Inspection Costs in Lakewood Ranch
Inspection Costs in Lakewood Ranch: A Financial Warning
Quick Answer
Inspection costs in Lakewood Ranch typically range from $300 to $500, but the real risk lies in what these inspections might uncover. Florida Statute 553 governs building codes, and any violations can lead to costly repairs or even contract termination. For example, discovering a roof that doesn’t meet code compliance can add thousands in unexpected expenses. If these issues surface late in the process, you could face closing delays or be forced to renegotiate terms. Call me at 941.400.8735 or reach out directly to Michael Renick – I’ll share my approach with you.
What Actually Breaks Deals in Florida
Hidden Code Violations
The problem often arises when inspections reveal code violations governed by Florida Statute 553. During one transaction, an inspection uncovered unpermitted electrical work, which required immediate correction to meet code standards. This led to a significant delay as permits had to be obtained and work redone, ultimately risking the buyer‘s deposit if the seller refused to comply.
We recently closed on our dream home due to Eric Teoh’s market knowledge and expertise. His grasp of the market and his hands on approach were instrumental to our successful purchase. Eric had remarkable market information available at a moment’s notice. He skillfully assisted us in preparing our strategy. He interfaced with our seller, assisting while remaining professional. I wholeheartedly recommend Eric Teoh as a valuable resource in any Sarasota real estate transaction.
– N Isaacson, Google Review
Insurance Binding Failures
Insurance binding can fail if inspections reveal issues like outdated plumbing or electrical systems. In one case, an inspection revealed polybutylene pipes, notorious for leaks, which led the insurance company to deny coverage. This forced the buyer to either renegotiate the purchase price to cover replacement costs or walk away, losing their earnest money deposit.
Where It Usually Blows Up
The inspection period is where these issues typically surface, and the timing is brutal because it’s often the last chance to back out without losing your deposit. Discovering major issues at this stage can lead to renegotiations or even contract termination. If these problems are not addressed promptly, buyers risk losing their deposit or facing unexpected repair costs, which can derail the entire transaction.
What I Tell Clients Before They Risk Money
- Understand the Inspection Period: This is your only window to identify and negotiate repairs.
- Check for Code Compliance: Ensure the property meets Florida Statute 553 requirements.
- Secure Insurance Early: Confirm coverage before the inspection period ends to avoid surprises.
- Budget for Repairs: Always have a contingency fund for unexpected issues.
- Negotiate with Leverage: Use inspection findings to renegotiate terms or request seller concessions.
Let’s continue this conversation.
Call me at 941.400.8735 or schedule a 15-minute call. I’ll tell you what I would look for.
Call 941.400.8735 or Schedule a Call
Questions Clients Actually Ask
What happens if the inspection reveals major issues?
If major issues are found, you can negotiate with the seller for repairs or a price reduction. However, if the seller refuses, you might have to decide whether to proceed with the purchase or walk away, potentially losing your deposit.
After looking at multiple possibilities for a vacation home in Florida I decided on Longboat Key. I had the very fortunate opportunity to work with Mike Renick and his team in finding the right place for myself and my family. Ihad heard positive things about Mike, but the services and supports he and his assistant, Eric, and the other team members offered went above and beyond even my expectations. They were available at all times to answer questions, research properties, and to offer numerous recommendations for all the services needed to make a purchase and to close quickly and efficiently. Whatever was needed, from e-signing forms to videoing the interior of a condo, was provided, so even when you were geographically far away, everything that needed to be done could be accomplished as if you were actually there. Emails, texts, and phone calls were returned quickly and you were always kept in the loop if any issues came up. I would enthusiastically recommend Mike Renick and his team for anyone looking for a real estate team. They are the ultimate professionals who do everything in their power to ensure that your needs are met quickly and effectively. Your satisfaction is their number one priority. I truly made the right choice when I picked them!!
– boscom, Zillow Review
Can an inspection affect my insurance?
Yes, if the inspection reveals problems like outdated systems, your insurance company might refuse to bind coverage. This can delay closing and force you to address the issues before proceeding.
What To Do Right Now
Schedule a comprehensive home inspection as soon as your offer is accepted to identify any potential deal-breakers early.
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