Rising damp and termite damage. Two issues that would normally send shivers down your spine and see potential buyers running for the hills.
But what if you could turn a negative building inspection report into the ultimate negotiation weapon?
Real Estate Agents and Buyers Advocates around Australia are encouraging buyers to view some of the most common building inspection issues as opportunities, rather than just a reason to pull out of a sale and walk away.
Rising house prices, stiff competition and supply/demand issues mean that more and more buyers are investigating the cost of repair and using inspection reports to turn a negative into a positive by negotiating more realistic asking prices.
Jim’s Building Inspections Director, Paul Commerford, said that whilst the cost of building inspections can add up, it is a very important step in the real estate journey.
‘More than anything, it pays to be informed about potential problems before purchasing a property,’ he said.
‘Factor in the cost of repair into your offer, or be content to walk away if the numbers just don’t add up. Research is key – ask the right questions, negotiate skillfully and unemotional. As hard as that is!’
Jim’s Building Inspections uploads current building inspection reports online at reports.jimsbuildinginspections.com.au. Speak to an expert on 131 546 today.
Conclusion
A building inspection report is more than just a list of issues; it’s a strategic asset in property negotiations. By identifying critical problems like rising damp or termite damage, buyers can leverage these findings to negotiate better prices or request necessary repairs. Being informed allows for confident decision-making, ensuring that potential buyers are not caught off guard and can proceed with their property investments with peace of mind.
FAQs
It’s a detailed document assessing a property’s condition, highlighting structural issues, safety concerns, and maintenance needs.
It helps identify potential problems that could lead to costly repairs or safety hazards, allowing for informed decision-making.
Yes, significant issues found can be used as leverage to negotiate a better price or request repairs.
Common issues include termite damage, rising damp, faulty wiring, plumbing leaks, and structural cracks.
Yes, professionals have the expertise to identify hidden issues that an untrained eye might miss.
Yes, lenders may consider the property’s condition when approving a mortgage.
Yes, even new homes can have construction defects that a professional inspection can identify.