Building inspections come into play when you want to buy or sell a property anywhere in Australia. According to reports, 70% of home buyers intend to inspect a property before buying it, but only 30% end up conducting a pre-purchase inspection. Although not compulsory, building inspections are important and beneficial not only to the buyer but to the seller as well.
Some areas of concern that are detailed in an inspection report are safety, deterioration and damage to the property and equipment, as well as anticipated problems such as issues to the foundations, stumps and is the property structurally sound.
How a building inspection benefits a seller
- A building inspection is a sign of honesty and transparency. When you are open and forthright with potential buyers about any problems with the property, they will see you as a trustworthy seller.
- An inspection report that is written out by a reliable inspector will include details of the actual situation. If you are keen on selling the property as quickly as possible, the report is self-explanatory and makes the whole process quicker.
- An inspection report will make it easier to estimate the value of the property. Carrying out an inspection in advance will help avoid last-minute disruptions in the negotiation process.
How a building inspection benefits a buyer
- With a pre-purchase inspection report in place, you will be aware of any problems with the property before you buy it. You can then decide whether you want to invest in the property or not.
- If there are problems that need to be attended to, you will have to pay for repairs when you take over the property. With information on the current state of the building, you can negotiate on a lower price for the property.
- When you are aware of problems with the property, you can get expert advice in advance on how serious the problems are and how they will affect the property over time. You can then make an informed decision on whether the property is worth investing in or not.
- A building inspection in Melbourne report will include photos of all defects where they exist and the approx cost to rectify ,you need a pre purchase building or auction inspection before you buy as the property may have substantial defects costing you thousands to rectify.after signing the contract of sale its too late
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