We’ve heard this a hundred times and the outcome is that usually that we are called in to inspect a leaky roof or a spongey floor. There are plenty of stories out there where people avoid building reports and have been ultimately sorry in the long run. The beauty of a pre-purchase building report is that you have the opportunity to withdraw your offer if you’re unsatisfied with the report’s findings. Building reports open up the channels of negotiations between the buyer and vendor as you can then lower your offered price to reflect the remedial work needed.
Banks may require a professional pre-purchase inspection and building report because its well known that a building report can be the defining factor between buying a lemon or buying a forever home.
We understand that purchasing a property is often going to be your biggest investment and our goal is to make sure your investment is secure and in good shape.
If you compare the figures, a building report may cost you less than 1% of your purchase price. Compare that to the cost of some repairs which could come as a surprise like:
- Re-piling may cost you in the region of $25 000 – $50 000
- Re-roofing may cost you around $20 000
- A leaky shower and associated repairs may cost you around $10000
- Electrical issues could cause a fire and risk lives and re-wiring a house may cost around $15 000
- Re-plumbing may cost around $10 000 and hidden leaks could ruin your structural integrity
These are very common issues that we often find and are able to bring to our clients attention. At the end of the day, a few pennies spent now could save you potentially many more in surprise horrors.