Resist the temptation to skip a building inspection when you’re buying a property even if you think other buyers are circling the home that has stolen your heart.
It shouldn’t even be a temptation. If you’re even giving this the slightest consideration, stop now and make sure your head rules your heart. Eliminate emotion – it’s the golden rule of buying property.
There’s nothing wrong with falling in love with a dream home, but you need a more hard-headed approach when it comes to judging the quality of the property.
There’s no point in loving the home if the foundations are rotting and they’ll cost you tens of thousands of dollars to remediate. And if you don’t order an inspection by a qualified building professional, you will only find out when it’s too late.
Building inspections focus on the integrity of the structure. So, it’s never a bad idea to seek an assessment of the electrical wiring, roofing and whether there are any pest infestations, such as termites, that would cause you financial heartache down the track.
One final reason for ordering an inspection is that both lenders and insurers may refuse services to you without an assessment. But don’t bother checking if that’s true of your providers –get one done and enjoy the peace of mind it provides!
Here are some additional reasons to order building inspections.
- Safety first – It’s not just financial security. A property in poor repair can be a health risk. Mould on walls from rising damp is detrimental to air quality. Buildings also emit fumes, such as carbon monoxide and radon. Interestingly, radon is a radioactive gas that forms when metals break down in soil, rock and groundwater. Termites can undermine foundations, tree roots can undermine structural walls and damage plumbing and bad wiring can be a fire risk.
- Illegal extensions – It’s not unknown for an owner to improve their home without seeking permits. This is most commonly found with extensions to garages and basement conversations. Don’t pay for anything that shouldn’t exist, or you’ll inherit the problem and subsequent loss in value.
- I’m out of here – An inspection can allow you to back out of a sale if it finds significant problems with the building and you don’t feel willing to take on the challenge.
- Re-negotiate option – If the inspection discovers issues, you don’t have to turn on your heel. You can go back to the negotiation table and talk to the seller about either rectifying any problem or discounting the price sufficiently to cover remediation costs.
- Crystal ball – An inspection might not be so damning that it puts you off a purchase. However, the inspector can forecast some of the problems you might face in the coming years and help your budgeting. These might include the longevity of the heating and cooling systems, integrity of wet areas in bathrooms, the state of the wiring and future upgrades to plumbing.
- Take it or leave it – An inspection is essential if you’re buying at auction where you purchase on the condition of what you see is what you get.