Buying property? Then this blog is for you!!

This blog helps the property buying community to more easily share strategies, stories and helpful tips. It is an open blog. Anyone can join, contribute and invite others to join.

If you would like to talk property, please contact us:
Office: 1300 911 576
Martyn Fleming: 0400 000 822
Guy Clarke: 0409 055 128

31 January 2008

Building and Pest Inspections - Not Just Protection!!

You have a property in your sights and you've signed a contract subject to a building and pest inspection. Excellent work, but what do you plan on doing with the report?

Generally, you would expect one of three results from your building and pest inspection:
1. Nothing wrong - the building's perfect!
2. Some problems need attention, but not enough to let the contract fall over.
3. Disaster - Run awaaaaaay!

Personally, I don't believe a perfect property exists, so if the property comes back with a clean bill of health, I would question how hard they looked!

In reality, you're more likely to be faced with issues ranging from minor repairs right through to significant structural of pest issues. What can you do when there are issues, but you're still interested in the property? Most buyers believe your options are limited to either complete the purchase or pull out. Investors rarely consider using this as tool for a second round of negotiations.

To do this, you should carefully consider the impact of making a new offer. You may be successful, but you may also lose the property. However, if you believe there is significant work to be done and you need an adjustment to the price to make it an acceptable deal - you should ask for it!

Tip: Make sure your building and pest inspector is qualified and gives you a written report to best suit your needs. Each issue raised in the report should have a cost-estimate for resolving it. Some do this well and some do not. If you want to know who are the best in your area, contact us on 1300 727 586.

Remember, if you intend to buy at auction, get your report early!

Yours in property

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