Pre-Purchase Property Reports: Vital Information for Home Buyers
When you are in the market to purchase a home, it is crucial to obtain a pre-purchase property report to get all the information you need about the home you’re thinking about buying. There are actually two different types of property reports, and getting both will ensure that you have all the data you need to determine the best approach to this purchase. Knowing all about a property’s physical traits, including style, materials, location, and age, as well as having all information about the home’s price (including previous transaction amounts, prices of comparable homes, and a look at where the home stands in the market) go a long way to prepare a buyer for the process of purchasing a home. The two types of pre-purchase property reports are the Home Report and the Price Report.
The home report is an inspection of the home’s physical characteristics. This can include the home’s design type, building materials, pest inspection (very important!), neighbourhood characteristics, and more. A home report can tell a buyer what kind of shape the home is in, including whether it needs repairs and how much work might be needed. All this and more is included in the home report. Home reports are conducted by experienced, independent professionals who will notice things a buyer wouldn’t. This is an invaluable tool in determining whether you should make an offer on a home, and how much. This is also where the price report is essential.
What a home is worth is more than just what it’s made of, problems it may have, where it’s located, and things like that. Also important are factors such as how much it has sold for in the past, what comparable homes in the area are actually selling for, and what the home market conditions are at the time. A price report will contain all this information as well as details regarding how long the home has been on the market and its price history during this time, which is very important. Have the sellers been lowering the price since the home isn’t selling? If you know this, you could go in with a lower offer and spend less on the property. This is just one example of the important information a savvy buyer will gain from a detailed price report.
Information is Power
Home and price reports arm the buyer with the data to make informed purchasing decisions. The more a buyer knows about a home’s condition and its place in the market, the more that buyer will be able to understand whether to pursue a home and how much to offer for it. Having all available information in the form of a pre-purchase property report is the very best way to be a smart home buyer and get the most out of the home buying process.