Buying a house is an expensive endeavour, a significant financial commitment and a long-term investment.
Of course, while you’d like the house you buy to be in immaculate condition it can be hard to tell from an all-too-brief open home!
Not surprisingly, defects are more common in older houses due to variables such as age and neglect – and unfortunately sellers are not compelled by law to disclose any faults in the property. However don’t fall for the myth that new properties are immune. As one study of residential multi-owner properties revealed, 40 to 50% of defects arise in the construction phase!
If you are serious about buying a property, while it’s good to have a pre-purchase house inspection checklist – it’s even better if you protect your investment by having a professional inspection conducted by an experienced, independent building inspector.
The Importance of Negotiating as a Home Buyer
If the building inspection report identifies a number of problems or difficulties with the construction, you may be able to negotiate a significant reduction of the purchase price, or require the vendor to fix these issues before the purchase is completed.
That’s why it’s important to have a building report that you can actually understand – and that’s one of the things we pride ourselves on here at Trimax Building Inspections. As well as using plain English to record any faults, we also provide photographs of the actual issue in that particular property – rather than a generic stock photo. That means that if there is water infiltration, termites discovered, a dangerous deck, or floor issues, you will have evidence in your hand – allowing you to negotiate a reduced purchase price, particularly if significant modifications are required.
What You Can Get from a Building Inspection
No matter how carefully you might look at a property, chances are you will miss the signs that professional building inspectors are trained to spot. We’re also familiar with the common tricks used to disguise any faults – new paint, or strategically positioned pot plants, rugs and wall art, for example.
Nor will you have the equipment to detect issues in hidden areas like walls, whereas we use the TERMATRAC – a hand held device with moisture, radar and thermal sensors, excellent for detecting any pest activity.
Engaging an experienced professional for your building and pest inspection is your best bet to ensure that any structural flaws, termite damage, and other problems are identified. When you engage Trimax Building Inspections, we liaise with the agent to schedule an inspection; once the inspection has been completed, you’ll generally have our building report in hand within 24 hours.
If no substantial issues have been discovered, the deal may proceed; but if severe problems are discovered you and the vendor may be able to work out a cost-sharing arrangement for the necessary repairs. Occasionally, the seller will refuse to pay for any remedial work that may be necessary. In cases like this, the buyer can then haggle the price in order to cover the costs of repairs.
Other times, it may be better to crash the contract, particularly if repairs are likely to be extremely expensive or even not viable – if for instance the property has been severely affected by termites or flooding,
Remember: The expense of doing building inspections can run into hundreds of dollars – but the repairs to a damaged structure could cost tens of thousands of dollars!
Cost or Investment?
Buyers can utilise their building report as a bargaining tool during price negotiations.
Or think of it this way:
- Imagine buying a house only to realise that there is an active termite nest in the ceiling void – and they’ve chewed through one of the roof trusses. What would that cost to repair?
- Imagine you’re ready to rent out the investment property you’ve just purchased – but the property manager walks through only to discover that there is a crack in the wall (previously disguised by a well-placed artwork!) big enough for to drive a car through. What would that cost to repair? And how long would it take? Think of the rent you’d be missing out on in the meantime!
- Imagine the first couple of weeks in your dream home, with the dream rapidly turning into a nightmare as each day you discover yet another shortcut or issue with the renovations. Those dodgy renos are actually going to cost more than if they’d never been done!
Don’t pay the price of not doing due diligence before you purchase your next property! Trimax Building Inspections operates across the Brisbane south area, including Redlands and Logan – contact us as soon as you place a contract on a property to book your professional building inspection, and save yourself dollars, stress and heartache!