IS A PRE PURCHASE BUILDING INSPECTION IMPORTANT ?
A PRE PURCHASE BUILDING INSPECTION IS IMPORTANT
It’s important that you get your building inspection prior to signing any legal contracts. Doing so prior to signing gives you the opportunity to back out of a sale that you don’t want to carry on with, which can save you money in the long run or you may be able to renegotiate the price.
I have inspected so many homes after the clients have purchased that are riddled with so many defects that required thousands to rectify if they had conducted pre purchase building inspection prior to purchase they would have saved thousands yes building inspections are important.
Buying a property is a lengthy process and can take months, because of the magnitude of the decision that you will be making.
The first step is to obtain your finance and work out your budget. Then you’ll need to start searching for a property, and once you find properties you like, attend the open for inspections/open homes.
There are other steps in the property purchase process that you will need to take as well. One of these is getting a home inspection
A home inspection is essential because it lets you know the faults prior to signing any documentation.
A home inspection may be a cost that you don’t want to fork out for, but considering you’re spending hundreds of thousands of dollars, if not millions of dollars, it’s much better to spend a few hundred dollars getting the property checked over by an independent builder, so you know exactly what you’re getting.
You will also avoid the risk of defects being omitted by the vendor if you get an independent home inspection conducted.
Let’s be honest, if you were selling a house or any other goods or service, would you let the potential buyer know the faults?
The chances are you wouldn’t because you’d want to sell the property. A home inspection will help you because you will know exactly what you are getting and there will not be any nasty surprises later on.
Property Inspections Melbourne
If you want to avoid unnecessary expenses then it’s absolutely imperative that you get your home checked for termites.
Did you know that termites can actually wreck entire rooms and you may need to spend several thousand dollars repairing or replacing entire rooms. Some people have reported their bills ranging from a few thousand dollars, right through to the tens of thousands of dollars in repairing damage caused by termites.
When you get a building and pest inspection, you’ll be able to reduce the risk of termites and pests spreading in your home and will be able to fumigate before they become a major issue.
The sooner pests are dealt with, the easier it will be to keep them under control, and you’ll be able to prevent further infestations and save yourself hassle and increased costs.
If your home does have termites and they are left in your home, you could find yourself needing to spend a lot of money dealing with the issue.
There is the cost of removing the termites, and there is also the future cost. Homes can lose value if termites are found.
When you do sell your home, it could cost you at least $50,000 in the resale value. Potentially, people may lose all interest in buying your home, which means you’re stuck with a home that you can’t sell, and that will end up costing you money.
This said, with property prices the way they are in Melbourne, the impact may be mitigated.
A building and pest inspection can help you when buying a property for the very reason above. On the flipside, you’ll have bargaining power and will be able to renegotiate the price of the property down, assuming that you still wish to purchase it.
For the amount of destruction termites can do to a property its always essential to include a termite inspection as part of the building inspection.
Pre Purchase Building Inspections Melbourne
Buying a property can be very expensive. There are legal costs, the real estate costs and the time spent looking for a new property.
There are also pre purchase inspection costs. They may not be an expense you want to pay, however, it is cheaper in the long run to spend the money than risk buying a property that you haven’t inspected.
Property pre purchase inspections are essential for a number of reasons and can save you significant issues in the long run. When you’re spending hundreds of thousands on a property, a few hundred dollars is “nothing” in the grand scheme of things.
When you get a property pre purchase inspection, you will be able to identify structural or other issues that may either be costly to repair, or could pose a serious risk to you later on.
A pre purchase inspection will give you the opportunity make one of two decisions.
You can either decide to proceed with making an offer on the property or you can back out of it prior to making an offer.
If you decide to proceed with the former, then you will have negotiating power if you find that there are undisclosed issues.
Let’s say repairs will cost $5,000, you could negotiate the exact amount off your offer, or you could negotiate more off the purchase price because of the time involved and any potential inconvenience or associated costs such as temporary accommodation.
You will also be able to budget for any repairs, which is essential if you’re going to require finance for such repairs.
Getting repairs done will also allow you to negotiate the terms, such as when you settle or move into the property, and when you exit your existing property. This is essential if the repairs will take several months to complete.
The most common faults that are found tend to be structural or related to electrical wiring, however you will also be able to identify any plumbing issues that there may be present and start getting quotes prior to making an offer (subject to the vendor or real estate agent’s consent) and that will give you a great indication of how long the repairs will take.
If you’re selling your current property you’ll be able to make decisions based upon this, which will reduce the possibility that you will need to seek temporary accommodation while the repairs are being completed, which will save you money in then. long run