Buying any property is an exciting proposition. You will have taken the time to decide your criteria and then started looking for the perfect property. Most people experience a thrill as they locate the right place and make their offer. That’s not a bad thing.
However, once you’ve made the offer you have to wait while all the relevant paperwork is processed, deposits are dealt with and finance secured. It can be tedious.
During this time, you’ll also have to think about whether to have a pre-purchase building inspection. The good news is that you don’t need to have the inspection done before you make an offer. However, you do need to make it a condition of the sale. In short, if you have an inspection and find major issues you reserve the right to renegotiate the price or pull out of the purchase. This approach saves you wasting money before making an offer only to find your offer is too late or unacceptable and leave you out of pocket.
What’s Involved In A Pre-Purchase Building Inspection
A pre-purchase building inspection involves contacting a professional who is trained in how to conduct property inspections. They will have all the latest equipment and testing capabilities, such as dye penetrant testing, which ensures they get accurate results.
The inspection will look at the structural integrity of a building. This means cracks in walls, the strength of basements and foundations, any roof issues, and the electrical and plumbing systems. If requested, a building inspection will also include an assessment of pests in the building, current or not.
In other words, you’ll know everything you need to about the property. It will enable you to create a list of repairs that need to be done and work out the cost of these repairs. In most cases, this will encourage buyers to renegotiate the price. In some cases, you may even walk away.
How It Saves Time & Money
Having a building inspection done costs money. But, as it is completed in the early stages of the sale, you won’t waste too much time looking at a property that is ultimately unsuitable.
Equally, the cost of the inspection is nothing compared to the potential cost of repairs. Without an inspection, you’ll purchase the property and then have to find the money for repairs. With an inspection you can renegotiate the terms and save money on the purchase, effectively helping you to afford the property and maintain a budget.
Deciding Whether To Have A Pre-Purchase Building Inspection
You may think that there is no need for an inspection, especially if the house looks good or is recently built. However, all properties can suffer from subsidence which results in cracks and other issues.
In short, if you’re buying any property you need to have an inspection done. It ensures you know everything to expect and can plan for it accordingly. If you’re lucky, there won’t be anything to worry about and you’re simply getting a great house.