THE TIMING OF A BUILDING INSPECTION MOSTLY DEPENDS ON THE METHOD OF SALE.
As the findings of a building inspection report may prompt you to withdraw an offer, you should always ensure that you are correctly informed of your rights and options. This is why we recommend you engage a conveyancer or settlement agent as early as possible in the buying process.
AUCTIONS
Organise the inspection as early as you can and be sure it is prior to the auction date. This also puts you in a position to make a confident and informed offer prior to the auction itself which is a bonus. Many sellers will consider a ‘bird in the hand to be worth two in the bush’ and will therefore often accept an early offer.
You can also check out our e-commerce section to see if an inspection on the 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 and may mean your best laid renovation plans and savings go out the door.
With approximately 1/3 of all homes being sold with a major defect of some type, it is not worth skipping a building inspection.
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 to a building inspection.
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.
Again, the earlier you place an offer conditional to your building inspection report, the better your chances of winning the property.
Buying a new home is an exciting time and the process can be fun if you do the right preparation. Contact your local Jim’s Building Inspector on 131 546 and they can help you through the process.
