For a large percentage of current investors, one of the biggest problems today remains the structural condition of the property they are looking to purchase. It’s not uncommon for homebuyers to find that a house that looked great from the outside has a significant amount of termite damage within its walls and concealed timber features.
This is also why it becomes crucial to get a pest and building inspection done prior to signing on the dotted line and this can equate to a lucrative property deal. There are no two ways about it; an investor must ensure that the property they propose to buy undergoes the necessary inspections.
The point to note here is that an pest and building inspection report can deliver far more than just peace of mind. It has the potential to become the perfect leveraging tool in the property deal and can help you save a significant amount of money on the purchase. Before purchasing any property, it is recommended that you invest in a pest and building inspection.
Many people avoid getting these done because they feel it is an added expense especially at a time when they are saving for their new home. While a pest and building inspection doesn’t come cheap, it is a crucial aspect of the risk management strategy in your property purchase.
Any faults in the property’s landscaping and damage caused by termites to the home’s structure can be prohibitively expensive to repair. In some cases, these expenses can run into tens of thousands of dollars. Then there is also the risk of various untreated problems getting aggravated over time. Protecting yourself against all the potential risks is only one aspect of a building inspection when it comes to purchasing a property.
The other distinct benefit is that you can leverage the pest and building report to get a better price on the house. It is an excellent bargaining chip which makes it crucial for you to know what is mentioned in the report. Expert property investors aver that certain types of damages can be used as an effective negotiation tool.
For instance, if the report mentions that there is a large amount of termite damage to some features in the house, you may be able to ask for a discount on the asking price by a significant margin. Fixing that damage may cost much less than what you save on the property deal. You can use such issues as a great leveraging factor in your negotiation process.
As far as return on investment goes, home repairs are at the top of the list in the price bargaining process. However, it’s important that you hire an expert and licensed building inspector for the job. These professionals will use the latest tools and technology in their work and will provide an accurate report that gives you a clear idea about what the structural condition of the house is. Armed with this information, you can then decide whether you prefer not to invest in that property or use the report to lower the price on it.
If you want to know more about our services Inspect It First, don’t hesitate to call us at 1300 557 047 or contact us through our contact form.
Thanks for reading,
Inspect It First Team
1300 557 047