Getting a pre-purchase building inspection should be a no-brainer in today’s market. Yet, with fierce competition between buyers and bidding wars more common than ever, it’s tempting to skip the pre-purchase inspection and hope for the best. We’re here to tell you that getting a building report is always worth your time and money, no matter the circumstances. Here’s why.
What’s the typical cost, and what’s included in a building inspection?
Before deciding if a pre-purchase inspection is worth it, it’s important to understand precisely what you’re getting and how much you should be paying.
As the home industry has boomed, so has the number of companies that offer building inspections. Standard prices range from $400 to $1000, but a higher rate doesn’t always mean a more thorough inspection.
When deciding which company to trust, always check what types of reports are included, if there are hidden costs, how much experience the inspector has, and if the building inspector has a good reputation. At Fairview Building Inspections Ltd, a full comprehensive building report is $520 + GST.
You can also rest assured a quality inspection will take place to uncover defects that are more than skin deep. Your inspector, Rob Cane, will also take the time to talk through his reports and any findings, so you know exactly what you’re purchasing.
Prepare your budget and save money in the long run with building reports
A building report will inform you about big and small issues, and you can then add these costs to your budget if you go through with the purchase. Longer-term fixes, such as bathroom remodeling or an old heat pump may not change your mind about the purchase, but preparing for these costs can save you money in the long run.
For example, if you know your hot water heater needs to be replaced at some stage, you’ll be able to replace it when you can find an excellent price on a new one and when there are available installers. If you’re unaware of the issue, you may find yourself fixing the problem when stock is low, and prices are up.
You can also use your pre-purchase building inspection to bargain a lower price on your home to compensate for fixes. If a significant problem is encountered, often sellers would prefer to negotiate a lower price rather than lose the sale altogether.
A pre-purchase house inspection gives you a way out
A building inspection is worth it simply for the peace of mind you’ll get when it’s complete. When putting in an offer, you’ll be able to state that the offer is dependent on the building inspection not turning up major problems. If the building inspection comes back with only minor fixes, you’ll be able to go through with the purchase knowing you’re buying a great home.
On the other hand, if major problems do arise, you can back out of your offer easily, and if you’ve put down a deposit, you’ll be able to get a refund. Most homes today cost an average of one million dollars, and adding on another $520 to ensure you’re getting the house of your dreams is well worth it.
A pre-purchase building inspection can help your bargaining power
A property inspection can help you get out of a bad deal, but did you know it can also help you land that dream house you’ve been eyeing up? If a house is getting a lot of offers, use your pre-purchase building inspection to ensure your offer stands out.
While it may seem like a great idea to bypass an inspection to make your offer standout, hopefully you’ve realised that it comes with a lot of risks. To still get the same peace of mind that comes with a building inspection, consider putting an offer on a home that states only major issues will be looked at.
It’s rare for building inspections to come back with a clean report, so by stating you won’t look to negotiate for minor fixes, your seller will appreciate this speedy approach and are more likely to accept your offer even if it’s slightly below what others are offering.
What’s not included with a building inspector?
An important thing to know about pre-purchase building inspections is that they do not check over every detail of the home.
A building inspection will look over the home’s structure and overall safety, review necessary repairs and inspect site features. A few things to keep in mind include:
- A home inspection cannot guarantee there are no underlying issues with the plumbing or electrical as these are not always visible or accessible,
- A home inspection will not report cosmetic issues that are easily visible.
- A home inspection does not check the chimney is clean. If you’re buying a home with a fireplace, it’s best to have your chimney cleaned before moving in.
- Landscaping conditions that won’t affect the price of the home.
So, knowing a home inspection doesn’t include everything, is it still worth it? Of course! A home inspection will give you a detailed report on the overall state of the home. However, it’s good to be aware of what’s not included in the report so you can have your electrical and plumbing checked out if you’re unsure and take note of any cosmetic issues that need fixing.
Is a property inspection worth it for a brand new house?
Just because a home is new or only a few years old doesn’t mean you can skip the pre-purchase inspection. Issues with a new home tend to focus more on poor workmanship or cutting corners, and left unnoticed, can cost you a great deal of money.
At Fairview Building Inspections, we’ll look for foundation issues, leaky roofs, improperly installed appliances and lots more, so you know exactly what you’re purchasing.
Is there a time when a home inspection isn’t worth it?
There are exceptions to every rule, but in the case of skipping a pre-purchase home inspection, there are not many here. Even if the house looks spotless and the seller has no reason to believe there are any significant issues, hidden problems can arise and leave you well out of pocket. All in all, $575+gst is a small price to pay for peace of mind when purchasing a home.
