If you’ve bought a property once, you probably know that building and pest inspections are a must for buyers. In fact, it may have influenced your choice of property at some point. However, the truth is that this assessment doesn’t only benefit buyers.
Building inspections basically identify issues that may prove to have a direct impact on the sale of the property. They often reveal deal breakers (e.g. leaky pipes, pest infestation, foundation issues, faulty wiring, etc.) that may have remained hidden unless you or a tenant makes the awful discovery later on. Although some concerns uncovered by this inspection can be considered minor, investors have the right to know about them up front so they are aware of the deal they’re getting into.
It’s not just in the home buying cycle where this property assessment is involved, however.
Inspecting New Construction
While sadly overlooked by many property developers, inspection actually plays a crucial role when done throughout the construction stage. Although there may be no defects to speak of while a building is getting constructed, having inspectors around can help track whether the structure is up to code. In other words, the investors can guarantee that the builder built the property in compliance of all building codes and regulations.
Besides being your eyes and ears throughout the property development phase, the building inspection also helps minimise the risk of the developer cutting corners. This way, you can make sure that the newly built edifice is made using only the best methods and materials.
In the end, building inspectors ensure cohesion throughout the construction. Contractors may come and go but having an independent inspector working on your behalf will mean that an expert is overseeing the progress of the whole project from a holistic standpoint. His or her presence also ensures that you can pick up on oversights early on so the builder can quickly come in and fix such mistakes before you’re handed the keys to the building.
Pre-Purchase Building Inspection
As its name suggests, this kind of property assessment is done before you buy a prospective estate. It’s actually just one of the many different types of inspection reports you can request to ensure that your investment won’t turn out to be a dud.
Sometimes referred to as a ‘standard property report,’ a pre-purchase property inspection is a written account of a building’s actual condition. It tells you about any significant problems like movement in the walls (resulting in cracks), rising damp or humidity levels, a faulty roof, presence of safety hazards, etc. With the critical information it shares, it’s not surprising to see many property buyers requesting for one before they exchange sale contracts.
Aside from helping you avoid troublesome properties, building inspections also give you sufficient leverage to try and negotiate for a lower asking price. With the report, you can even ask the vendor to take care of paying for the repairs themselves. This should save you from a lot of headaches down the line.
Pre-Sale Property Inspections
It’s not only buyers who can benefit from timely building inspections. The same can be said for eager sellers and realtors since a property assessment will provide them with practice advice on what they can do to achieve a sale. The report can prove to be critical to selling assets, especially when they’ve been originally purchased without being inspected.
With the aid of pre-sale inspections, vendors can identify whether their properties have loose roof tiles, leaking drain pipes, termite problems, and even structural issues. Being able to do so puts them in a good position to address the concern by either fixing them or discussing them in thorough with an interested buyer.
Sorting out the ‘fixable’ defects can get interested buyers inclined to offer more since they won’t have to set aside a budget for maintenance and repairs. On the other hand, freely sharing the findings of the building inspection to prospect investors can exhibit transparency and integrity on the part of the realtor or seller. It may not necessarily translate into a successful sale every time but it should show interested parties that you’re professional in your dealings. This can earn the respect of clients and colleagues alike and should put you in a better position to attract more property investors in the future.
At the end of the day, the building assessment will give peace of mind to any seller who is willing to request such a report. For one, he or she can be sure that the buyer won’t suddenly come at them to highlight significant property defects at the last minute. The vendor can sell the property without having to worry about steep price reductions. But even if the report jots down a list of both minor and major issues, you can use the information to pursue much-needed renovations. This can put you in a strong position to sell the place at a good price on the negotiation table.
As it turns out, building inspections aren’t a bane to the real estate industry. As a matter of fact, it gives the initiator (whichever party that may be) more control of the selling, buying, or negotiating process. It isn’t just about gaining the upper hand on the negotiation table, though. The truth is that this assessment is designed to make sure that everyone in the property development business gets their money’s worth—something that should be non-negotiable when you’re spending thousands to millions of dollars up front.
To give you peace of mind the next time you’re in the market for a property or putting your real estate investment for sale or lease, request a building inspection report from our team! We lend you a helping hand in ensuring that your financial investment wouldn’t go to waste by way of complacency.