You’ve got your mortgage pre-approved and you’re about to sign on the dotted line for your dream home, stop and ask yourself: How can I be sure the property I’m buying is in good shape?
A pre-purchase inspection is essential for every home purchase – whether it’s your new family home or an investment.
Not only will it help identify potentially serious problems with your proposed purchase, it could save you thousands of dollars in the long run.
An inspection can reveal significant building problems or hazards, and help you decide if the house or unit is really what you are looking for after all.
The person who inspects the property – typically a licensed builder – will check the condition of the interior, roof and roof space as well as the under-floor space of the home you intend to purchase – provided they are accessible.
They’ll then provide a detailed report, usually in a checklist format, once they have completed their inspection.
The price of a pre-purchase inspection depends on the type of property and the time taken to make the evaluation, but as a rule of thumb the cost for a standard report on a typical residential home is usually around the $500 mark, but can vary in each state and even between different suburbs.
If that sounds steep, consider that any issues highlighted in the report can be a valuable bargaining tool to drive down the asking price.
Just remember, you’ll need the vendor’s permission to have the premises inspected – so be sure to give plenty of notice. This will help ensure that the places you need to have inspected are accessible.
If you’re not sure how to arrange a pre-purchase inspection, give us a call – we’ll be able to point you in the direction of a well-respected and qualified organisation.
Some important property inspection exceptions
A property inspection could mean the difference between a good and a bad investment; however, there are some things that it may not include.
Possible exceptions include:
• Concealed damp-proofing
• Electrical wiring
• Watering systems
• Gas fittings
• Fireplaces or chimneys
• Television reception