When preparing to buy a property, be it your first home or an investment to add to your portfolio, you might wonder whether it’s worth the extra expenditure of having a building inspection conducted. The choice is essentially yours – after all, it’s your cash and your decision! Building inspections can cost hundreds of dollars, and if you’ve given the property the once over yourself and you feel comfortable to proceed, you’re well within your rights to skip straight to the good bit – calling Hatch Financial Services before making your offer!
That said, there are several benefits having an expert building inspection conducted on a property you’re considering purchasing. Firstly, it means your property will be compliant under Australian law. All properties must comply with the Building Codes and Standards of Australia, and if a property you own is found to be in breach of any conditions listed, it’s up to you to foot the bill for fines and any works required to bring the property up to standard.
It’s all in the structure
When buying a property, it’s routine to look beyond what’s currently there and picture the changes you’d make should you make it your own. If this involves tearing down walls and making other significant structural changes to a home’s configuration, a building inspection should be high on your agenda. An inspector will prepare a report on the building’s structural integrity – including which walls are weight-bearing – and any issues that may impact upon your plans to renovate.
If you’re intent on leasing your property to tenants at any point, a building inspection can also offer peace of mind where safety is concerned. Electrical wiring, smoke alarms and hazardous substances – like asbestos – will all be reported upon, giving you an accurate picture of any risks your property might present to occupants. You can also have outbuildings, balconies and outdoor spaces checked for safety and adherence to local regulations. Safety first!
It’s not just your property that can benefit from a professional’s opinion – your contract of sale can, too. The contract of sale and Section 32 (aka vendor statement) will include a range of information that affects the property itself, and you as a buyer. There may be phrases or terms you don’t understand, or conditions you’re not happy to agree to. Invite your conveyancer or solicitor to check your contracts thoroughly, giving you the opportunity to raise any concerns you might have early in the piece. There’s (almost!) no going back with once real estate contracts are signed, so it’s imperative you understand all paperwork relating to your property purchase.