Learn Why Building Inspection is Important
Whether you’re renting, buying or selling a home, it’s well worth getting a property inspection. A property inspection will let you know if anything in the home needs to be fixed or if there are issues, such as termites, dampness or other problems that could be quite costly to repair. Learn Why Building Inspection is Important
Initially, you may not want to spend the money on a building inspection, however they can be extremely beneficial because they provide a strong insight into the condition of the property. Thousands of people around the world have decided against a building inspection and then they’ve found that their property has issues that they didn’t allow for.
It’s important that you get your building inspection prior to signing any legal contracts. Doing so prior to signing gives you the opportunity to back out of a sale that you don’t want to carry on with, which can save you money in the long run.
Now here’s something that you may not consider. It’s probably something you’ve only ever considered when buying a car or other vehicle. The building could have illegal modifications. If that’s the case, then you could find yourself liable. In some jurisdictions city councils or state governments have the authority to ask you to revert back to the original condition. This is most common with heritage buildings that must remain in their original condition.
The other possibility is that such additions haven’t be carried out safely or in compliance with building codes and standards. When you get a building inspected you will be able to find this out. It could well be that the additions were not completed with safety in mind, so you could find yourself in a death trap. If you have your building inspected, you may be up for the cost of repairs, however, you will find yourself being able to ask for a property price reduction, or you could negotiate the terms of the sales agreement so that you do not have to pay for such repairs yourself.
Without a property inspection you could find that you make an unconditional offer on a property and then when you try to take out insurance you can’t. Most banks make it a condition of your loan agreement that you take out insurance. If an insurance company won’t insure you, but you’ve already paid your deposit, you could find yourself severely out of pocket.
It may cost you a few hundred dollars and hurt when you need to pay that fee, but in the long run you will find yourself saving money.