Taking out a home loan to purchase property can be one of the biggest financial commitments you make in your life. Before you sign on the dotted line, you want to make sure you have all the facts and are completely prepared for the journey ahead – and this includes getting a pre-purchase pest and building inspection done.
Think of this report like a test drive. You wouldn’t buy a second-hand car without first examining it for faults and potential problems, and the same goes for securing a home. An inspection can help you avoid costly repairs and unforeseen issues that might crop up further along the track, and even bring a bargaining chip or two to the negotiating table.
Buying a home isn’t just a sizable financial investment – it’s an emotional one as well. Without the experience of a seasoned engineer – not to mention being blinded by excitement – you can easily overlook the things that might cost you thousands of dollars in repair work and structural strengthening after you have finalised the sale. In any case, rot, moisture damage, faulty plumping and termite damage can be difficult for the untrained eye to pick up.
A professional and accredited inspector can cast their skillful gaze over the home and alert you to any big-ticket repairs. While some might be easy to deal with, others will need extensive work done – if they can be fixed at all. A pest and building inspection report can let you decide whether the property is worth the cost, especially if you need to take out a construction loan to make the changes.
Not only can a pest and building report give you peace of mind, it can also help you to negotiate a lower price. With a clear idea of what remedies you need to make on the home, you can argue the case for a reduced price or alter the conditions of sale.
The cost of a pre purchase pest and building inspection carried out by qualified professionals (ideally a two person job – one builder focusing on the build component and one pest inspector focusing on the pest component), is always worth it. A few hundred dollars for the inspection is a very minimal cost for finding out what can be uncovered by having a pest and building inspection carried out. Buying a home without knowing the risks can set you back thousands of dollars, so an inspection is an invaluable tool.