Do You Really Need to Get a Building and Pest Report?
Regardless of whether the property you’re looking at purchasing is fairly new or decades old, building and pest inspections are an absolute must!
However, a lot of purchasers skip this part of the buying process in an attempt to save money, but getting these vital inspections can actually save you money in the long-term.
What are Building and Pest Inspections?
A building inspection is carried out by a professional building inspector and is a detailed report that will identify the current condition of the property, as well as any structural defects.
Similarly, a pest inspection will determine whether the property you’re interested in is infested with termites and if any damage has been done to the property as a result of these pests (for example, chewed wires).
Building and pest inspections usually will cover both the inside and outside of a property and can uncover defects that aren’t immediately visible. Inspectors will look for things like mould and leak stains, any potential issues with the plumbing systems, inoperative or damaged phone lines and aerial points, any cracks in walls or ceilings and they may even uncover plants in the back or front yards that might have invasive root systems and pose a threat to the structural condition of the house or its landscaping.
Why are They Important?
Without a building and pest inspection, you won’t be able to tell what sort of condition the property you’re purchasing is actually in. It might look good on a superficial level, but there could be a lot going on behind the scenes that you can’t see.
For example, if the building has cracks in the foundation or the interior walls, they might be easy and relatively cheap to repair, or they could be quite difficult and costly. Either way, it’s important you know exactly what you’re getting into before you sign on the dotted line and your conveyancer finalises the settlement of the property on your behalf.
A building and pest inspection might give you peace of mind that the property you’re looking at purchasing is a sound investment, or it might save you the financial burden and hassle of purchasing a property that requires substantial repairs.
However, if the property does have any form of damage and you still want to go ahead with the sale, you might be able to work with your conveyancer to lower the purchase price, or have the repairs rectified. This all depends on the clause on your contract.
Using the results of the inspections you obtained, you might be able to negotiate a price discount with the vendor to compensate the costs of the repairs. This means you can still purchase the property and undertake any necessary repairs, without being out of pocket.
Vicki Philipoff Settlements specialises in property settlements and conveyancing in Perth. We will work with you to help take some of the stress out of purchasing a new home or investment property. To find out how we can help make your property dreams a reality, contact us today!
