A pre-purchase inspection is essential for every home purchase – whether it’s your new home or an investment property. If you’re about to sign on the dotted line for your dream home, stop and think: “How can I be sure the property I’m buying is in good shape?”
The Importance of a Pre-Purchase Inspections
If you’re about to sign on the dotted line for your dream home, stop and think: “How can I be sure the property I’m buying is in good shape?”
A pre-purchase property inspection could save you thousands of dollars in the long run. Not only will it help identify any serious problems with your new property purchase, it can be a valuable bargaining tool for driving down the asking price.
An inspection will reveal any significant building problems or hazards, and help you decide if the property is really what you are looking for after all.
The person who inspects the property – typically a licensed builder – will check the condition of the interior, roof and roof space as well as the under-floor space of the home you intend to purchase. They’ll then provide a detailed summary, usually in a checklist format, once they have completed their report.
The price of a pre-purchase inspection depends on the property and the time taken to make the evaluation but as a rule of thumb the cost for a standard report on a typical residential property is usually around the $500 mark.
Just remember, you’ll need the vendor’s permission to have the property inspected – so be sure to give plenty of notice.
A property inspection could mean all the difference between a good or bad investment, however there are some things that it may not cover – so ensure you’re aware of the scope of the inspection before you give the green light to commence.
Some exemptions may include:
- Concealed damp-proofing
- Electrical wiring
- Watering systems
- Gas fittings
- Fireplaces or chimneys
- Television reception