mortgage, and you might end up missing out on a good deal.
Negotiation Tool
Houses do not come cheap, which is why the conveyancing process usually takes time as a buyer and a seller negotiate a reasonable price. Typically, buyers look at every detail and try to find flaws they can use to lower the asking price. Thus, it makes a termite inspection report an excellent property negotiation tool for any serious home buyer. For instance, if an inspection report reveals previous termite-related damage and repairs, it could mean that the area is prone to termite infestation. Thus, you can point out the issue to a property seller and ask for a review of the asking price. Similarly, if an inspection report indicates the presence of termites, you can use it to negotiate the selling price downward. However, you can only use a termite inspection report as a negotiation tool if prepared by a professional inspector.
Avoid a Wrong Investment
Properties tend to increase in value if they remain in pristine condition. However, it can be a tall order for homes built in termite-prone areas because the pests affect their structural integrity. Thus, it becomes difficult to ascertain the level of termite-related damage if you do not request an inspection. Most importantly, termite inspection during home purchase allows an inspector to examine an entire structure from the roof to the foundation. Besides, the exercise includes assessing a building to help determine whether termite-related damage is worth repairing or not. If a report indicates that damage is extensive, you should decide against buying a property.
Contact a local pest control service to learn more about termite inspections.
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