Do you know why building condition reports are important? These reports could save you from spending a fortune over repairs in the future. As a buyer, you need to know the condition of the property you are going to invest in. It’s not enough knowing the exact area of your soon-to-be property or the fact that the walls are whitewashed or that there are five bathrooms on the first floor. You need to know every single detail of the property but you cannot know this unless you hire a professional building inspector with a keen eye.
Here are some things you need to know about building condition reports.
What can you get from a pre-purchase property inspection report?A building inspection report is something you obtain before you purchase a house or a building. Another name for a pre-purchase inspection report is a standard property report. This report is a written record that shows detailed information about the property’s condition. It will inform you about any major or minor defects the building has such as cracks on the walls, damaged roofs, plumbing problems, safety hazards and many more. Generally, the report is completed prior to finalising sale contracts.
It is important to note that a building inspection report is not the same with a pest inspection report. If noticeable visual damage is found caused by termites, you will likely find that indicated on a building inspection report but it will not mention specific details if there were termites and other pests present. Ideally, if you are interested in purchasing a property, you should obtain a building inspection report as well as a pest inspection report.
Do you think it’s practical get obtain a building inspection report?
The answer? YES! You need it! Even when you’re on a tight budget, you must obtain this report, as it will spare you from spending a fortune in the long term. Firstly, you will know if the property you are eyeing on is worth it because on the report, you will be informed in advance if there are any minor and/or major defects.
You can also use the information obtained from the report to negotiate the price. If your seller insists on a fixed price you can haggle for a much lower price by showing them the damages and defects discovered in the property. You can explain that you will need money to have it repaired or you could tell them that you will pay their proposed price as long as they fix any defects before you finalise your payment. This will also help you know how much you will be spending over time.
How do you choose the best person to do the inspection of the property?
It is crucial that you select the right person to do the job, someone who is qualified like a licensed builder or an architect or a surveyor. These professionals are knowledgeable and they will know what to look out for. You see, most if not all sellers will attempt to conceal defects and damages cosmetically to make the property look aesthetically pleasing. If you hire a professional building inspector you can be certain that they will see past all the decorative enhancements. They can detect any damages no matter how well the seller hides them.
A professional building inspector will also make sure that the content and the format of the report are in accordance with the Australian Standard.
Let’s talk about the content of the report. What do you typically find in a building condition report?
The details and the format of the report is not the same for all properties. It largely relies on the age, the size and the type of property being assessed. These factors will also influence the amount you’ll pay for the report. But again, this will vary because not all building inspectors charge the same rate. There are reports that use a standard format meaning they have a complete check list while there are inspectors that customise reports for each property. The inclusion of photos would also vary. It doesn’t matter how each report is formatted, what matters is that it complies with the Australian Standard.
If you want to know the condition of a property your first step should be to get a pre-purchase property inspection report or otherwise known as a building condition report.