Inspection Costs in Siesta Key
Inspection Costs in Siesta Key: A Real Risk
Quick Answer
Inspection costs in Siesta Key can vary significantly, often ranging from $300 to $600 for a standard home inspection. Florida’s unique coastal environment and the age of many properties on Siesta Key mean that inspections often uncover issues related to saltwater corrosion and outdated building codes, governed by Florida Statute 553. For example, a buyer discovered significant structural damage due to saltwater exposure during an inspection, leading to a $20,000 renegotiation. Discovering such issues late can result in deal collapse or unexpected out-of-pocket expenses. 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
Saltwater Corrosion and Building Codes
The problem of saltwater corrosion is prevalent in Siesta Key due to its coastal location. Florida Statute 553 governs building codes, which are critical in ensuring that properties withstand the harsh marine environment. In one transaction, an inspection revealed that the property’s metal fixtures were severely corroded, necessitating costly repairs. The consequence was a significant delay in closing as the buyer and seller negotiated repair costs, risking the buyer‘s deposit.
Purchasing a home can be a time-consuming and stressful venture: visiting prospective homes; identifying the pros and cons of each property; deciding which properties are right for you; final visit at these properties; making an offer (and counteroffer); dealing with the Sellers realtor; reviewing the Agreement For Sale; finding an attorney; finding a home inspection company; and acquiring home and flood insurance. Then the difficult task starts, working with a bank and filling out all the paperwork (Ugh!). Mike and Eric were very helpful throughout the process and kept us informed of our requirements and responsibilities for each deadline.
– bshea20047, Zillow Review
Condo Association Approvals
Condo association approvals can be a major hurdle, especially with the increased scrutiny following the Surfside tragedy. Associations often require detailed inspections and reserve studies, which can delay or even derail deals. In a recent deal, the condo questionnaire revealed insufficient reserves, leading to a lender’s refusal to finance the property. This forced the buyer to either walk away or secure alternative financing, which was not guaranteed.
Where It Usually Blows Up
Inspections typically occur during the due diligence period, a critical phase where buyers can back out without penalty. Discovering major issues at this stage is brutal because it can lead to renegotiations or contract termination. If problems surface late, buyers risk losing their earnest money deposit or face unexpected repair costs, which can be financially devastating.
What I Tell Clients Before They Risk Money
- Understand Local Building Codes: Familiarize yourself with Florida Statute 553 to anticipate potential inspection issues.
- Budget for Coastal Wear and Tear: Expect additional costs for properties exposed to saltwater corrosion.
- Check Condo Reserves: Ensure the condo association has adequate reserves to avoid financing issues.
- Negotiate Inspection Periods: Secure a longer inspection period to thoroughly assess the property.
- Prepare for Renegotiations: Be ready to renegotiate based on inspection findings to protect your investment.
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 if the inspection reveals major issues?
If an inspection uncovers significant problems, Florida’s inspection period allows you to renegotiate or withdraw from the contract without penalty. However, this must be done within the specified timeframe to avoid losing your deposit.
I had been looking for a local condo for over a year and was very unhappy with the service. I had worked with three agents from three different national chains. None of the three seemed to know the market very well, took the time to understand what I’m looking for, and most importantly rarely followed up when they told me they would. I have never experience such a lazy approach to working with a buyer. Things changed when I met Mike and part of his team at their St. Armands office. The first thing Mike did was apologize for the poor service…even though it wasn’t his fault. I already knew that I found someone who help himself accountable. What a breath of fresh air! After spending about 30 minutes with me understanding what I was looking for, Mike introduced me to Eric. Between the two of them, they found five condos for me to look at. Each of the five, met my criteria. They actually did listen. I’m excited because we plan to submit an offer later today. The market analysis they prepared was thorough and easy for me to understand. I cannot recommend more highly any other realtors to work with. Thank you Mike and Eric!
– Jules Schroder, Google Review
How do condo reserves affect my purchase?
Condo reserves impact your ability to secure financing, as lenders require adequate reserves for loan approval. Insufficient reserves can lead to loan denial, forcing you to find alternative financing or risk losing the property.
What To Do Right Now
Schedule a comprehensive inspection with a local expert familiar with Siesta Key’s unique challenges.
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