Property Inspections in Nicaragua
Buying a home anywhere is a significant investment, and you want to feel secure that the essential components of the property are in good condition. This is especially important when investing in a foreign country.
In Nicaragua, I recommend an in-depth pre-purchase home inspection. This article explains what that entails. I can recommend an independent structural engineer who conducts thorough inspections for my clients and others buying property in the country.
Check out the video below:
Why Get a Home Inspection?
An inspection provides essential information about the property’s condition, helping you avoid costly surprises and offering recommendations for future maintenance that can save money in the long term. The value of this information far outweighs the cost of the inspection and report.
How Do Home Inspections Work in Nicaragua?
As part of the buying process, an inspection clause is often a condition of the initial sales agreement. This is typically the last signature required from the buyer before any deposits become non-refundable. The buyer generally has two weeks to complete the inspection and approve the clause. After approval, the buyer makes the standard 10% deposit to the law firm’s escrow account.
If major issues are identified, we usually negotiate with the seller regarding those expenses, as deposits are not firm until the inspection clause is signed off by the buyer. The inspector I work with is meticulous, providing a comprehensive assessment of the property, conducted by a licensed structural engineer.
Recent Property Inspection Report
A sample from a recent pre-purchase inspection report we did for a client.
What Does a Property Inspection Include?
The inspector examines all key components, from the building’s structure, plumbing, electrical systems, and roofing down to details like light bulbs that need replacement. The goal is to uncover potential issues that might not be immediately visible, allowing you to make an informed decision before finalizing your purchase.
Why is a Home Inspection Important?
Building techniques and materials in Nicaragua often differ from those in Canada or the United States. A home inspection can reveal problems such as structural weaknesses, plumbing issues, or subpar electrical installations that might not be apparent during a casual walk-through.
Potential to Negotiate Better Terms: If the inspection reveals issues, you have a powerful tool for negotiation, allowing you to request repairs or adjust the price based on the findings.
Budgeting for Future Repairs: Knowing the property's condition helps you budget for future repairs or upgrades. For example, addressing plumbing, roofing, or electrical issues early can prevent costly problems later on.
Preventive Recommendations: The inspector provides maintenance recommendations, particularly for elements like wood exposed to the sun. Preventive maintenance can save you money over time, as “an ounce of prevention is worth a pound of cure.”
Safety and Deal Breakers: Inspections identify safety concerns, including unstable foundations, structural issues, potential water damage, and more.
Long-Term Savings: Discovering major issues before closing can save you money. Even if the property passes inspection, the recommendations can extend the lifespan of components, lowering long-term costs.
Choosing an Inspector in Nicaragua
It’s beneficial to choose an experienced inspector with a background in structural engineering, as homes in Nicaragua use materials such as concrete blocks, metal roofing, and alternative insulation methods. I work with an inspector named Roger Membreno, a certified structural engineer. He designs new buildings and conducts property inspections with a few days’ notice. His reports are thorough, often 25 pages long, complete with photos. Inspections typically start at $350-$400 for a standard house, with custom quotes for larger properties.
Thanks for reading!
If you’re interested in a property investment, contact me using the details below, and we can include this process in your purchase. For more information about the inspection service, feel free to reach out.
Joel Stott-Jess
LifeInNica.com
Cell / WhatsApp: +505 8176 8624
US Number 1 786 753 8743
Skype: joelstottjess
Joel Stott-Jess is a New York Times featured agent / broker in San Juan Del Sur, Nicaragua.
Originally from Alberta, Canada he has been doing business in Nicaragua since 2014.
An investment consultant, serial entrepreneur, surfer, and outdoor enthusiast he is an expert on the real estate and business markets in Nicaragua. He also operates The Central Investor, a real estate and investment blog focused on the entire Central American region.
