Monday, June 10, 2013

Over the top Inspector

Is it good to have a home inspector who is very very thorough?  One might say absolutely.  It helps to know all the faults of the potential property one is about to buy.

I say it is not at all beneficial in all cases.  After all excess is never a good thing generally.  Let us take the case of one of the buyer of my condo.  They were a young couple who is barely able to afford to buy a property.  First time buyers who were attracted to my condo that sells at a bargain price of $150,000 for a 2 bedroom with parking in a beautiful neighborhood of Chicago.  They hired an inspector who was very thorough.  The inspection was twice as long as normally done and the inspection covered not just the interior of the condo but also the exterior.  So obviously this inspector was able to find a lot of fault in an older building like mine.  This scared the potential buyer away naturally.  But did it benefit this young couple who is a first time buyer?  I say NO.  This young couple could not afford to buy a brand new construction with very little fault to begin with.  Those property in the neighborhood they want will cost twice as much almost.  So whatever property they check at the $150 price range will have to be older ones.  And any older building will have lots of fault that this thorough inspector will find.  So this young couple will never be able to find a property that will have as little fault that this inspector can find.  This young couple would have been better off with an inspector that finds only the big problems in the property.  That way this young couple can finally buy a property that is always better than renting.  Property investment are always better than making your landlord richer.  In this case, this over the top inspector did not help this impressionable poor young couple who did want to buy a property.  

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