There are so many costs and processes involved with buying a home – have you considered which inspections you might need?
Buying a house is a complicated process, and once you find the right one – as well as a good variable or fixed home loan – the last thing you want to do is pay for inspections. However, getting the right person to have a look at your home-to-be could save you major headaches and thousands of dollars down the line. Here are the types of inspection you’ll need to consider.
Should I get a pest inspection?
Why yes, yes you should! The reasons for this are quite apparent – you want to avoid costly termite (or other pest) damage to the wooden frame of your new home. The gamble of not having a report done is simply not worth the low cost of these reports. You can even make it a stipulation in your sales contract.
How big a gamble is it? According to a 2006 report by Archicentre, as cited by the Victorian government, “about one in five houses in Armadale, Frankston, Greensborough, Monbulk, Newport, Wantirna and immediate surrounding areas had a termite infestation problem, or showed evidence of a past pest problem.” Those are worse odds than Russian roulette!
What about a builder’s report?
Structural issues and building modifications that are not up-to-code could not only pose a danger to the soundness of the dwelling, but could also place you at risk of receiving a fine from the local council, or could mess up your chances of selling later down the road. Mortgage brokers and lenders will also have a lot more confidence in your application if the building is proved to be structurally fit.
Your building professional should be properly qualified, and will be able to point out any defects that could cost you money in the future. These same issues could also be grounds for negotiating a lower price.
There are many other inspections you could have done, including strata reports, if you’re buying into an apartment complex. Don’t forget to do your own personal inspection before settlement to make sure everything is as you bought it, and all chattels listed in the contract are left in place.