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5 Advantages of Home Inspection before Buying

5 Advantages of Home Inspection before Buying

Many homebuyers make the deadly mistake by not examining the house in detail to find the drawbacks. At the end buyers pay more as there are many hidden costs in form of repairs. Therefore it’s always better to thoroughly inspect a home before buying. Here are the top 5 advantages of home inspection before buying that every homebuyer should know.

Helps in decision making

The first benefit of home inspection is that it helps in making the home buying decision. Most people buy without viewing the homes and regret their decisions afterwards. But people who visit before buying not only inspect the homes in detail but also the location. This helps in making the right home buying decision or moving to the next home.

Helps in knowing the home condition

The second benefit of inspection is that you can view the condition of a home. Many homes are South facing and get ample day light. By visiting the house you can also find the ventilation and parking space. Home inspection is also important to know the property condition. Many buyers don’t spend the money on repairs as they buy the good condition homes.

Satisfaction of buying the right home

The third benefit is the buying satisfaction. Each and every buyer has different design preferences. Some prefer homes with a garden or a store room whereas others want an extra bathroom. There are also some people who want a home that has the space for future additions. People who inspect homes are always satisfied with their buying decisions.

Idea of repairs and hidden costs

The fourth benefit of home inspection is that you can get a good idea of the renovation costs. Most people think that the home buying cost is just the price they pay to the sellers. This is not true as there are also the hidden costs of buying a home in form of repairs. By inspecting the home you can get a good idea of the repair or renovation costs.

Helps in price negotiation

The fifth benefit is that home inspection helps in negotiating the right price. Many homebuyers pay more than the market price of the homes. This is because they don’t inspect the homes before buying. As a buyer you should know that sellers should repair the homes. But if they don’t want to repair then as a buyer you should subtract the repair costs from total home price.

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15 Comments

  1. Farooq Lari

    on   said 

    Salaam Malik sb.
    You must have heard the news of NAB sealing Pak Arab Housing office and the list of 99 illegal housing societies in Lahore. Is AL-KABIR Town a safe society to invest? Is it legal and approved by LDA? I plan to invest in the 5 marla residential installment plots in Umer Block of Rs. 25 lacs? Kindly advice.

    Reply
  2. Farooq Lari

    on   said 

    Malik sb.
    Hope you are keeping well. Saw on your website main page advertisement for NIGHEBAN HOUSING SOCIETY on GT Road Manawan. Is it a good society to invest? Does it have all the approvals from LDA etc.? Is it a legal society? What are the prospects?
    Need your good expert advice as I am very much depressed from the rate hikes in Lake City and want to add capital bit by bit to fulfill my desire of making my own house one day. Plus I do not see or expect any downfall in Lake City/DHA prices now as every dealer quotes almost same high prices either for buying or selling 🙁
    Thanks

    Reply
  3. Muhamamd azeem uddin

    on   said 

    dear sir,

    over night we have seen that saving account and fix deposit account interest rate have been increased.
    Though it is very small percentage but my question from you
    1) what will impact on real esate prices ?
    2) is we will see another increase in coming months?
    3) due to increase in Gas prices increase 46%, what will impact overall in economy and indirect impact on real esate prices.

    Reply
    • Muhammad Azeem Uddin
      Economy is down.
      It will not fix quickly.
      Secondly austerity measures and crackdown on illegal money, corruption and money laundering.
      All these things will reduce the investment in reality sector.
      So prices will fall.

      Reply
      • M Anwar

        on   said 

        Dear sir, i am reading ur blogs from the last 2 years. U r asking that prices will reduce, however, in actual, prices are going high n high, i think, prices will not fall

        Reply
    • Zahid Ali

      on   said 

      National Saving estimate and if necessary revised profit rate after every 2 months. They revised upward on 1st May 2018, 1st July 2018 and now on 1st September 2018. Their estimation is based on PIB bonds yield. The next upward revised is expected on 1st November 2018. Analysists expecting another 1.5% interest rate increase in 2018. This will consequentially increases the same 1.5% increase in profit rate of national saving.

      Moreover, hike in interest rate is being witnessed almost all over the world. International analysists are claiming that the world may witness a global recession in 2018 or 2019 which would be more worst than 2008. With the upcoimg global recession, housing bubble will also burst in almost all part of the world.

      Therefore it is not prudent to invest in real estate right now. In Pakistan, suppose if real estate prices will not fall in near future, then it will also not increase upto 2023, and one may purchase the same real estate in 2023 with same level of 2018. Needless to mention that there is always some exception.

      Reply
      • Zahid Ali
        Recently LAKE CITY LAHORE Launched the VILLAS.
        Now they have reduced the prices by 10%.
        Yes real estate investment is decreasing day by day.
        Property prices will keep falling to the point where honest tax payers can afford to buy.
        As black money is out so prices will adjust as per the purchasing power of the buyers with white money.

        Reply
  4. Farooq Lari

    on   said 

    Malik sb.,
    Prices in Lake City have increased by around Rs. 10 lacs in past 1 month whereas we have been waiting for a predicted / expected price crash as the ehtisaab train fails to leave the station.
    Conversation with various property dealers reveals that they are expecting good days for property and increment in plot prices. I fail to understand that there is no economic activity and economy is in tatters. Why the rise in price of property.
    It has left me devastated as a middle income earner like me cannot even buy property with own cash and bank loan also.
    Feeling very sad at such dilemma (being left out of property buying as price increases in DHA / Lake City etc.).
    Thanks & Regards

    Reply
    • Farooq Lari
      This is the wishful thinking by realtors.
      Property dealers are trying hard to show that market is performing good. In reality market is almost dead. There were just 11 transactions in DHA Lahore office this Tuesday. Even no one is willing to buy a plot of worth 1.4 crore.
      Lake City Lahore market is very overheated so stay away.
      Prices are already 30% down from peak of 2016. Another 30-40% price fall is expected.
      No one can buy a property with black money. NAB is very active. You will see in the coming days.
      High property prices in Pakistan are not due to real demand but due to the massive black money investment.
      How property can increase when investment is decreasing.
      The property price rise in LAKE CITY is because dealers + investors have diverted their investments from Bahria Town Lahore to Lake City Lahore. This will also crash.
      Property price crash is written on the wall. Its just the matter of time.

      Reply
      • Malik Bhai,

        If I am not mistaken since 2017 or earlier you are telling crash, where it is ?

        Price are just stagnant, or in specific areas 10% decrease or and if % is more it is due to urgency of seller.

        Please guide.

        Reply
        • Rajab
          Prices are down since 2016. The crash was slow as real estate was the only investment option. But now black money crackdown has changed everything. I have seen many deals cancelled because of white money issue.
          Who can dare to buy property with illegal money?
          The game changer is 5 million affordable homes.
          Only in Lahore there are 200 illegal housing schemes as per NAB.
          China cutting of Karachi is world famous.
          When government is offering 120 sq yard 2 bedroom house for 20-22 Lac on installments who will buy the property in illegal housing schemes.
          The house of card will collapse soon.
          Just have faith.

          Reply

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