Benefits of pre-purchase report priceless
When it comes to buying a home don’t skimp on the pre-purchase building report.
While some potential home buyers may not be able to afford the extra cost of a building report, the question they should ask themselves is can I afford not to get one? It really is something you don’t want to pinch pennies on.
Buying a house is the single biggest investment you will make, so you want to get the right answers and advice before going ahead with that purchase. Finding out too late that the property you have bought has major issues could lead to years of mental and financial stress and adversely affect the home’s long term resale value.
If a home already has a building report available, there’s usually no need to obtain another.
That document is legitimate, it belongs to that property – you can look into the integrity of the author but it can be taken seriously.
It’s not vital to get a building report on a new build or spec home either, as councils are thorough in their inspection processes, but for older properties, it should be a must as they offer peace of mind. They cover off everything from the foundations to its weather tightness and overall condition.
You want to know what’s underneath the house, is the structure sound, the condition of the roof, the downpipes, the cladding….Are there any physical cracks where water is getting in or out; you have to be very careful with weather tightness, it’s a vital part of the building code.
While the detail of a prepurchase building report is important, so too is employing the right person to do it.
Those who choose on price only should proceed with caution. It’s vital to understand what the building report entails; one for $400 and another for $700 is a big gap so you need to understand the difference.
Ask for a sample of a report; one may be a short overview report which may skim over details, compared to an in-depth report that covers off all that vital
information, and includes a conclusion.
Conclusions in a report are vital, it tells you if that property is in a sound condition. It’s basically telling you does this house pass or fail.
Insist the report is written in plain English as well, not in industry jargon or legal terms, so you understand what you are reading.
Choosing the right person also comes down to reputation and longevity. Look for a referral from someone, look at their time in business, look at their track record. Do a Google search of their name, look into their past if you can.
Most real estate agents have lists of reputable people who conduct building reports, but still do your homework.
If you contact a company or person to do the job, and they don’t respond reasonably quickly, look elsewhere as it could indicate concerns about their processes.
Don’t be tempted to get your builder mate to have a quick look over it, either; spend the money to do it right, so nothing comes back to bite you later on.