When the offer to buy a home enters into the contract phase you should make sure you get a building inspection before the contract closes. There are many costs that will be incurred in buying a home like lawyer fees, bank, mortgage broker and realtor fees. Because of these costs as well as the massive sum of money required to purchase the home, some home buyers try to skip the building inspection stage to save some money. They couldn’t be more wrong. Having a building inspection is the best thing to do before your purchase and here are 10 reasons why you should get one. These reasons are discussed below;
1. Provides you with an out
A good building inspection reveals all the critical information on the condition of the home and all of its systems. This gives the buyer the information they need about the costs, maintenance and repairs that are needed in the home, both immediately and further down the track. In case the building inspection findings are not pleasing, you can even back out of the contract. This could save you a ton of money.
2. Home safety
A Building Inspection is able to determine the safety of the home. If there are issues that could possibly affect the family because of physical defects in the home they will be found by a having a Building Inspection. Some of the issues include building defects, asbestos or unrepaired items. However, for you to cancel the offer you need to know if there is such kind of clause which enables you to do so if any defect or hazard is found.
3. Illegal alterations or additions to the home
Building Inspections are known to uncover illegal additions and alterations to the home. These include altered garages, rooms, extensions that are illegally constructed or built without following building standards. It is important that you understand these kinds of alterations or additions that are not council approved or certified as they actually effect the insurance, usability and taxes as well as the overall value of the property. In other words, you will be buying something that is currently not adding any value and may even cost you a considerable sum of money to have it rectified, certified or even demolished. This affects even new homes as you can find systems already not installed in building standards that essentially becomes your financial problem after you purchase as it is you that will have to pay to fix it.
4. Protections from defects
Carrying out a building inspection will clearly indicate the current condition of the property and show if there are any damages and defects. This basically helps in avoiding nasty surprises of financial nature after making the purchase.
5. Negotiation framework for the home
A building inspection report can be used to demand certain repairs be made prior to the purchase or better still a reduction of the purchase price. You can work with the Realtor to help you understand the requests and in the end help you negotiate a good deal.
6. Forecasting future costs
The building inspection can help you get approximation of installation age of some of the major systems in your home. These include heating, air-conditioning and plumbing. Furthermore, it helps you diagnose current home condition. Home components have shelf life and you need to know when replacements should be done. This helps in budgeting and also knowing the type of insurance cover and warranties to consider.
7. Determining deal breakers
Basically having a building inspection offers the advantage of enabling you to know the amount of additional effort or money you can spend to get the home to its expected condition. In the event that you are not willing to repair the issues such as cracked walls, gutters or ceiling then you are essentially not ready to halt your search for a home.
8. Protecting an investment
Building inspections are important mostly as an educational resource. You can learn specific tips on how best to maintain your home. This will save you a lot in the long term.
9. Reveals the bigger picture
Building inspections will also help you understand nuances of biggest purchases made. Most people instantly fall in love with a home based on their external appearance which often blinds the issues that should rather be of great focus. This often ends up disappointing their dreams.
There are insurance companies that will not even attempt insuring a home that are found to be wanting. With a building inspection, you can identify these conditions beforehand in the reporting.
The bottom line is that the home inspection is a great way of learning more about the home you intend to purchase. You get to know inner details of the property beforehand and will further help you in getting to an agreeable decision.
If you would like to book in your building inspection for the Gold Coast or Brisbane regions contact Aegis Safe today. Our building inspectors and pest inspector will provide you with the most comprehensive inspections and reports so that you will have a perfect understanding of the property you a looking to buy. Remove the risk in buying with our building and pest inspection (07) 3053 6008.