Buying a home is one of the biggest investments you will make in your lifetime. Because of the amount of money involved and the potential for disaster, it is highly recommended to get a pre-purchase inspection report before you commit to a property purchase in Sydney.
What is a pre-purchase inspection report?
A pre-purchase inspection report is a detailed report of the property you are planning to buy. The report should list any potential hazards associated with the property such as structural issues, water damage, signs of pest infestation and a number of other possible problems. A pre-purchase inspection report in Sydney will take into consideration local hazards that might affect other properties in the area along with an in-depth examination of the individual property you are considering purchasing.
What are the benefits?
Arranging a pre-purchase inspection report before you buy a home or investment property has a number of different benefits including:
- Peace of mind. Knowing that the property you are committing to is free of serious problems can help you feel more secure in your purchase and confident about the future. Purchasing a property is a serious financial commitment and this can be stressful enough without having to worry that you are making a mistake.
- Avoiding a costly or dangerous mistake. Not all problems are obvious and if you purchase a property without first obtaining an inspection you run the risk of encountering an expensive issue in the future. As well as the cost of fixing problems around your property, your safety or that of your tenants could be at risk if your property has structural damage, electrical faults or other hazards that could be dangerous.
- Negotiation. If a problem is found with a property you intend to purchase it doesn’t necessarily mean that you need to miss out on the property. Depending on the problem and the cost of fixing it, you may be able to negotiate a lower price which takes into consideration the costs involved. A pre-purchase property inspection report allows you to negotiate and deal with the seller from an informed and knowledgeable standpoint, which can strengthen your position.
- Better budgeting. If the pre-purchase property inspection reveals a minor defect you will need to budget for repairs in your overall costs. Although the problem may not be serious, being aware of it and how much it will be to repair the damage or fix the issue can give you a more realistic idea of your costs and help you avoid any nasty surprises.
When you obtain your pre-purchase property report it is important to make sure that you are aware what is and isn’t included.
If there are specific areas of concern you may need to get a more in-depth report such as a pest inspection report or a special property report to make sure there are no underlying issues. Pre-purchase reports are often fairly general and don’t provide in-depth information about all the features of a property although they can detect any major issues and make recommendations for further investigation.
Although it can be tempting to forego a pre-purchase inspection report for the sake of a few hundred dollars, buying a property that hasn’t had an inspection can be a very expensive and dangerous mistake. Make sure you obtain a pre-purchase inspection report in Sydney before you commit to purchasing a property in the area.