It is usually in a “Buyers” market that the opportunity to engage a professional building inspector becomes more common. It is the lack of competition between buyers and lower levels of confidence in the market that generate an increased sense of caution and fear.
In a “Sellers” market the buyers begin a race to purchase and their actions are fuelled by competition for their slice of the property profits.
In the haste of a hot real estate market, it becomes more common for buyers to neglect the importance of spending a few hundred dollars for an independent building and pest inspection.
Before you engage the services of a building inspector or pest inspector, have clearly identified parameters for the expense you are willing to pay above the purchase price. Don’t presume nothing will go wrong. Even something as simple as a hot water service failure can cost a $1000 dollars to replace.
If you have seriously assessed and set your limit on repair costs at $10,000 and discover through a professional building inspection, it is more likely to be $30,000. You need to consider pausing process, further negotiation or passing the property by.
Ask your local building inspector what the typical defects and maintenance items are for homes in the area you are intending to buy? Ask if you can have a ball park estimate of common repair costs required to homes in the local area? Try to get tips on what areas of the property should require close attention during your first inspection. Visit http://www.inspectionangel.com.au and download their handy checklist.
And don’t neglect to have it inspected by a professional building inspector before you sign an unconditional contract of sale.
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