Whether you’re buying a property for an investment or buying it for a home, we believe costs for a pre-purchase property inspection report should be factored into your buying budget.
Costs of property reports do vary, but a good property report will inspect everything – from the roof space to the flooring and even the outbuildings. Furthermore, because it’s done by an independent, there is no emotion attached to it and any flaws will be detailed. You will however need to do further homework by seeking advice on approximate costs for rectifying any problems that may come up.
Here are just some of the benefits of paying for a good pre-purchase property inspection report:
It Will Save You Money in the Long Run
While there is an initial outlay, it could be worth it in the long run. For instance, if you opt for a thorough $500 pre-purchase property report and it discovers rusting that will cause a major structural repair costing tens of thousands of dollars, it may be the best five hundred bucks you’ve ever spent.
Something to Negotiate With
While the report may not reveal any major defects with the property, costs to repair minor faults, such as leaking in a bathroom, can be used when negotiating on the price.
Budget for Repairs
The advantage of a property report does mean you’ll know exactly what needs doing and you won’t be hit with additional costs later down the track.
Keeping you Safe
Faulty electrical wiring, unhealthy mould, or even worse… asbestos, will all be revealed in a good property report. You want to know the property you’re buying is safe to move into, or what work needs to be done to make the property habitable.
Conforms to Regulations
While the garage conversion or pergola are great selling points, do they conform to building regulations? If not, at best you’ll need to rectify the problem, and at worse, you’ll need to take the structure down. Although not always included in a pre-purchase property report, it is also wise to check whether any additions to the building have the correct council or strata approval.
Peace of Mind
Perhaps the most important aspect of a pre-property report is it gives you peace of mind you are buying a property without any surprises. You know what you’re buying and you’re not going to be hit with massive unexpected costs later down the road.
For more information on pre-purchase property reports, look at the NSW Fairtrading website: http://www.fairtrading.nsw.gov.au/ftw/tenants_and_home_owners/buying_property/property_inspections.page
Whether you’re selling or investing, we’re always looking at ways in which to help you get the best out of your property. With over 40 years in the business, our talented team is constantly looking for new and innovative ways to ensure your real estate experience is exceptional. This is why we are one of Newcastle’s longest established real estate offices, so give us a call on 02 4954 8833 or pop into our office for a chat.