There are many times when it would be a good idea to have a property condition assessment done. Here are a few important times that shouldn't be overlooked:
Any time you want to purchase a piece of property, whether it has a structure on it or not, you should have a property assessment done. This will give you some insight into the true value of the property and offer an opportunity to determine how much time and money you will have to put in to development. If any homes, sheds, or buildings are located on the property, a condition assessment will provide you with valuable information about their structural integrity and help you estimate the risk of structural break down over time.
Are the structures safe enough to move in to right away, or will some work need to be done first? Is the foundation solid and sturdy? What is the quality of the ground soil? How is the health of the trees and foliage? The answers to the questions and more can be answered with the help of a property condition assessment.
It's also a good idea to have a property condition assessment done if you decide to rent a home out to tenants. Doing so will allow you to clearly document the condition of everything from the garden to the paint on the walls so your tenants know what condition the place is in when they move in. And you will know exactly how your tenants care for the property as time goes on.
You can compare the condition that the property is in when a tenant moves out to the assessment you had done before they moved in and determine how much damage, if any, has developed. This will help you figure out whether to give the tenants any of their deposit back and, if so, how much. A property condition assessment will help ensure that you don't miss the little things or the hard to spot stuff so you don't end up losing any money on your rental.
Having a property condition assessment done when you want to sell a home can help you make a sale quicker and maybe even allow you to make a little more money while you're at it. The assessment will provide buyers with the same valuable information already mentioned above and give them peace of mind in knowing that you have nothing to hide when it comes to disclosing issues with the place you're selling. Prospective buyers will be more likely to check out your place before they will others that haven't already had an assessment done. And they may be more willing to pay your asking price instead of negotiating for a lower one.