Anyone serious about investing in a new property should always include a professional building inspection as one of the conditions in the final sales contract. It would be far too risky (financially speaking) to jump into such a pricey investment blind.
If you think paying for this property assessment is expensive, it’d actually be smaller compared to the cost that comes with fixing an estate that is in a serious state of disrepair. This isn’t the only reason why commissioning a building inspection makes sense from a real estate standpoint, though.
Building Inspection Is a Wise Investment
By properly inspecting a prospect building, you can benefit in a number of ways. Here are the most important ones:
If you’re a vendor and you wish to sell your property at a good price, having the asset inspected before it is listed on the market gives you a chance to get better leverage for the upcoming sales negotiations. Building inspectors can confirm if your estate is in its best condition and this will get you a certificate that allows you to ask for a higher price.
When you are on the buying end, however, getting a property inspection before exchanging sales contracts will help you uncover potential (possibly undisclosed) issues that may need immediate attention. You can then proceed with negotiating a lower price, taking into account the cost associated with fixing any of the present defects found with the help of a building inspector.
Savvy Australian property owners understand the importance of getting regular pest inspections done. Considering the damage termites and other local pests do to buildings, it only makes sense to take the necessary precautions. Because there is no sure-fire way to keep these creepy-crawlies out for good, you have to check if the property you’re buying is showing signs of pest infestation.
Catch an infestation in its early stages and your pocket will thank you for it. Not only will you minimise the chance of extensive structural damage, but you also lessen any subsequent expenses related to eradicating the pest population.
As you purchase a property you’ve been setting your sights on, you can use an inspector’s assessment report to organise and plan for future renovations. After all, the document gives detailed explanations about potential problems and reveals areas of the building that could use some upgrades. It’s like getting professional building advice even before you sit down and think about subsequent home improvement projects.
Of course, this doesn’t mean that you put off the big repairs. You still need to make sure that the structure is sound and sturdy before you can proceed with sprucing it up.
Anyone can easily be sold on the idea that the property they’re about to buy is quite the catch. But as you’re about to exchange sales contracts, it’d be wise to ascertain that the estate is as good as the seller says it is! The last thing you want is to complete the sale, move in with your folks, then find out that the place has major structural issues.
These nasty surprises can be a major damper on the idea of owning and moving to your new place. For your peace of mind, bring in pest and building inspectors to assess the property you’re planning to purchase.
One of the toughest phases in buying a property is insuring the asset. It can be especially tough when you have a property with numerous issues and defects. Most insurance providers will hesitate providing coverage to these properties, after all. Fortunately, a thorough building inspection can help you avoid this outcome entirely.
With a property assessed, you can find out if there are several faults in the estate you are going to purchase. Once the report comes in, you can then put yourself in a good position to fix them before you can begin applying for insurance. Indeed, building inspections increase your chances of being granted ample coverage for your property.
Independent Building Inspections
Before signing a contract of sale, it goes without saying that a building inspection has to be among the conditions stipulated in the agreement. But if you do just that, know that you’ll be responsible for hiring and paying for the said report. In some cases, you’ll have to pay for the services of a surveyor and architect.
Vendors and real estate agents sometimes offer to show you a report previously done by a prescribed building inspector, though. Although it’s tempting to just go with this option (as it is much faster), experts advise against it because you want the assessment to be impartial in its findings.
If you feel like this may be too much expense for a property that isn’t yours (for the time being), remember that it’s a fraction of the cost of sorting out a property that is riddled with issues.
Professional Building Inspections Benefits Property Buyers
As you’re about to expand your real estate portfolio, partner up with a building inspector who is well-versed with Australian building codes and understands the relevant best practices. With his or her help, you go into your purchase knowing what to expect. Remember: the more you know about the property, the less chances you’ll be caught off guard by unpleasant surprises.
To lend you a hand in your plan to acquire a new property, get in touch with our team of capable inspectors!