Purchasing an investment property or a home is likely one of the most sizeable investment that a large percentage of people make. Just as you do your due diligence while purchasing a home, it also very important to conduct a pre-purchase inspection. There are different types of inspections – one for buildings, the other for pests. Some companies can provide both the services as a package:
A building inspection will take a thorough look at the structure, and all its internal and external features. It will note everything from minor defects to structural faults as well as safety hazards and maintenance issues. In the exteriors, it may include rising damp, cracking, gutters, drains, retaining walls, windows and roofing, sheds as well as fences etc.
In indoor spaces, it can look for leaky ceilings, cracks in walls, quality of the fittings and finishes, springy or uneven boards and more. More detailed investigations may also inspect the underfloor structures and roof spaces. In these inspections, the inspector will look for evidence of defects in the framing or insulation.
A pest inspection will typically look for any evidence of termite or other timber pest activity.
If the property you are interested in, isn’t going to auction, you can make your offer post a satisfactory inspection. In most instances, you are required to conduct the inspection within a set timeframe and then produce the report which details all the defects. If you have already given a deposit amount to the seller, as long as you conduct the inspection within the specific time limit, you would be able to terminate the contract and get the deposit amount back.
In case a property is going to auction, you would have to get the inspection done before making a bid. Based on the qualification of the building inspector and the level of detail involved in the inspection, the cost would vary from just a few hundred dollars – $1000 or more. It’s important that you ensure the inspector has professional indemnity insurance.
There is no hard and fast rule when it comes to the decision about getting a building inspection done and it’s entirely your choice. However, since you will be making a significant investment and the property, getting a pre-purchase inspection done is one of the best ways to identify future liabilities which may cost much more to fix than the actual cost of the inspection.
In fact, you can use the report to support and effectively negotiate substantial discounts on your purchase price. You can also get generous special conditions in which the seller agrees to fix the identified issues before the settlement.
If you are bidding at more than one auction when looking for a home, it may not always be possible to get pre-purchase inspections for all the properties; that can prove to be a pretty expensive proposition. The other aspect is that even if you to identify any fault, you would not be able to use this information to negotiate on the pricing.
Whether you decide to get a pre-purchase and pest inspection done is based on your personal preferences and budget. It’s important to hire the services of a skilled and experienced building inspector as they would be able to use the right technology and their extensive knowledge in the inspection process. They will also provide a detailed report that you can use for your benefit.
If you want to know more about our services here at Inspect It First, don’t hesitate to call us at 1300 557 047 or contact us through our contact form and we will revert shortly.
Thanks for reading,
Inspect It First Team
1300 557 047