An inspection of your  St. Lucia home offers an important safety net for you, the uyer. Conducting a home inspection is therefore one of the first steps that you can take in protecting your financial investment. But don’t simply leave home inspection to the professionals. You too need to assess the property to satisfy yourself that it meets your requirements, and to learn for future investment decisions. You can utilise any noted defects in negotiating the purchase price downward. But you can only do so if you’re actually aware of those defects at the time.

Jennifer Minge tells buyers that if the inspection turns up major new expenses, you are better to walk away from the deal, than to risk making no profit. If you’re still interested in the property, she suggests that your re-evaluate purchase price, cost of repairs, refurbishments and renovations based on the home inspection report, and make a new offer. Bear in mind however, that sellers of run-down or dilapidated properties are trying to avoid the hassle of repairs. So if the price of the home represents value for money, be careful not to nit-pick on repairs, as this may cost you a good property deal.

Critical to successful flipping of a house is the ability to buy low and sell higher. But by now means does this suggest that you make an obscenely low offer, since this may turn the seller off altogether. If you’re unsure about what offer to make, let your St. Lucia real estate agent help you to evaluate the proper and decide on the right offer to make.

Buying a St. Lucia Home; "Buyer Beware"

A central doctrine which governs the sale of St. Lucia property is “caveat emptor” which simply means “Let the buyer beware.” The effect of this rule is that in the absence of express warranties by the vendor, the buyer assumes responsibility for defects in the property. The buyer therefore assumes the responsibility for ensuring that the house represents value for money.  A buyer could not recover from a vendor for defects in a home that rendered it unfit for ordinary use. The only exception was if the seller actively concealed defects or otherwise made material misrepresentations amounting to fraud.

This generally translates to some ordinary common sense rules: better safe than sorry or look before you leap. In house flipping for example, its best to have a professional home inspection and appraisal done, to ensure that you’re buying value for money and that you are aware of any defects of peculiarities about the home. Many persons, penny pinch and forego the opinion of a professional only to regret it later on.

Jennifer Minge, Realtor and Author of the Book, 8 Ways to Purchase Real Estate with No Money and No Credit, warns against buying a home based on emotional decision making. She warns buyers against purchasing a home without first performing a professional home inspection, as this can quickly turn into disaster, and major losses. This is because a proper home inspection will help you to discover structural, electrical, plumbing, and other problems which could lead to major cost increases in the project.

St. Lucia Home Inspection Checklist

Here are few tips to see you on the right path. Bring along a torch light (in case of poor lighting), notepad, and camera so that you can carefully inspect the property and record your observations and set to work:

• Health hazards- look out for signs of mold and mildew, termite or rodent infestation or other health hazard.
• Walls and Siding – Look out for flaking paint, rotted wood, cracks or damage in the foundation or brick work, or other structural irregularities, etc.
• Windows and doors – look for signs of rotting, terminate, fallen hinges, or other damage
• Kitchens and bathrooms, examine the plumbing for signs of leak, damage or molding, open faucets wide and flush toilets to check water pressure, examine cabinetry for signs of leakage, molding, termite or rodent infestation, or other damage, check for aging septic systems or broken sewer lines, etc.
• Electricals – be on the lookout for electrical wiring problems as these are very costly to repair, check the breaker box to ensure adequate ampage, etc.
• Roofing – Examine the roof for rot, damage, leaks, mold etc.
• Exterior or Yard – look out for problems with trees that may be undermining the foundation of the building, drains, piping and other waste water disposal, look to see whether the grading around the exterior is sloping away from the house.

Ralph R Roberts and Joe Kraynak, Authors of the Book, Real Estate Investing for Dummies, advises buyers to choose a competent and experienced professional to perform their home inspection. They also warn against hiring the same person as both inspector and contractor as they are likely to find more problems with the house. They also recommend that you try verifying the competent of your proposed home inspector by asking clarifying questions and making due diligence inquiries in relation to their professional licensing and certification, years of experience and number of homes inspected, and ability to provide remedies to problems that may arise. It is wise to obtain client references and to assess the general professional attitude of your candidate.

A proper home inspection report will cue you in on the current state of your property and will give you an idea of the repairs and refurbishments needed. You can then use this as a starting point for assessing the type and cost of renovations required to transform your property for resale.