Pre-purchase inspections are assessments conducted before buying property. Although they are not mandatory, they can significantly affect your buying decision. Below is an extract discussing the benefits of conducting a pre-purchase inspection.
A Pre-Purchase Inspection Will Help You Establish The Property Condition
Ideally, the pre-purchase inspection gives insights into the condition of the property. Typically, it will assess the following:
- The condition of the foundation
- Whether the building's pillars can bear the weight of the slabs, roof, and other components
- The functionality of security features such as the fire alarm and CCTV cameras
- Whether the property contains land contamination or is susceptible to hazards such as flooding
- The general functionality of the building
- The repairs that the property could require before you move in
- Whether the building contains dangerous materials such as asbestos and mould
A Pre-Purchase Inspection Will Ensure You Get Value For Your Money
The pre-purchase inspection report will help you determine the feasibility of your investment. For instance, it could reveal severe structural defects that are expensive to repair. In this case, you could opt to ask the seller to lower the asking price to ensure you have adequate funds to improve the property. On the other hand, if the property contains minor defects such as chipped paint, frayed wiring and cracked tiles, you could ask the seller to repair these areas before the closing date.
A Pre-Purchase Inspection Will Help You Avoid Legal Liabilities
Various construction laws guide the building of residential, commercial and industrial properties. The inspection report will help you know whether the building meets these standards. If it does not, buying it could cause legal issues in the future. For example, you could be sued by the residents association or fined by the local council.
A Pre-Purchase Inspection Can Help Improve Your Mortgage Eligibility
In some cases, inspections are a prerequisite for mortgages. Since the lender invests in your property, they would want to be sure that they can recoup their funding if you cannot repay the loan.
You now understand the benefits of pre-purchase inspections. In Australia, building inspections are conducted by accredited building surveyors. When hiring a surveyor, assess their availability and licencing. Moreover, the surveyor should not have an interest in the property.
If you think you need a pre-purchase inspection, reach out to an inspector in your area to get a quote and make an appointment for your inspection.
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