THE TIMING OF A BUILDING INSPECTION DEPENDS ON YOUR SITUATION AND MOSTLY THE METHOD OF SALE.
As the findings of a building inspection report may cause you to withdraw an offer you should always ensure that you are informed of your rights and options. Engage a conveyancer or settlement agent as early as possible.
If you have not already got a conveyancer, try Jim’s Conveyancing on 131 546.
AUCTIONS
Organise the inspection prior to the auction date and as early as you can. You may then also be in a position to make a confident and informed offer prior to the auction itself. Many buyers will consider a ‘bird in the hand to be worth two in the bush’.
You can also check out our e-commerce section to see if an inspection on your property has already been completed. Jim’s Building Inspectors often conduct what we refer to as ‘on spec’ building inspections on properties which are going to auction.
We conduct a building inspection on the property but may make the report available to multiple interested parties, often at a more competitive price.
The general risk with ordering a building inspection prior to auction is that you may not be the successful bidder. If this is the case, contact your local Jim’s Building Inspector directly as many offer discounts to assist you when further building inspections on other properties are needed.
However, the bigger risk is bidding at auction and winning a property which has not had a building inspection completed may mean your best laid renovation plans and savings go out the door.
With up to 1 in 5 homes being subject to termite damage at some point in their life cycle and approximately 1/3 of all homes being sold with a major defect of some type, it is not worth skipping the building inspections.
We are obviously biased in this matter but we have also seen too many examples where people have purchased a property and come to us after the auction when they discover that their budget for their new kitchen is now going to go on simply making the property water tight, addressing rising damp or dodgy repair jobs.
PRIVATE OR FIXED DATE SALES and EXPRESSIONS OF INTEREST
If you are planning to buy a home or any property, to occupy or as an investment, you should make any verbal or written offer conditional on a building and termite inspection at least.
Generally, any wording should indicate that you retain the right to withdraw from the sale without financial penalty should safety hazards or major defects be identified. Also consult your Conveyancer about any local state-based requirements for settlement processes and your options.
If you don’t have a settlement agent yet, contact: Jim’s Conveyancing on 131 546.
Again, the earlier you place an offer, conditional on your building inspection report, the earlier you can place an offer. In a rebounding market there is often a high degree of competition and many people use Jim’s Building Inspections, as with many inspectors in each city, we can get your inspection done quickly and when you need it.
Conclusion
Choosing the right method of property sale can significantly affect the need for a building inspection. Whether you’re opting for a private treaty, auction, or off-market sale, understanding how each approach influences inspection requirements will help ensure that you are prepared for a smooth transaction. Conducting an inspection early can also protect both the seller and buyer from unexpected surprises, leading to a more efficient and transparent sale process.
FAQs
A building inspection helps identify any structural issues or required repairs, allowing you to address them before listing the property. This can prevent delays or negotiations from buyers.
Yes, an inspection can uncover hidden issues that could affect the sale price, either by reducing buyer interest or leading to price negotiations.
It’s best to schedule a building inspection before listing your property to avoid surprises and to allow time for any necessary repairs.
Transparency is key; sharing your inspection report can build trust with buyers, but make sure you’re clear about any issues and solutions before negotiating.
If significant issues are found, you may need to adjust your sale price or arrange for repairs, or you might decide to sell the property as-is at a reduced price.
Yes, depending on whether you’re selling through private treaty, auction, or off-market, the timing and extent of inspections may vary. Always consult with your agent.
Yes, inspection results can be used to negotiate price reductions or request repairs from the seller, especially if hidden issues are uncovered.
Yes, older properties may have more issues requiring inspection, while new properties might need fewer inspections unless there are concerns about the builder’s work.