Six benefits of pre-purchase building inspection you may not be aware of.
Purchasing a new property is an essential milestone in our life, especially if you are buying your very first home. For most of us, acquiring a new property is exhilarating, giving us a sense of freedom. But don’t let yourself get caught up in this excitement. The feeling of fulfilment should go hand in hand with being responsible – because buying a new home or any other property is a major financial commitment.
You must make sure that what you are buying is worth its value. Conducting a pre-purchase building inspection will help guarantee that the property you are about to buy is up to code and that it will not be giving you a headache anytime soon.
What is a pre-purchase building inspection?
A pre-purchase building inspection will help you identify any problems relating to the structure of a building. By conducting one, you can pinpoint all areas that need repairs. It can also help you avoid potential risks and safety hazards, such as a faulty foundation or a mould problem.
Why do you need to conduct a pre-purchase building inspection?
It is important that you understand why you need to inspect a property before signing any contracts. All buildings in the country must be built according to Australian Building standards and codes. The responsibility of complying with these standards falls on the builder or the present owner of the building. However, once you sign the contract, the responsibility now falls on you.
How do you benefit from conducting a pre-purchase building inspection?
Inspecting the building before purchasing it will not only help you uncover any hidden defects. It will also protect your investment and save you money in the long run. Here are the benefits of conducting a pre-purchase building inspection.
1. It gives you a good understanding of the property you are about to buy.
You are about to make one of the major investments of your life, and you wouldn’t want to do it with your eyes closed. The main benefit of conducting a pre-purchase building inspection is that it gives you more knowledge about the property you intend to buy. Therefore, you are less likely to get nasty surprises, such as a wall riddled with termites.
Staying objective amid all the excitement might not be easy, especially if you are a first-time home buyer. Conducting a pre-purchase inspection will keep you grounded and not get carried away with the home’s aesthetics.
2. It will help you assess the value of the property.
Some sellers put a higher price on their property based on demand or location. So, it is necessary for you as a buyer to look at the whole picture, including repairs and other post-purchase costs, which you will need to make. Again, having a certified inspector examine the property before you buy it will give you its real value.
Pre-purchase inspections will also help you identify the type of materials used in the property you are about to buy. This information can help you make the right decision when it comes to things like long-term maintenance, preventative care, and safety in the event of an earthquake and other environmental disaster.
3. It reduces risks related to possible latent defects.
If you take on the inspecting yourself, you will only be seeing areas that are accessible. So, it’s likely that you will miss any latent defects no matter how thorough you are. Hiring a professional inspector will protect you from certain types of wrongdoing.
For example, if the inspector fails to examine an area that is accessible and it later turns out to be contaminated or has a defect, you can contest the inspection report. In addition, you can take action against the inspector for missing an accessible and visible defect.
4. It will determine if the home needs any work.
Having the property inspected before you purchase it can determine if it needs any repair in the short, medium or long-term. For example, the roof needs a major repair in the short term, and it was not mentioned in the seller’s declaration. This could affect whether you want to proceed with the sale and can help you negotiate a new price. The seller can do the repair before the sale goes through, or you, as the buyer, can negotiate for a lower price if you do the repair yourself.
5. It can make cancelling the transaction easy in case of defects.
If the inspection of the property is not favourable, you have the option to cancel the purchase promise. This is possible if the pre-purchase inspection and approval for financing include a conditional sale clause that states the transaction can be cancelled in case defects have been discovered.
6. Have the property looked over by professionals.
There’s nothing more satisfying than having professional building inspectors tell you that the property you plan to buy is in top condition. You can benefit from their knowledge, experience and skills to vet your new home-to-be. You can ask them any questions about the state of the property and how to maintain it properly.
A pre-purchase building inspector will provide a complete report to help you make the right decision. The report usually includes recommendations for any repairs that need to be done, as well as additional assessments, if any.
Vital Building Inspections Sydney can help you purchase a property with confidence.
If you need a thorough, accurate and timely inspection, call us. At Vital Building Inspections Sydneys, we have more than 18 years of experience in the building industry. We assess, repair and renovate properties with structural defects – whether caused by substandard construction, environmental elements, ageing or pest infestation. Our inspection process not only sees the visible or obvious defects. It can uncover potential issues that could turn into a full-blown problem that may require costly repairs.