With the financing secured, the search has drawn you to the property of your dreams - what now?
The next step on the boardwalk to home ownership is, of course, a home inspection. This allows professionals to check the creaks and crevices of a particular property to ensure it's more of a diamond in the rough than a dud that will cost more than the initial investment.
The home or property must be inspected by a qualified home inspector to ensure you're not buying someone else's problems, so to speak. Engineers, architects or companies can inspect the home from the foundation, to roof, plumbing and electrical wiring. In essence, it's a visual inspection of a home's structure and components to determine if everything is functioning as it should be.
If a problem is detected, the inspector will describe the problem and make the necessary recommendations to correct it. Before closing on a sale, an inspector's report should be reviewed and a list drawn up by the buyer of what corrections, if any, need to be addressed by the seller and presented to the real estate agent in a timely manner. A house inspection is not meant to be a tool for re-negotiation on a sale, but based on what's uncovered in an inspection, it can easily become one.
For instance, no one wants to purchase their dream home only to realize that the roof leaks and needs to be repaired immediately. An inspection conducted before the purchase would highlight the state of the roof and lead to recommendations for necessary upgrades. All homes, even newly constructed ones, have problems and every problem has a solution; home inspections help highlight these problems, and determine whether the buyer or seller will rectify them.
Purchasing a home is a major undertaking by the buyer and due diligence must be done. When simply buying a bed or couch, most people sit on it to test it out - why not have someone test key areas of a proposed home?
One thing to note: an inspection does not protect against failures, such as a faulty water system. It's also not an appraisal to determine property value or a code inspection. Again, it places the buyer in a position to clearly know the soundness of the structure's integrity and if upgrades or replacements need to be performed, it provides guidance for leverage in determining who should foot the bill. There is nothing better or more advisable than being prepared; it could mean the difference between minor property alterations or major, pocket-denting repairs. Performing due diligence is priceless.

o William Wong is president of Wong and Associates Realty. He was also a two-term president of The Bahamas Chamber of Commerce and The Bahamas Real Estate Association. Questions or comments can be emailed to William@wongsrealty.com

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