Why have a building inspection before you buy?

A big part of the property-buying process is requesting a building inspection. Taking the time to have this report prepared can save you thousands of dollars.

As tempting as it might be in the current competitive market, skipping a building inspection can hurt you in the long run. Add the emotional toll of discovering your new home is not what you expected and you will deeply regret your haste.

What is a building inspection?

One thing about buying a house is that you can’t change your mind and ask for a refund. Once you have signed a contract and paid the money, the sale is final, no matter what.

If you buy a toaster with faulty wiring, just grab the receipt and storm into the shop (or send a stern email). If your new home has faulty wiring, you’re stuck with it. That’s why building inspections are so crucial. It’s the closest you can come to a try-before-you- buy in the property market.

A building inspection is performed by a construction industry professional who will look your property over and check for serious faults. This expert will look for everything from shoddy foundations to leaky plumbing, rising damp to cracked walls, before issuing you a report with their findings.

With a full building inspection, you will be aware of every issue, big and small. It is vital information when deciding on whether to make an offer or not and how much to offer.

You can also request a pest inspection, which will identify the signs or any rodent, insect or white-ant infestation.

What to do with your building report

Any property more than a few years old is likely to have an issue or two. The point of the inspection is to make you aware of the problems beforehand so you can weigh them against the price of the property.

An inspection may say that the roof needs replacing, for example, but if your budget covers the price of the house and the replacement of the roof, it might not be a deal-breaker. A beautiful home in the right location might be worth the cost of a new roof.

A ‘black mark’ in a building inspection doesn’t necessarily mean you shouldn’t buy the house. However, it gives you ammunition to use when you negotiate. By paying a few hundred dollars for a building inspection, you can potentially save thousands of dollars.

Why you need an inspection

As you know, properties in Australia cost hundreds of thousands and even millions of dollars.

You don’t want to spend every penny you have before moving into a home, only to realise there is a terrible issue with rising damp which you didn’t notice during the inspection.

Yes, there is competition in the market right now but it’s important to think with your head and avoid paying more than a property is worth. If another couple or individual rushes to make an offer without an inspection, that’s their problem. You may have missed out on the home but you have also potentially dodged a bullet.

A great real estate agent will be open about any issues with the home and may even have a building inspection ready to share when you attend the home open. Check that the report has come from a reliable provider and you’ll be able to fast-track your purchase.

Your home is the biggest investment you will make in your lifetime. Make sure you take all the necessary steps to make a smart purchase.

Need more advice on having a building inspection? Contact me today on 0410 665 947.