Whether you’re buying property to live in yourself or whether you’re looking to buy an investment property, getting a pre-purchase building inspection done is always important. Here are four reasons why:
Structural issues, in extreme cases, can cause a property to collapse, but more likely, there’s the possibility that whatever the structural issue is, it could be nearly impossible to repair without significant construction work.
Many buyers assume that a vendor will know and disclose this information during the sales process, but oftentimes the vendor isn’t anywhere of the problems — possible because they never had a building inspection done in the first place.
A building inspection will also turn up any alterations or additions that may have been done to the home over time, which do not conform to the Building Codes and Standards of Australia and which you would become liable for fixing once you purchase the property.
Sheds, patios and certain enclosures also need to be examined. Local councils determine where these structures can be built and for what purpose they may be used — granny flats, for example, require special approvals — and if a structure doesn’t conform or have council approval, you may be liable to remove the structure or modify it.
Make certain that your building inspector pays attention to any additional structures, especially if you are buying the property due to the existence of those structures, to ensure they meet all council and building codes.
Building inspections will also identify any areas of the home that may be unsafe due to the presence of asbestos, lead, mould, termites, as well as cracks in walls and missing balustrades.
Uncovering these hazards will help you to decide if the home is safe and, if you were planning on making any alterations to the property after you move in, whether your budget will stretch to include whatever precautions may now be necessary in order to carry out your project — asbestos, for example, can be expensive to have removed.
Having a pre-purchase building inspection done will help you to determine whether there are any repairs that will need to be carried out immediately, and whether you will be able to afford to attend to them.
This is particularly important for property investors who intend to rent the property out later. A property that requires substantial construction work to repair any structural issues or deal with any other hazards may not be a suitable property to buy as an investment.
But if you don’t get an building inspection done and problems arise later on down the track, you may become liable not just to repair the issues immediately, but also for any damage that may have been caused to your tenant’s property or health as a result.
When it comes to whether or not you should get a building inspection done, remember: buyer beware.
To learn more about selling property in Australia, subscribe to receive access to our free guide called, Selling Your Property: What You Really Need to Know. Alternatively, for more property news, insights and analysis, continue reading our blog.
We’ve written previously [Who Does a Real Estate Agent Work For?] that real estate agents…
In a previous blog post How Should You Structure Progress Payments For Your Granny Flat?,…
In the building and construction industry, progress payments represent significant milestones in the construction of…
Properties located in the high growth suburbs of Mayfield, Jesmond, Cardiff and Waratah in the…
A real estate agent is the professional appointed by a property owner to represent their…
An off market sale is — well, a bit of a misnomer for one, but…