Building inspections are being conducted to know about the property you are about to purchase so that it will bring down your expenses in the long run. It is a crucial step you need to take before purchasing a property. What you need to do is get a pre-purchase property inspection of property also called building inspection.
What is a building inspection report?
It is more of a quality report that you can get about the condition of your property prior to buying it. It is also called ‘standard property report’ in some regions. A property building inspection report gives a very detailed and significant report on what are the damages the property currently have that is costly to repair like damp areas, faulty roof, cracked walls and safety hazards.
Why is this important?
Main four reasons behind the need for a building inspection report is
- Gives an idea of what should need repairing and maintenance.
- By knowing this you can try and negotiate for a lower value of the property you are planning to buy.
- You can get expert advice on problems you might face with this new property and how it will affect the property over time.
- Gives an idea about property depreciation schedule if you are planning on a long term asset.
Who can do this inspection?
You need to get a professionally qualified person. An architect, a surveyor or a building inspector can provide you with a detailed report of your property. These professionals might know what to look for. You need to make sure this person has an insurance cover, especially for personal indemnity.
What are the contents of this report?
The report is mainly composed with respect to the size of the property, age, type and condition. The cost of the report also depends on these factors. Mostly the inspector chooses a standard checklist with all the essential categories but some professionals choose personally tailored ones for different properties. Including photographs are not very mandatory.
However, there are fewer chances for a standard inspection to cover every aspect of the property. They may not be able to identify major structural defects or problems that come with a change in weather conditions. If you need those to be covered you may need another assessment to be done with a set of professionals who are specialized, for example, pest inspector, surveyor, geotechnical engineer, water supply or electricity supply authority.
Here are some areas to be inspected:
- Garage and carport
- Interior and exterior of the building
- Roof space and roof exterior
- Smoke alarms
- Retaining walls
- Water drainage
- Driveways and paths etc.
What factors affect the report?
There are a few conditions which will affect the final report such as
- Problems which occur due to unexpected weather conditions such as leaks and damps.
- Information provided to the inspector.
- Problems which are covered up deliberately to make the property look problem free.
When is the right time and what is the duration for an inspection?
A property consultant needs a minimum of 2-3 days to finish the report. You need to make sure the consultant enough time to come to a decision. You also need to get permission from the owner to assess the property.
The best time to do the inspection is during the cool off period of 5 days where you can still negotiate and lower the price and no official documents have been exchanged. If you got the property during an auction exchange contract then the cooling off period is not applicable to you. If you find a problem with the property you decided to buy then you will have to prepare a letter to the vendor that you are withdrawing from the contract.
What should you do if you are not satisfied?
If you find the consultant’s work is not satisfactory, you may approach their company. If you buy the property and later finds out there is a problem with the property due to the consultant’s negligence, you can take legal action against the consultant. It is suggested that you should make sure the consultant has a valid insurance cover before letting them inspect your property.