Aside from exposing hidden defects of a property, a professional building inspection could be used for bargaining thousands of dollars off a property’s purchase price. If you are currently looking to buy a house and have been outbid perhaps several times before, you know how frustrating it is to spend money again on a building inspection. However, it would all be worth it in the end.
Unearthing hidden defects
While vendors are legally required to inform you of specific property defects, this rule only applies to defects that the vendor is aware of, conveyancing experts from connollysuthers.com.au warn. It is typically the unseen or latent defects that could easily go undetected and might end up with you having to fork out a significant sum for repairs.
For instance, a freshly painted ceiling could conceal a leaky roof or even black mould. To prevent this from happening, you need to work with an independent builder to conduct and draft a building inspection report.
When to get a building inspection
If you are purchasing property via a private listing, you need to have the inspection before the exchange or within a fortnight after the exchange so you’ll be better informed and could use the uncovered defects (if any) for negotiating a lower price. Having the inspection following the exchange would give you the chance to relay your concerns to the vendor. You might likewise be able to employ your cooling-off rights.
If you are buying through an auction, however, while laws vary from one state to another, generally speaking, when you buy through an auction, all sales are final. This means that you need to be 100% certain about the property before bidding. With this in mind, you need to organise a building inspection prior the auction so that you could make the right offer.
Arranging a building inspection
You need to shop around for an independent builder with ample experience in building inspections. Considering the practicality pre-purchase building inspections provide, there are plenty of businesses that offer these inspections for flat-rate fees. Ideally, the provider you choose also offers other inspections you might need like a pest inspection.
Yes, you will have to spend money on building inspection, but if you are really keen on getting your money’s worth, a building inspection is a must.