When we find a property to purchase we tend to shop emotionally, particularly if it’s our potential family home. We have our rose-coloured glasses on and may not be aware of all the potential risks in purchasing the property. It’s a large investment and most of us have lived frugally to save the deposit so we try to avoid any additional expenses we think may be unnecessary. No matter how tiresome it might seem, Pre-purchase Building Inspections are something you really should do to avoid buying a money-pit that ends-up costing you far more in the long run. Many people buy property in Ballarat only to find it requires significant repairs after the purchase. By having the house professionally inspected you can make an educated decision on buying the property.
Below we offer four reasons why pre-purchase property inspections are essential.
#1 Avoiding hidden repair costs
Have you found a home that needs a few repairs but is on the market for a great price? Sounds great! Conduct an inspection before making your offer so you can find any additional, hidden repair costs and get an estimate from the appropriate trades to fix the issues. You can then present evidence to the vendor why the price should be lowered.
Conducting a pre-purchase property inspection will reveal many issues an untrained person would not usually pick up. This gives you greater negotiating power.
#2 Avoiding structural weaknesses
When investing in a home, cosmetic issues are easily seen but what about structural issues? A sound structure is incredibly important because it guarantees your families safety.
Weak structures can result in collapses and damages that might cause serious injuries. In addition, serious structural problems can be irreparable without hiring professional contractors and spending a large amount of money.
Make sure the building you’re buying is in accordance with the Australian Building Codes and Standards. If this is not the case, you’ll be required to bring the building up to the standards at your own expense.
A pre-purchase property inspection will make sure that the building you’re buying has no significant structural problems and thus prevent any extra expenses and unnecessary stress.
#3 Inspecting additional structures
The main building is not the only structure that should be inspected by a professional. Additional buildings such as sheds, garages, playhouses, garden structures, storage buildings, private studios, greenhouses, pool houses, boat houses, and other buildings also may need to be checked. There could be complications created by owner-builder defects.
The City of Ballarat has strict requirements that must be adhered to for all structures on a property. If the building you’ve bought doesn’t comply with the regulations, you may be forced to demolish the disputable structure. This is especially unpleasant if the structure in question was the main reason for buying the property.
#4 Determining safety issues
When buying a home, safety is of utmost importance. Conducting a pre-purchase property inspection will help identify any unsafe areas in the building such as potentially toxic materials like asbestos, wall cracks, loosened or missing balustrades, etc.
Knowing potentially dangerous areas in the building gives you a chance to decide whether you’re willing to spend the extra money to make your home safer.
#5 Defective smoke alarms and electrical wiring
Defective wiring increases the chances of fire or electrical injury. Also, the absence of smoke alarms increases the probability of injuries or even death in cases of fire. Conducting a pre-purchase property inspection will help you detect such issues and keep your family safe.
While it is true that deciding not to have a pre-purchase property inspection may save you some money, you’re putting yourself at a risk of buying a building that will later require much more expensive interventions. An examination conducted by a professional will guarantee that your home is safe, complies with the regulations, and minimise the risk of additional repairs for your property.
Contact us today if you’d like to book an inspection or have any questions.