Buying land for a new development

3 Strategies For Planning Pre-Purchase Building Inspections

With the median Australian house price at $658,608, you don't want to make mistakes when you buy a new home. Failure to inspect the home properly may set you back tens of thousands of dollars in pest control and renovation costs — money you simply don't have after paying a fortune for your new home. Pre-purchase building inspections can take the bite out before you buy by thoroughly inspecting the property to look for signs of damage and imperfections. Consider these strategies when planning pre-purchase inspections.

Establish The Price You're Willing To Pay For Repairs Before Inspections

Pre-purchase building inspections are ideal for checking the general condition of the property you want to buy, especially if you're looking at a fixer upper property where repairs are inevitable. But even if you decide to buy a fixer upper, you have to establish a certain repair budget because some houses may conceal major structural issues that you can easily miss without inspections. Buying these houses may seem lucrative at discounted rates, but you may end up spending more in repairs than you anticipated. Before undertaking any inspections, you'll ideally want to establish the price you're willing to pay for repairs. This will help you choose a home at a discounted selling price that is well within your repair budget.

Make Sure You Communicate What You Want Included In The Report

When hiring an inspector, be sure to know exactly what you want included in the report. For instance, interior space inspections may include all rooms, walls, roof spaces and floors. But you may also want the report to include operable smoke alarm checks, visible asbestos presence and existence of safety electrical switches. Exterior inspections typically include roof exteriors, garages, patios, sheds and fencing. But you may also want deeper checks to include retaining wall structures, storm water run-offs and surface-level water drainage. Sign an agreement with your inspector and make sure it includes everything you want inspected for greater transparency.

Make Sure You Gain Permissions For Property Inspections

When ordering pre-purchase building inspections, make sure you gain all possible permissions from the sellers or real estate agents. To avoid any miscommunication, seek all permissions in writing, so that the inspector has no trouble gaining access to the home. This will help you in your quest to establish whether it is worth making an offer on the property. If the inspections report recommends certain repair work for the home, you may be able to use this to discuss a lower fee during the property negotiation process.