Article by Peter O’Malley
Is a building and pest inspection that important?
Is it necessary to have a property inspected by a professional when buying and how much does it cost?
For most people, buying a home or an investment property is the biggest investment they will ever make.Yet many enter into a contract to purchase giving little thought to checking out the property.
When people buy a second hand car they usually have a mechanic check it out for any body or mechanical faults or defects.
Doesn’t it make good sense to have a much more valuable acquisition such as a home also checked out by an expert before buying?
A building and pest inspection report will usually cost somewhere between $500-$700. This is a small price to pay to be fully informed and confident that the property you are buying is sound and free of any major structural defects or termites. This would go a long way in eliminating any unpleasant surprises later.
I believe that it’s only a matter of time before it will be legally necessary for all vendors to provide potential buyers with an independent building and pest inspection report. This may become a required inclusion in the Vendors Statement (Section 32), given to buyers before buying.
This report should be conducted by authorised and accredited licensed building and pest inspectors.
The building and pest inspection report will be the equivalent of the roadworthy certificate for a used car. It will be the “Building and Pest Inspection Certificate” for a house.
In the Australian Capital Territory it is currently compulsory for all vendors when selling to provide a building and pest inspection report with all contracts of sale. This report allows all potential buyers to make an offer to purchase after having been fully informed about any defects or maintenance issues.
As I have previously stated this should become an Australia-wide practice.
Article by Peter O’Malley, author of “Real Estate Uncovered” and “Inside Real Estate: Buy, Sell and Profit in Any Property Market”
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