If you are in the market for a new property, then you may have been warned of the dangers of not getting a building inspection done before you buy. You may scoff and think that you would never be so unwise as to purchase a new home without doing your homework.
But shockingly, according to Archicentre, almost 80 per cent of Australian property transactions occur without buyers protecting themselves by inspecting for structural or pest issues.
This can be a huge issue, as National Manager of Corporate and Government Services Ian Agnew from Archicentre described:
“Buying a property is a complex exercise and if people purchased a property which had major faults, it can lead to a major personal and financial crisis,” he said.
“Homebuyers need to be methodical and realistic when purchasing a home, as there is little room for making a mistake without serious consequences.”
The true cost of failing to inspect
Professional inspections for a new property are a must, not just to check you haven’t bought an investment lemon but also to ensure that you do not encounter any horrific issues down the road that may interfere with your financial success.
Some of the most expensive repairs are those that you would be very unlikely to notice yourself. Issues such as cracking paint, poor plastering and damp walls might be observable for the average person, but some issues may never come to light under regular viewing conditions.
Pests, inadequate wiring, poor roofing, damaged plumbing, guttering and downpipes are all among the top ten most expensive repairs listed by Archicentre. You may not even notice these until you find termite holes in your brand new dining room, or hear the drip of water onto your hardwood floor.
Property inspections should be part and parcel of an intelligent purchase, so ensure you get the right advice for both your mortgage and for your property.