Pre-Purchase Property

The answer to this question is a resounding yes, you should get a pre-purchase property inspection. Buying a property is a huge financial decision that must be made with caution. Apart from the high cost of purchase, the process of buying a property has various challenges.

For most buyers, the biggest challenge is ensuring that the property they purchase is not faulty, unsafe or substandard due to poor maintenance or construction. For example, buying a building that is weak and has cracks is weak means exposing yourself to risks that can lead to serious injuries or even death. Worse still, buying such buildings means that you have to incur additional costs of repairing them.

Conducting a pre-purchase inspection can help you circumvent such challenges by identifying defects early. A pre-purchase inspection is an evaluation of the property before a buyer makes any commitment. It helps in establishing the condition of the property, ensuring that the buyer does not get any unpleasant surprises after they have bought the property. There are several ways that pre-purchase property inspection helps you buyers. These include: 

Enabling buyers to make an informed decisions

A pre-purchase property inspection enables buyers to determine whether a property is worth purchasing. When you conduct a pre-purchase inspection, you get a written report. The report informs you of all the areas that have damages and the extent of those damages. You also get to know the cost and the time it will take you to repair those damages. This enables you to compare the cost of buying price the property with that of restoring it to a usable state. With that information, you can decide whether to proceed with the purchase or to find an alternative in the market.

Giving buyers leverage for bargain

Property sellers want to maximize their profit and they know what attracts buyers to a property - it is how a property looks. On the other hand, as a buyer, your goal is to get value for your money. To meet their goal, property sellers tend to apply shortcuts to appeal buyers by making minor renovations like painting and repairing visible damages on a property. 

This enables them to quote high selling prices. Making a property appealing to the eyes does not necessarily mean that its condition is 100% good. A pre-purchase inspection helps reveal the actual condition of a property, matching its cost to its benefits. If the cost of a proper appears higher than the benefits that it offers you, a pre-purchase inspection report gives you leverage in renegotiating the price with the seller. 

Reducing risks for property buyers

The decision to conduct a pre-purchase inspection lies entirely with the buyer. If you choose not to conduct the inspection, you will save some money in the short-term but that decision could cost you dearly in years to come. A pre-purchase inspection reduces this risk significantly by ensuring that the property you purchase is safe and that you are well aware and prepared for repairs. 

Having a pre-purchase inspection also ensures that you are not caught unawares and enables you to factor in the cost of repairs in the price negotiations. If you buy a building without inspecting it, you run the risk of suffering damages due to the high costs of repairs.

Enhancing buyer confidence about a property purchase

When you are buying a property, you want value for that investment. This makes you question what you want to buy and until you get answers to the questions you have, you will have doubts about the property. This slows you down because you are not satisfied with the information that you have about a property. 

A pre-purchase inspection report deals with this issue, providing you with all the answers you need about a property. It enables you to know what you are purchasing so you can approve or disapprove of it. When you have detailed information about the property you want to buy, you will be confident to close the purchase deal. 

Types of Pre-Purchase Inspections

There are two types of pre-purchase inspections - a building inspection and a pest inspection. Building inspections deal with structural defects while pest inspections check whether a property has a pest infestation. When buying a property, it is advisable to do both. 

Since these inspections will cost you money, you need to ensure that you get the most value by hiring an expert. Give your building inspection sunshine coast inspector an early notice. The inspection process is pretty fast and you can have a report in just 2 days, or in some instances within 24 hours if you hire a really good inspection firm.

In most cases, property sellers will want to recommend an inspection company to you. If this happens, consider turning their offer down because there will be a conflict of interest. Find a pre-purchase inspection firm independently so you get a report that represents the actual condition of the property. Also, find out what the building inspection costs cover. Ideally, the inspection firm should provide you a checklist but if they don't, ask them to do so.