Building inspection contributes to a well maintained structure.
Buying real estate is THE Australian dream. A poll conducted by the Australian National University (ANU) in 2017 shows that almost 75% of Australians believe that homeownership is an integral part of the Australian culture.
The property market in Australia has been resilient for the past 20 years. The Australian Bureau of Statistics reports a recovery in house prices after two years of continued decline following 2017’s high. Real estate is a favoured source of passive income, and many choose to invest in property rather than on the ASX. The familiarity of property trade makes it easier, even for first-time homeowners, to take the risk and invest in real property.
Investing always carries risks; even when investing in property. The money involved in real property transactions is substantial, whether you are the buyer or seller. Before committing yourself to such large financial obligations, you should first invest in a building inspection.
Building Inspection: An Investment before the Actual Investment
The ability to buy and sell real estate is a dream come true until the presence of nightmarish moulds, pests, damages and cracks, or even harmful substance like asbestos are discovered. A building inspection is a must because these may go unnoticed to the untrained eye. These value-reducing factors should be considered before finalising the purchase or sale price of the property of your dreams.
Investing time and resources for building inspection affects the decisions you will make later. In the nearer future, building inspections can help you decide whether to push through with your real estate transaction. Later, inspections can help you plan out your building maintenance schedule.
Building Inspection Reports: Your Guide to Safety and Compliance
Reports fulfil building inspection’s objectives: safety and compliance. Professional experienced inspectors can detect current defects, hidden damage, structural issues, and the presence of pests. Without an inspection, you are investing in a property without any guarantee of the safety of its occupants.
According to the Australian Institute of Health and Welfare, injury is now the leading cause of death for children aged 1-14. KidSafe SA found that most of these injuries happen in homes and backyards. This is because architectural and interior designs are for adult use.
Inspection reports help you identify safety hazards and prevent injury to adults and children alike. These hazards will not only compromise the safety – but also the health and well-being – of the prospective owners or future tenants.
But how do inspection reports ensure safety? Researchers from the University of Canberra and ANU have found that the concept of safety is materialised through compliance with the standards for the specific hazardous infrastructure. For example, construction progress or new home inspection reports provide an independent opinion on your contractor’s compliance with the provisions of the Building Code of Australia. Swimming pool inspection reports check the compliance to Pool Safety Legislation and needed certifications.
Inspection reports ensure safety, beyond identifying the safety issues, by ensuring compliance to laws and standards designed for the protection of contractors, occupants, and tenants.
Building Maintenance: Additional Investment to Maintain Safety and Compliance
Buildings are significant financial investments. You should definitely prepare your pockets not only for the purchase but also for the building’s upkeep.
The rule of thumb is to estimate maintenance costs at 1 per cent of the property value every year. To illustrate, having a property value of $700,000 means you should at least set aside $7,000 for maintenance costs. Because property values tend to depreciate over time, the amount set aside for maintenance costs under this calculation will decrease. Meanwhile, your actual maintenance costs will be increasing due to continued usage and wear-and-tear.
If you want to save a fixed amount for maintenance costs, then you can choose to save $10 instead for every square metre of your property. Hence, a 500 square metre property will require $5,000 in savings for maintenance per year.
Maintenance is as financially demanding as purchasing your property. However, maintenance costs are necessary expenses for your property investment. These are the benefits of building maintenance:
· Maintenance improves safety.
Just because your building passed safety inspection pre-purchase, that doesn’t mean the structure have not deteriorated and pose safety threats. Additions or changes to safety standards and legislations due to current trends must be complied with.
· Maintenance keeps your facilities working at their best.
Proper maintenance measures keep your building looking and working as good as it did when it was brand new. You don’t always need to remodel to make your place look as good as new. Sometimes, a little repainting and refurbishing will get the job done.
· Maintenance is tax-deductible.
Repairs, maintenance, and replacement expenses of rental property owners are allowable tax deductions according to the Australian Taxation Office.
· Maintenance prevents large scale repairs (and consequently, bigger spending).
Undoubtedly, prevention is always better than cure. Maintenance prevents large scale repairs on damaged parts of your building and saves your money and helps you avoid the cost of litigation for personal injury. A little TLC for your building goes a long way for your bank account.
Building Inspection Reports: Blueprint for Building Maintenance
Knowing the areas of your building that will need significant maintenance gives you a clear start in maintaining your structure. Predictive maintenance is a new approach to building maintenance pioneered by facilities manager Knight Frank in 2018. This approach uses wireless technology in monitoring and evaluating the level of performance of assets. If performance is below the peak, then it’s a sign that maintenance is needed.
Building inspection reports help with predictive maintenance for your building. Although this approach is mainly used for equipment, reports work the same way for the physical structures and aspects of your property. Building inspections monitor and evaluate the property’s conditions.
The presence of safety and health hazards can only mean that there will be a need for maintenance sooner or later. The findings say a lot about the building’s integrity and the amount of money and work you need to invest. Beyond identifying the issues, building inspection reports also layout the priorities for your property’s required maintenance in the near future.
Inspection is Vital for Your Building Maintenance
Get the building of your dreams without worrying about the nightmares of accidents and health hazards. Keep your property structurally safe and keep it free from pests. Inspection is vital in maintaining your building even after the purchase or construction. Have your structure inspected by the experts here at Vital Building and Pest Inspections. For enquiries, call us at 0401 012 074 or get a free quote today!