Alastair has over 15 years academic and professional experience in international and local property markets. He began his career in Belfast as an investment property buyer and development manager after completing a BSc Hons degree in Estate Management at Heriot-Watt University in Edinburgh.
Neglect to Inspect ?
When purchasing a property, a building inspection should always be a serious consideration.
As a general rule, we advise our clients to have building inspection carried out on a property that is not part of a Owners Corporation, however needs to be judged on a case by case basis.
A building inspection will usually cost anywhere from a few hundred dollars to over a thousand depending on who you engage. Should you opt to have the pest inspection included, this is around an extra $200.
So what sort of things are we hoping our building inspection will or won’t turn up?
- Damp? Rising damp in particular can be a costly exercise to eradicate and is not always easily done.
- Structural issues? Many houses, in particular Victorian and Edwardian architectural styles will exhibit signs of cracking through movement. These need to be assessed professionally and monitored otherwise costly repairs such as underpinning may be required.
- Uneven floors? This often means a sub floor problem and can lead to re stumping of a property.
- Leaks? Showers that have not been sufficiently installed or maintained can pose ongoing leak issues unless the problem is addressed properly.
- Termites? The dreaded termites do not discriminate between brick or timber homes, so please think twice about passing up on this inspection as these little critters can be very costly and difficult to eliminate!
Try not to think of the inspection as something that only looks out for the negatives or flaws with a property, although this is the key reason for carrying out a building inspection there are also positives.
Positives to take form a building/pest inspection:
- Peace of mind! Once you have been told by a qualified building inspector that the property is in good condition you will feel much more comfortable to proceed with the purchase.
- What am I up for? A building inspector should be able to give you a good price guide as to the cost of any repairs that need to be carried out
- How long have I got? A building inspection can be used to form a longer term maintenance plan for the property as not all issues identified at the inspection will need rectification in the short term.
All too often we see properties being bought or fought over on auction day by those who have purchased on a whim and not had a proper building inspection carried out. Friends and family who may be ‘pretty handy’ when it comes to property maintenance or who are in the building game are not always in the right position or qualified to offer sound advice however well meaning they may be. Please consider professional advice regarding the building you are thinking of purchasing just like you would with any other aspect of the purchasing process such as finance.
If you are thinking of purchasing a property and would like any advice or assistance, please call our friendly team at The Property Bureau on +61 3 9018 7870.
Book a meeting online with one of our advisors