Why Are Property Inspections So Important?

Whether a house is new or old, it is imperative that a pre-purchase property inspection is obtained. The biggest mistake a novice property purchaser could make would be to skimp on the cost of obtaining an independent property inspection report.

In Queensland a standard RE IQ house purchase contract incorporates the provisions for a building and pest inspection. “Knowledge is Power” and armed with an accurate, detailed property inspection report you will have the knowledge to decipher whether the information provided to you by the vendor or agent is accurate or simply sales spiel. For example, a question regarding a small amount of white powder running through the grout around some floor tiles is probably not spilt talcum powder as the vendor may have tried to tell you and is far more likely to be efflorescence caused by moisture penetration through the concrete slab. However, armed with the knowledge that you obtained from your building inspection report, you would be empowered to make an informed decision that could save you from a potentially costly rectification.

Another benefit of obtaining a building and pest property inspection report is the ability to renegotiate the contract price for faults that were not disclosed to you prior to signing the contract. What many house purchasers do not realise is that despite a contract being signed and price agreed upon, the purchaser has the right to renegotiate the purchase price to offset the costs involved in rectification of faults highlighted within the property inspection report. Should the vendor and purchasers not come to an agreeable reduction to cover the cost of rectification the purchaser subsequently retains the right to terminate the contract, providing the faults were of reasonable significance.

A detailed building inspection report is also an invaluable tool when budgeting costs for future maintenance. Most quality property inspection reports would incorporate detailed photographs of the specific faults whilst providing general script in relation to what’s involved in rectifying the faults and incorporating time frames for the repairs. An accurate property inspection report would also provide an insight into issues that may arise in the future despite not being problematic at present. Being forewarned of an issue and subsequently taking steps to prevent far more significant issues occurring in the future could save you many thousands of dollars.

In summary, whilst you could probably think of far more enjoyable ways of spending your money, the minimal cost involved in obtaining a detailed building inspection report is insignificant compared to the cost outlay involved in the purchase of a house. In fact, in most cases the cost of the property inspection report would be saved many times over thanks to the findings in the building inspection report enabling a renegotiation of the purchase price or by providing you with the information to avoid future costly maintenance issues. After personally undertaking over 20,000 property inspections and seeing many tragic house purchase situations I would always recommend my friends, family and general public obtain an independent property inspection prior to purchase to avoid possible future heartache.

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