Wednesday, June 13, 2012

Real Estate Inspection in Chicago

A real estate inspection can be defined as the organized inspection of a real estate property for the sole purpose of evaluating a property's condition. Basically, the inspection tries to spot defects in the property. The percentage of buyers requesting a real estate inspection in Chicago has increased significantly over the past few years, because home buyers recognize that an inspection lowers the risk associated with a home purchase and leads to increased confidence in the decision to purchase a home.

The market for real estate is thriving in Chicago - it is a buyer's market. Everything is available from houses, apartments, condominiums to luxury condos, townhouses and even lakefront properties. As there has been an increase in the number of builders who offer commercial properties the real estate market is inflating in a big way. The suburban areas of Chicago, Illinois still have lots of land that has not been occupied and this is a prime location for builders to invest.

Real estate inspection in Chicago, as in any other city, is performed by a licensed inspection firm. The sellers are the ones that sometimes try to avoid the property inspection process, being aware of the fact that if any problems are discovered the deal may be in jeopardy and they will have to lower the price. But if you are the buyer, never hesitate on home inspection; it is of great importance. Are you willing to risk purchasing a home that has some fundamental, expensive problems?

A real estate inspection has to be carried out when buying or selling a property in Chicago. Real estate inspection is done item by item, from the foundation to the roof of the building, and includes careful examination of things like plumbing, heating, sinks, tubs and practically all items that will be passed to the new owner as part of the deal. The results from the home inspection can drastically change the negotiated price, as every spotted problem provides a negotiating point. In other words, some of the negative results from a home inspection can be used as an explanation and justification for offering a lower price.

The inspection is usually done by using a home inspection checklist, which keeps the home inspector from forgetting things. If the buyer is knowledgeable enough, he or she can make the home inspection on their own in order to save money. But sometimes the money spent for hiring a professional home inspector can turn out to be a great investment, as the pros are more likely to spot some problems that you wouldn't see.

Getting real estate in Chicago is a great deal as there is a lot of development going on in terms of commercial real estate in the suburbs as well as in the outskirts of Chicago. But you must have the property examined first in order to make sure that you are not making a bad investment. When you are looking for a real estate inspector, you should have certain things in mind. First of all, make sure that the inspector is a member of the American Society of Home Inspectors and the National Association of Home Inspectors. Also, check and make sure that you get a home inspector who has been working in the field long enough and has the needed experience. Check how many home inspections has he performed, as an inspector may have been in business for 5 years but inspected less than a dozen homes. In addition to that, the inspector should have experience with inspections of properties similar to yours.

The inspection report should be delivered in a certain period of time, and contain descriptions of damages or defects in locations of the home that usually only inspectors access, like rooftops or crawl spaces.

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