Buying a house or a commercial property is an exciting business, particularly if you’re a first-timer. Independent building inspections are essential prior to completing any property purchase. It will cost you a small sum in comparison to your total investment, but paying for an independent building inspection could save you thousands of dollars if it identifies a costly issue with the building.
Building Inspections Are All About Trust
As trustworthy as real estate agents and vendors can be, their main priority is to sell the property. This means that they may focus on what is positive about a property in any information they provide you. There could also be an emerging issue that the existing owner has not yet discovered. Organising an independent building inspection yourself could help you avoid being misled by inaccurate or incomplete information. It may also identify a range of small issues with a property that may need attention once you move in.
As a new homeowner, it can be a nightmare to discover that your new home has several issues of which you were unaware when signing the contract. Worse, it will be up to you to fund the repairs or face the difficulty of re-selling if you committed to the purchase before discovering the problems. Independent building inspections can help to prevent buyers getting into this kind of jam by assessing the condition of the property and highlighting issues that either require attention or could be ‘deal breakers’ for a prospective buyer.
Negotiating a Lower Price
Building inspections that identify problems won’t necessarily deter you from purchasing a property. However, another benefit of independent building inspections is that they can sometimes be used as leverage to negotiate a lower price if potentially costly issues are discovered. It could mean you can purchase the property for what it’s actually worth, depending on the nature and extent of the problems the building inspection has uncovered, and retain the funds to rectify the problem. Another option could be to make your offer conditional on the problem being satisfactorily repaired by the seller prior to settlement.
Making the Most of an Inspector’s Time
When looking for a company that provides building inspections, ensure they are licensed and that they comply with state standards. It will benefit you to engage with a business that’s also open to discussing their findings and giving you a second opinion on any other building inspections already completed. Independent building inspections have the potential to save prospective home buyers from purchasing properties with problems that could set them back financially after purchase.
When it comes to purchasing real estate, it’s a case of ‘buyer beware’- and building inspections are a value for money tool you can use to help ensure you are aware of the condition of the property, warts and all, before you buy!