When you are planning to buy a property, you do not immediately buy the one that matches your requirements and budget. Before you give your money to the seller and sign the contract, it is a good idea to have the property inspected by professionals. This will ensure that you are making a good investment and that potential issues are brought to light.
For the seller’s part, a property inspection report can alert him regarding the repairs that need to be done, ensuring that he sells the property at the price that he is targeting.
However, property inspection is not just for those who are planning to buy or sell a property. There is a different type of property inspection that is geared toward landlords and their prospective tenants.
In this type of property inspection, qualified professionals will thoroughly inspect the condition of the property and make the necessary documentation. If there are signs of damage to the property after a tenant vacates the rental unit, the inspectors will take note of these and alert the property owner.
In turn, the property owner can make the necessary repairs, and if the last tenant was responsible for the damage, he can ask for payments.
On the other hand, if you are planning to rent a property, the report generated from the inspection will help ensure that the condition is of the property is duly noted. Once you move out, you and your landlord can make an objective accounting of the signs of damage each party is responsible for.
Typically, the property inspection for rental properties should be done after the last tenant moves out and before the new tenant moves in. This will ensure that a benchmark is made which can be used for comparison once the tenancy agreement comes to a conclusion.
For damage brought about by normal wear and tear, it is the landlord who bears the responsibility for the repairs and associated expenses. For damage brought about by negligence or deliberate intent, it is the tenant who pays for the damage, either by paying for these expenses out of his own pocket or by deducting the expenses from the security bond. Before the tenancy agreement, it is a good idea for both parties to know the exact condition of the property and set the parameters as to what qualifies as damage due to normal wear and tear.
This property inspection can be viewed as a precaution that benefits both landlords and their tenants and minimises the chances of disputes which can be time-consuming and costly for all the parties involved.
About the author: Oliver Finney is an enthusiast of the real estate industry who loves to continuously learn and share knowledge as well about the vast and comprehensive world of the real estate business, off and online. He has first realised his passion for real estate at the age of 18 after attending an auction. Since then, he has continued to be an avid real estate enthusiast and has recently made the final step to earning his real estate license. He visits sites like http://www.assetfocus.com.au.