I know what your thinking. “Do I really need a building inspection?” You have looked over the property at the home open. You have even had a second look with your in-laws. Everything looks “fine” so why bother with the extra hassle of organizing someone else to come through the property?
For a few hundred dollars and a little bit of time spent organising, trust me, its worth it!
Here are 5 things that your Pre-purchase building inspection is going to teach you.
1. Are there any structural issues?
It is amazing what a coat of paint will do. To the untrained eye everything might look good on the surface, but a structurally sound building is essential not only for safety of yourself and your family but also costs in the future.
If a building is structurally weak, it could lead to collapse and injury to the occupants.
Also a structurally weak building could require some major construction in order to repair the issues.
If you don’t identify the issue before you buy, then it becomes your issue. All buildings need to conform to the Building Codes and Standards of Australia. Therefore if you purchase a building that doesn’t conform to these standards, then it is your job to make sure they do. That means you just inherited the costs of repair.
2. Know how much the repairs will cost
A lot of Sydney investors or first home buyers like to build up the equity in their property by buying an older, slightly run down building and doing some renovation work themselves. This is a fantastic way to trade sweat equity for cash equity and start your investment journey.
A pre-purchase building inspection will help you in this process to identify if there are any big costs or hidden repair issues. By knowing this information, all of a sudden that bargain property, might no longer be such a bargain.
Once you have building inspection report you can then seek out professional help to get estimates on the value of repairs required.
If you are going to renovate, save costs and spend a bit of money getting an inspection first.
3. Don’t watch your biggest investment go up in smoke
Faulty electrical wiring in older homes can make for dangerous and deadly situations as there is an increased risk of fire and electrocution.
A pre-purchase building inspection will identify any issues with electrical wiring issues and weather the necessary smoke alarms have been installed.
4. A building inspection could literally save your life
Older homes in Sydney can present some serious dangers to you and your family. Pre-purchase building inspections uncover any areas of the home that may be unsafe. This includes identifying the presence of asbestos, other dangerous materials, cracks in the walls or missing and loose safety railings.
An inspection will recognize these issues and allow you to make an informed decision to see if you are willing to put in the investment to make the property safe.
5. They don’t just look at the house
Building inspectors don’t just look at the house. If there are structures, such as sheds and patios on the property then they get checked as well. If any of these structures have not been built with council approval in the past then they will need to be removed if they do not comply with council regulations. That’s going to be your job and your cost if you don’t identify it before you buy.
It may seem really tempting to just brush past the building inspection and just get on with the sales process. Yes you might save a few hundred dollars, but the cost to you in the future, if you purchase without having a full picture of the property, then you could be putting your bank balance or family in serious danger in the future.