International Real Estate: Where Inspections Can be Difficult

Back before the Internet existed, brokers had a problem reaching prospective investors from outside the country.

This particular business opportunity is significant.

Bearing in mind the records from 2017 available these days that foreign real estate investors accounted for over $153 billion of the entire purchases in the American market which ultimately is an increase of the previous year of a massive 50%. Similarly this symbolizes 10 percent among all nationwide real estate deals in the U.S.. All these stats are sourced from the National Association of Realtors and have got to be deemed a very good barometer of what the future holds for real estate sales to foreign buyers.

A very interesting element to locating your own international real estate clientele is how lucrative it is typically for the agency. Best of all the reality that many international investors are affluent wealthy globalists searching for rewarding opportunities and premium luxury second or vacation homes.

However adding the international investor to your menu definitely won’t be as simple as finding them can be difficult.

The largest difference around having to deal with the national populous rather than internationally, is the language barrier. Then again many foreign buyers hire people to break down the language barrier when seriously contemplating investment in another country.

Of all countries currently active in the US real estate sector, China obviously dominates and is responsible for over half the over-all international sales volume in the United States alone. Everything even with the many distinctions in culture, language and trading and investing standards.

CPROP SoftwareSo is there an even better method for brokers to position themselves for this awesome, financially rewarding market?

CPROP’s end-to-end digital transaction management platform was made to present real estate brokers to international leads and encourage them to securely and transparently close deals.

At present the real estate vertical relies greatly on technology through out the overall transactional process from start to finish. Listed here are a number of different ways any agent can be a part of this developing section of the real estate marketplace.

Join up to a clear international platform

Opting to focus on international real estate investors and vendors in one thing however making a success of it is something else altogether. You shouldn’t go getting all dollars signs in your eyes as opposed to meticulously researching where on the net these networks might be. Once you have located them you will definitely have to hedge inwards and earn trust within the international real estate investor community.

Bear in mind also that considering your platform also features automatic translations, this might also be a great benefit.

Think reliability and security

A long distance offer, primarily among parties in separate countries, are often a formula for miscommunication plus, in the worst cases, fraud.

Preparing is key to winning international real estate deals and included in planning you must look at trust and security.

The world recently has been introduced to a brand new method of securing transactions on line. Blockchain technology has eternally changed the way we exchange funds electronically. Blockchain allows for real estate contracts to-be so heavily protected/encrypted that thwarts any changes be undiscovered.

Blockchain technology is also helpful to the investor by producing a dependable trustworthy method to place finances in escrow.

Locate trusted, successful collaboration

Any realtor appreciates, even closing regional sales is often a challenge, although when you step in to the international real estate buyer/seller market, this is certainly even more true.

Can you tell your transactions status in real-time, what is left to complete and who should next take action?

This all being said, wouldn’t you accept that an all inclusive digital transactions SaaS platform built to accommodate international real estate transactions from start to finish, certainly be a welcome improvement to all agents? The benefit to this promising future technology is how it could simplify the work flow, provide security and streamline communications for realtors of international real estate.

Common Home Inspection Findings & Their Fixes

All of us know our home well, at least we think we do. However, an inspection expert with lesser emotions about the house might view it in a different manner. It will give you a greater insight of the property’s situation so you know what to expect for maintenance costs in the future.

Most of the home inspections show similar outcomes. Some common issues and their fixes have been listed below. You can inspect and fix them yourself which shall save you a fair amount of cash:

Shoddy wiring:
One of the most common issues found during house inspection is with electrical wiring. It can be anything from a glitch in the main circuit or just a tiny wire rip.
Most of the times electrical problems arise because of old and over-fused wiring. Other commonly discovered problems include improperly attached circuit breakers and receptacle issues.
Electrical issues should be dealt with on high priority because it could cause a fire and serious damage if not fixed in time.

boiler inspections

Man inspects a Boiler in Red Deer

Roof Leakage:
This problem mostly occurs in old house structures. In case roof leakage is left unattended, it can cost cause vital damage. One or two small leaks might not cause much damage however when mold forms on these that’s when it gets serious. A simple practice to keep a check on these leaky situations is to hire an ASHI-certified home inspector to come and check your place on a bi-annual or at least annual bases.
Always hire someone that would just find problems and inform you about them, not for the sake of fixing them and getting paid for it.

Dank Basements:
This is ultimately the most common problem with homes these days. It has also been said by Frank Lesh, who works for the ASHI (American Society of Home Inspectors), that the basement seepages are being found more often.

These small seepages may lead to a fully flooded basement if they are not taken care of. This issue arises because of cracks that arise in a home’s foundation.

Dank basements can be fixed by repairing wall cracks yourself. However, if the issue becomes serious, consulting a waterproofing consultant would be the better choice.

How Sellers Can Prepare For A Buyer’s Home Inspection

Owners who are looking to sell their homes are always asking one question, “What will the home inspector look for and how can I be prepared?” Knowing what to expect during the home inspection can make the entire process easier to help ensure an accurate, stress-free inspection.

Here are some factors on how sellers can prepare for a buyer’s home inspection.

Exterior

1

Before you get started on selling your home, go through a thorough cleaning and grooming of the exterior of the home.

  • Clean out any debris from the roof and dirty gutters.
  • Ensure that all water from the basement, downspouts and condensation are drained.
  • Repair any signs of damage
  • Groom the trees, brushes, roots for maintenance
  • Get rid of soil or mulch and clear the siding.

Interior

2

Once the exterior has been duly inspected and well-managed, then it is time to move on to the interior of the home.

  • Check the heating and cooling filters yourself and replace or clean if needed.
  • Test the smoke detectors to ensure that each is properly working.
  • Have the fireplace or chimney services and provide the potential buyer and inspector a copy of the cleaning record.
  • Replace the light bulbs.
  • Clean Out the Attic, garage, heating system, crawl space and all other areas necessary
  • Inspect all utilities of the home, including the water, furnace, electricity, heater and air conditioner.
  • Clear all furniture, toys, and any other personal items that may block access to the rooms and crawl spaces.

Kitchens & Bathrooms

3

These areas are the most inspected regions of the home. Ensure that the next meet to the inspector’s requirements.

  • Ensure that all plumbing fixtures – such as the tub, toilet, sinks, and shower are all in great conditioner
  • Fix any leaks
  • Inspect the bath ventilators to ensure that they are vented properly and in excellent condition
  • Remove all unnecessary items under the sink for proper and quick inspection.

Attics & Basement

4

These spaces are prone to mold and mildew growth, which will be inspected.

  • Check and update proper vapor barriers
  • Install window wells if they are below the grade
  • Remove any gas, wood, solvents or paint materials

The following guide will help you prepare for your home inspection and keep you well-informed on what to expect. Ensure that the following are well-inspected for positive results. Please note that BeSure Home Inspection services works with qualified professional Kelowna real estate agents like the The Wright Team. We pride ourselves in working with the area’s top realtors.

Things Every Buyer Should Know About Home Inspections

The end of your long wait has finally come and now your offer has been accepted. So what’s next? Before you start planning your big move, it’s time to initiate the next step in the home buying process – home inspection.

The process of a home inspection can be daunting for both the buyer and seller. But we’ve compiled a list of what you should know before you send the inspector. It will give you a better focus on being more informed of the process.

Here are five things every buyer should be aware of Home Inspections.

Customers are Responsible for Inspections

Many first-time buyers don’t know that they are responsible for the controls. This means that they will be responsible for hiring the inspector and completing the process within a reasonable time frame. Be sure not to leave this as a last-minute job. Working within the time frame will help bind the legal document of the house. If you’re questioning as to why you have to cover the cost, rest assured that it is for your benefit.

Inspectors Must Be Certified

A home contractor and inspector is not the same thing. In fact, while contractors may know how to fix home maintenance problems, inspectors are trained to identify problems that can be easily missed by others. Qualified home inspectors will know what to look for and give you a complete report of the home.

Understand What Inspections Cover & What They Don’t

Home inspections inspect all aspects of the home to help make an overall report. Here are the general dimensions of the review.

  • Structural components
  • Plumbing systems
  • Electrical systems
  • Heating and cooling systems
  • Basement and foundation
  • Window Conditions
  • Door conditions
  • Boiler in Grande Prairie
  • Walls, ceilings and floors conditions
  • Insulation

Here as some aspects that is not always included in home inspections.

  • Septic tanks
  • Roofs
  • Chimneys
  • Inside the walls
  • Sheds, wells, or separate structures from the house

You Can Still Decline Your Offer After Inspections

If the inspection report features something severely damaging or a health-risk, you have the option to talk to the seller and negotiate and find a solution. If there seems to be no answer to the settlement, you have the ability to walk away from the purchase. Keep in mind that the seller may keep the initial deposit as collateral.

Have you gone through your inspection for your new home? Still feeling unsure of the process? Comment below and ask us your questions.

Infographic by: www.dknewmedia.com

Infographic by: dknewmedia

Home Inspection Tips: Mistakes Sellers and Buyers Make

Home inspections are meant to identify the problems that may be occurring in the home as well as teaching the buyers how to maintain the house itself.

Here are five mistakes sellers and buyers make.

Reviewing the Inspector

Many sellers and buyers take the first name that is recommended to them without considering the inspector. You want a certified professional that stays up to date with the requirements and ongoing education. A qualified inspector will analyze the strengths and weaknesses of the home with a thorough explanation.

Not Having A Presale Inspection

Many sellers opt to leave the presale inspection option to the buyer. But this means the seller will have a short period to complete any repairs and keep the sale on track. Having a presale inspection will give sellers better results, more time, and fewer costs during the process of selling their home.

Not Attending the Inspection

While attendance isn’t necessarily mandatory, it is a good idea to be present. For most home buyers, having an inspection report just isn’t enough to get the full picture as many don’t understand the results entirely.

Not Properly Preparing the Home

The one thing inspectors hate the most is when sellers don’t make the home. The inspector needs easy access to get through the home. Is there a store closet to get into the attic? Clear it. Does the basement have a lot?

Not Reading the Complete Repot

Most buyers and sellers alike tend just to glance at the report without taking much awareness to it. The best thing you can do is to scan a few reports to get an idea of what you need to know. Today, most reports are completed in a digital format with photos to provide information on the strengths and weaknesses of the house.

Home inspections may add to your costs, but in the end, the final results will be worth every penny.