Buying a home in Puerto Rico is a dream for many. The island’s soft sands, turquoise waters, coral reefs, and tropical foliage are enchanting. Beautiful beaches are lined with mangroves, palm trees swaying in the wind, and beautiful wildlife. The island has a special Caribbean charm filled with vibrant culture, live music, and delicious meals prepared with local ingredients. It’s the perfect mix of relaxation, adventure, and luxury. The beaches range from shallow, tropical seas that are perfect for relaxing to ample waves for surfing and kite-surfing.
One of the best places to live in Puerto Rico is Dorado. Dorado is a neighborhood located just a 30-minute drive from Old San Juan and the Luis Muñoz Marin International Airport, making it the perfect location. Dorado is filled with beautiful beaches, private and gated communities, and luxury resort living at the Ritz Carlton. It’s the perfect spot to live in Puerto Rico.
If you’re in the market to buy or sell a real estate property, you’ll want to ensure you work with a great realtor to find the perfect listing and get a home inspection before closing the deal. Our guide will walk you through all the essentials of a home inspection.
What is a home inspection?
A home inspection is carried out by a licensed professional prior to finalizing the closing steps on a real estate transaction. The purpose of a home inspection is to find any safety or structural issues with the home before finishing the sale to ensure that both parties have a chance to negotiate or walk away from the deal if needed.
Do I need a home inspection?
A home inspection isn’t required to close a real estate transaction, but it is highly recommended. It would be rare for the buyer or seller to forgo a home inspection before closing the sale.
Why is a home inspection important before buying?
Getting a home inspection before closing the real estate transaction is the gold standard for various reasons. First, it informs the buyer of any potential issues that are present in the home. These may be minor issues that can be fixed easily but should be accounted for, or they may be larger issues like mold or a problem with the foundation that would require a renegotiation. Getting a home inspection prior to closing protects you from any unwanted surprises.
Home inspection vs. appraisal: similarities and differences
A home inspection and a home appraisal are audits conducted by real estate professionals before closing a sale. A home inspection is done to ensure the safety and proper conditions of the home, whereas an appraisal is done to assess the home's value compared to the current market. The appraisal ensures that the selling price is of fair market value, whereas the inspection is done to assess the home's safety.
How much does a home inspection cost?
A home inspection is not a large part of the home-buying expense, with most home inspections ranging from $300 to $500, depending on the region.
About the house inspection process
Now that you understand why a home inspection is so important, our guide will walk you through the steps of the home inspection process.
Choosing a home inspector
The first step in getting a home inspection is to choose a home inspector to work with. Your realtor should be able to connect you with a great home inspector in your area. A good home inspector will have professional certification for your area and the appropriate licenses and certifications. They should also have access to high-tech tools that will make your inspection a breeze. Your home inspector should also be able to provide you with a detailed quote prior to starting the service so you know exactly how much the home inspection will cost.
About the home inspection contingency clause
A home inspection contingency clause is a clause that is added to the real estate contract that states the closing of the transaction is dependent upon the results of the home inspection. This way, if any issues are found during the inspection, the buyer has the option to renegotiate the sale.
What happens on home inspection day
On home inspection day, your home inspector will thoroughly examine both the exterior of your home, as well as the interior. They will check that all major appliances are working, examine utilities like heating, cooling, and plumbing systems, and check for structural damage. They will also screen for mold and pests and ensure the home is in good working order. The home inspection process can take several hours.
Reading the home inspection report
When you receive your home inspection report, start by examining the summary page. This will give you an overview of the different areas that were examined during the inspection. It will also provide a good overview of any issues that need to be addressed. From there, you can skip to the different sections outlined in the summary for more details.
What if significant damage is found?
If significant damage is found, you have several options. You can proceed to accept the home as-is and finish the transaction, or you can request that the seller make the necessary repairs prior to closing the sale. If the damage is significant enough, you may also be able to renegotiate a different price or walk away from the sale altogether.
Many times, any issues will be easily addressed, and you can proceed with buying the home. But, having a home inspection is important so that you are aware of the issues present, and it is a crucial part of the home buying process.
