Don’t get sucked into the idea that a pre-purchase inspection is money that doesn’t need to be spent nor the mistake of accepting the pre-purchase building inspection report produced by the vendor. These both have the potential of leaving you thousands out of pocket when paying for an independent building inspection could have saved you this money.
How do pre-purchase inspections save me money?
1. They give you the power to negotiate the price
Perhaps you really want to go ahead with buying the property, but the front stairs are unsafe and cracked tiles in the bathroom have caused water to leak under the floor. A thorough building inspection report will outline these issues, and although they are repairable, they give you the power to negotiate a lower price.
2. You are compliant
If you purchase a home that has not been built to the Building Code of Australia and Building Standards, whether this is through sub-standard workmanship or construction that is illegal, you could end up being the one to pay the cost down the track if you want to sell again. It will ultimately become your responsibility to bring the property back up to the required standards.
3. They pick up things that you won’t
You, the everyday buyer, doesn’t have a trained eye like a professional building inspector. It’s likely you will not notice water leaks behind walls, faulty structures, asbestos and other dangerous materials, damp areas, the presence of termites or illegal additions to the property. A pre-purchase inspection by an experienced and qualified building inspector will identify these issues and more. Just imagine missing these and having to pay to fix them?
4. It helps you make decisions
When a pre-purchase inspection is carried out, you will be supplied with a detailed inspection report. The great thing about this is, not only does it highlight any defects and concerns with the property, it also provides you with details on how the defects can be repaired and in what timeframes. Can you afford to spend the money on something that needs to be done quite urgently? Will the approximate cost to repair all the defects fit into your budget? This information is essential for you, the buyer, to make an informed decision on one of the most significant purchases you’ll ever make.
5. Power to cancel the contract
A building inspection report is a powerful tool in that you can terminate the contract of sale and receive a refund on your deposit if you do not wish to proceed due to any substantial defects or non-compliances reported by the building inspector. It’s at this point that you’ll be grateful you paid for a pre-purchase inspection and not going ahead with the contract based on your own visuals.
Having an independent and professional building inspector carry out a pre-purchase inspection is money worth spending; it’s an investment in your peace of mind and your financial situation. Check a building inspection off your list and enjoy your new home with no nasty surprises. So be it your house or a rental property purchase is on the horizon a pre-purchase inspection is a must.
By Andrew McKintosh