When do I need to get a building and pest report done?
The process of buying and selling properties can be an exciting and exhaustive time and understanding what you need to do or have done before the sale is finalised can be a challenge. One of our most common questions is whether having a building and pest report is necessary, especially if the agent or owner has already provided one. While you do not have to legally get one done, let’s talk about the reasons why you should.
What is the purpose of a building and pest report?
When you’ve been shopping for a home, it’s likely you’ve gone to personal inspections and walked through the property taking in everything that you can see. These open inspections are typically when we like to envision our friends and family in the spaces, where our furniture would go, how we could change things to fit our needs and personalities, and even keep an eye out for superficial damage such as cracks and uneven floors. The biggest issues however can come from damage done by termites or from nature itself, in these instances it is highly unlikely that you’d notice unless of course you’re a professional in the industry itself.
Building and pest reports can give you the peace of mind needed when deciding if the property is right for you and your budget; knowing about any potential problems ahead of time can help with negotiating a lower price or even for issues to be fixed before the sale is finished. Having an inspection done can protect you as a buyer from investing in a property ridden with faults including costly structural damage from timber bore pests such as termites or any other hidden problems that may cause great expense to you post purchase.
Why should I have a building and pest inspection and report completed?
As mentioned above, getting a building and pest inspection done will alert you to any damage or structural issues throughout the property. If you’re selling, you may want to have one done before going to market so that you can fix the issues and advertise and hopefully sell for a higher price. If you’re purchasing a property, having a building and pest inspection done prior to purchase can prevent you from buying a house that you’d have to spend hundreds if not thousands of dollars fixing, or worse, have to tear it down completely and start again. Either way, knowing what you’re getting into not only gives you something to negotiate with, but also helps you make sure that you’re making an informed decision when buying or selling.
When should an inspection be done?
If you are looking to buy a property at auction, the owner or real estate agent may have had a building and property inspection done beforehand and made it available to potential buyers. However, it is important to have an independent one done yourself if you are serious about purchasing the property. With auctions, if you have decided to go the safe route and get an inspection done, it should be done before the auction itself because if you’re the successful purchaser, the house is yours and there’s no turning back.
Unlike auctions, regular sales have a cooling off period in which you have time to get all the inspections done and can back out if something shows up that you cannot or do not want to deal with. Extensive termite damage for example costs on average $7,000 to fix and have been known to cost upwards to tens of thousands of dollars in the severe cases.
Who benefits from an inspection?
When it comes down to it, a building and pest inspection is really something that helps both parties at the negotiation table. As a seller, having the inspection reports done by a reputable company means you can use them to give potential buyers peace of mind especially if you can show any damage that was found has been fixed to a high standard. As buyer, having inspection reports are a great way to decide if a property is a good investment, as you can get an idea of any existing or previous damage and use those reports to negotiate a fair price.
Small investment – big returns
Most building and pest inspection companies charge anywhere from $200 for basic inspections, to over $500 for more extensive reports. These amounts pale in comparison to the cost of repairing building damage from termites, water, fire, or anything else mother nature has thrown at the property. Having the inspection done by a third party means they won’t have any emotional attachment to the property in question and it can be done in line with the Australian Standards for property inspections.
The small investment of a building and pest inspection and report will show you what faults are present in the property. Knowing what’s wrong will allow you to see what the minor flaws are, and what major flaws you should stay away from such as black mould, bad electrics, or unstable structural supports. Property inspectors are not bias, and they won’t tell you not to purchase the property. They will simply tell you all the facts so that you can make an informed decision that is in the best interests of yourself and your family.
Showing due diligence in building and pest inspections and reports
Whether you’re buying an investment property or your forever home, having a building and pest report done is a key part of the due diligence process. Personal inspections will tell you a lot about the property and its functionality and appeal, but you never know what’s going on behind the walls, under the floors, or in the roof spaces of any property you view.
When you’ve found the property you want, give the team at Vital Building Inspections Sydney a call on 0401 012 074 or send us a message at email@example.com. We service the greater Sydney area and are happy to offer free quotations for your peace of mind.