November 23, 2017

Why a Building and Pest Inspection is Important When Buying a Property

Investing in real estate in Australia is likely to be the greatest financial decision you will ever make. If you’re buying your very own property, one of the most important things that you should do is acquiring a building and pest inspection.

It’s highly recommended that you do some inspections prior to making a real estate investment as these building and pest reports may reveal any hidden problems the property may have.

You should keep in mind that a building inspection report and a pest inspection report are two different things. The former identifies any structural issues which could have a significant impact on the property. The latter examines the property for any pests and the damages that it has caused.

We’ve gathered some reasons why a building and pest inspection should be on every property buyer’s checklist before investing in real estate in Australia.

Building and pest inspection is a money and life saver

According to a CSIRO report, 32% of houses in Australia have a presence of termites. The average cost of removing them can go up to $7,900 depending on the type of property and the infestation of the building.

You can avoid this big financial mishap with a building and pest report. A professional will evaluate the overall condition of the property such as the:

  • Interior and exterior of the building (windows, doors, floorings, ceilings and etc.)
  • Roof space
  • Under-floor space
  • Foundations
  • Wiring
  • Plumbing
  • Electrical and air condition systems

It’s highly recommended that you do some inspections prior to making a real estate investment as these building and pest reports may reveal any hidden problems the property may have.

It tells you the current status of the property beforehand

A building inspection tells you the current condition of the property you’re looking to buy. Whether the real estate is old or new, it’s essential to know about this for safety reasons and costing concerns for your future maintenance and repairs.

You can check the Building Codes and Standards of Australia to make sure that the property you’re interested in adheres to the standards. If not, you will be responsible for the expenses of bringing the building up to the code.

You can negotiate for a lower price

Even if the reports show a few minor flaws, you can use the information you have as a bargaining tool. The price of the real estate will need to coincide with the state and condition of the property. You can try and negotiate a lower price or alter the contract or settlement terms of the property you’re eyeing to buy.

Conducting a building and pest inspection is a must for every home buyer. It’s better to know the problems early on as this can lessen your future expenses, and guarantee the safeness of your property.

Did you conduct a building and pest inspection before buying your property in Australia? We’d love to hear your story!

About the author  ⁄ Marxa Dillan

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