Here at Ian Reid Vendor Advocates we take a great deal of pride in helping Australian home owners to make the most of their property dealings. Most people probably know us for our role in assisting property sellers, but we are also called upon to assist people when buying property from time to time, often because they are clients that we have also helped when selling. So it’s no surprise that from time to time we are asked about the merits of obtaining a pre-purchase property inspection.
The value of a pre-purchase property inspection
A common piece of advice that many people receive when buying a home, particularly for the first time, is to get a qualified expert to inspect the building prior to finalising a contract to buy it. Not every buyer acts on this advice, but even fewer seem to know what a pre-purchase property inspection involves, and what information it provides.
There are actually a wide variety of property inspection services available, and they are provided by an equally wide variety of people. Some are builders, some are handymen, some are architects, some are pest experts, and some would seem to have little or no formal qualifications at all!
Choosing the right property inspector
One way of selecting the right pre-purchase property inspection service is to ask what kind of guarantees they provide. For example, some inspectors provide a guarantee to cover any major structural faults for a set period after their inspection. They will also provide cost estimates for any repair works that they identify during their inspection.
Alternatively, some people will ask a family member or a friend who has experience and knowledge of the building industry to look at the property. Just remember that if someone is doing the inspection as a favour, they may well be saving you a few dollars, but there are no guarantees in this situation.
No property is perfect
One aspect of a pre-purchase property inspection that every buyer needs to remember is that every inspector will inevitably feel some pressure to find at least some faults, and this is particularly the case when a friend or relative is doing you a favour. So if you are looking at buying an established home, don’t expect to receive a “perfect bill of health”. Even a brand-new home is likely to have some faults if you look hard enough.
Always rely on experience
If you are keen to avoid unwanted stress in your next move, whether you are buying, selling or both, is to ensure that you are well informed about the whole process before you start. So be sure to obtain a FREE copy of our booklet, “Fatal Real Estate Traps Exposed” which has some very important tips which can help you avoid expensive mistakes when you sell.