If you are planning to buy a property, it is advised that you hire a professional building inspector that will work for you and in your favour to offer you the best services when it comes to the inspection of the home.
So how do you ensure the process runs smoothly and how do you avoid some of the traps.
There are a number of building inspectors that advertise their services as being the best in town, so how do you choose knowing that the inspector you hire will inspect the property and provide a fully objective opinion of the property. Choose an experienced inspector with the right qualifications. Make sure they have insurance.
Once you have chosen your building inspector have the property inspected prior to signing any contracts. Real estate contracts have time restrictions clauses that allow you to withdraw from the contract of sale subject to a building and pest inspection. This is usually 7 to 14 days in which you have to notify the selling agent of your withdrawal from the contract. For example lets say you have 7 days from the date of the acceptance of the offer by the vendor.
Within that 7 day period you need to find an inspector who can complete the inspection within the next few days. The inspector then needs to contact the agent and organise a time to inspect the property. This isn’t usually a problem as it is in everybody’s best interest to have the building inspection completed as soon as possible. However this process can usually take from 1 to 3 or 4 days depending on the circumstances and having access to the property, (tenants are required to have a minimum 24 hours notice).
Once you receive the report from the inspector usually 24 hours depending on the company Casey building inspections offer same day reports. The building report should contain quite a bit of information about the property which you will need to digest and you may need to contact the inspector to provide clarification on some issues.
There will be defects no home is perfect and some have been maintained better than others, some are just jazzed up for a quick sale. There are often defects that buyers aren’t aware of or are hidden from view and can only be detected with specialist equipment.
This is where it can be tricky for the buyers, they have done the right thing and done their due diligence and had an inspection completed but the report states there are more defects than the buyer was aware of and repair will add to the purchase cost of the property.
What to do you have already signed a contract and then to find you can’t withdraw as the standard contract wording (Subject to: Major structural defect or termite infestation) does not allow you to withdraw despite there being a number of costly repairs. Congratulations the house is yours
So the question is how can this situation be avoided ?
Arrange the building and pest inspection prior to signing any contracts of sale, this can be tough in the current market as vendors are in the box seat and the vendor may accept another offer in the time it takes for you to organise the inspection.
This method however will place you in the box seat as depending on the findings you may be able to negotiate the repair of some or all the defects prior to signing any contracts. Most times vendors are agreeable to a price reduction or any repairs as they can have these carried out prior to settlement.
Sign the contract subject to “a satisfactory building and timber pest inspection” this will allow you to withdraw from the contract of sale should the property not meet your expectations.
Organise to have the inspection completed within the 3 day cooling off period. This can be tricky as with tenanted properties the tenants require 24 hours notice
Some professional brokers or estate agents will try to talk you out of having a building inspection prior to making an offer and use the old phrase there is somebody also interest and wanting to make an offer so you had best get in quick.
This should be a red light why is the agent trying to avoid allowing you to conduct your own due diligence what are they hiding? remember the agents work for the vendor not you in Victoria they are not obligated to disclose any information about the property, its Buyer Beware any reduction in the properties sale price is a pay cut to them.
If you are truly wanting this property this is where you can use the Subject to satisfactory building and termite inspection clause in the contract, you can secure the property from other offers and still be in the box seat.
Before signing a contract of sale it is recommended to have a building inspection carried out. The best part about such a report is that, it will give you a full understanding of the buildings condition prior to signing any contracts of sale. A detailed report will place you in a stronger bargaining position before making any commitment to purchase.
All our Melbourne building inspections are carried out to Australian standards by a qualified inspector trained in all aspects of building defects. Our experience inspecting properties may uncover a number of building defects or termite damage that can be expensive to repair.
Building and pest inspections are your best insurance against a bad investment
We offer the most comprehensive reports at the most competitive price conducted by a Qualified Engineer. contact Casey Building Inspections today. We can provide you with the peace of mind that comes with knowing everything about a property, enabling you to make an informed purchase decision.
Please contact us anytime! We look forward to hearing from you.