Property Inspections in Nicaragua
Buying a home anywhere is a major investment. It’s even more vital when investing in a foreign country. You want to feel secure the vital components of the property are in good condition.
Here in Nicaragua I recommend an in depth pre-purchase home inspection. This article covers what that looks like and I can recommend an independent structural engineer who does excellent inspections for my clients and anyone buying here in the country.
The inspection provides vital information about the property condition. You avoid costly surprises down the road and get recommendations for the future that can save money with advice on ongoing and preventative maintenance. Both of which provide excellent value relative to the cost of the inspection and the report provided.
How do Home Inspections work in Nicaragua?
As part of the buying process, which you can read more about here, an inspection clause is often a condition of the initial sales agreement. It is usually the final signature to be mase by the buyer, before any deposits become non-refundable. The buyer typically has two weeks to get an inspection done and sign the approval clause. Once that is approved the standard 10% deposit to escrow is made by the buyer to the law firm escrow account.
Should any major issues be found we typically negotiate with the seller on those expenses, as none of the deposits are firm until the inspection clause is signed of by the buyer. The inspector I work with is extremely thorough. The report he provides is comprehensive assessment of the property by a an experienced and licensed structural engineer.
Example of a Recent Property Inspection on a Sale in Nicaragua
He examines all the key components from the building’s structure, plumbing, electrical systems, and roofing all the way down to which light bulbs are burnt out. The goal is to identify potential problems that aren’t immediately visible, allowing you to make an informed decision before finalizing your purchase.
Why is a Home Inspection Important?
Home House Property For Sale in Nicaragua Property Inspections In Nicaragua, building techniques may differ from those used in Canada or the United States. Materials and construction methods can vary, leading to issues that are unfamiliar to international buyers. A home inspection can reveal problems like structural weaknesses, plumbing issues, or poor electrical installations that might not be obvious during a casual walk-through.
Potentially Negotiate Better Terms: If the inspection reveals issues, it gives you a powerful negotiation tool. You can request repairs or adjust the price based on the findings.
Budget for Future Repairs: Knowing the condition of the property helps you budget for repairs or upgrades. For instance, issues with plumbing, roofing, or electrical systems can be costly if left unchecked. Identifying these before you buy can help you plan for future expenses.
Recommendations for the Future: The inspector details reccomended maintenance, especially for things like wood exposed to the sun. Preventative maintenance will save money in the long term as “an ounce of prevention is worth a pound of cure.”
Renovations: as I mentioned in other articles, renovations are cheaper than building new construction.
Ensure Safety / Identifying Deal Breakers: Inspections help detect safety concerns. Including unstable foundations or retaining walls, structural issues, potential water damage and more.
Long-Term Savings: Discovering major issues before closing can save you money in the long run. Whether it's roof repairs or electrical rewiring, catching these problems early prevents small issues from turning into expensive repairs. Even if the property passes the inspection the recommendations provided can extend the lifespan of components leading to lower long term costs.
Choosing an Inspector in Nicaragua
In Nicaragua, it’s benefical to choose an experienced inspector with a background in structural engineering. Unlike Canada or the U.S., homes in Nicaragua feature different materials such as concrete blocks, metal roofing, or alternative insulation methods. They require specialized knowledge to properly assess. I work with one named Roger Membreno who I highly recommend and can connect you with him if you are buying a property with me or not. As mentioned he is a certified university graduate in structural engineering.
He designs new builds, but he also provides property inspections, normally with a few days notice. The reports are extremely through, normally the PDF he provides is 25 pages with photos. Prices for the inspections start at $400 for a typical house. For larger properties like commercial or hotels he will provide an advance quote based on the size of the property and thus the time it will take him.
Thanks for reading!
If you’re interested in working with me on a property investment message me any of the ways below and we would include this in the process.
If you are just looking to connect with the inspector contact me via email at Joel@LifeInNica.com or WhatsApp +505 8176 8624 and I can put you in touch.
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.