Whether you are planning to buy a new or existing home, a pre-purchase inspection is a necessary check to ensure the condition of the property in question. This inspection may allow you to renegotiate the offer to purchase and even cancel it in some cases. This is great insurance that will comfort you in your choice, in addition to protecting you when discovering a hidden defect.
Certainly, to call in a building inspector has a cost. Moreover, these costs are entirely the responsibility of the buyer. However, be certain that this investment is much less compared to the amounts you will have to pay if you buy a house whose problems have not been detected beforehand.
Discover in this article 5 steps for a successful home inspection!
1. Find a house to buy
Before considering the inspection of the house, the first step will obviously be to find a property to buy. To help you in this process, you can call on the services of a real estate broker. This professional will offer you their services completely free since it is the seller of the house who will pay a commission once the sale is concluded.
In order to finance your real estate project, it will surely be useful to find a broker for your home loan. Depending on your situation, the broker will shop around for loans offered by the banks in order to find you the best rate. Again, you pay nothing, as the broker is paid by the banks every time he finds a new customer.
2. Choose a professional for a home inspection
Unless you have solid construction knowledge, using a building inspector is an important step in the buying process. At this advanced stage, you have already submitted an offer to purchase. The report of the inspection will assert the conformity of the house.
The inspector will be a significant player who can allow you to renegotiate the conditions of the offer to purchase if, for example, the house requires some renovation work. In other cases, it may allow you to cancel the transaction if he discovers serious problems that have never been mentioned.
For all these reasons, it is essential to choose an inspector with many years of experience in building inspections.
However, be sure to check that he has professional insurance covering errors and omissions in building inspection allowing you to have recourse if you have a problem in the years following the purchase of the house.
3. Perform the pre-purchase inspection
A home inspection is essential if you want peace of mind during the entire purchase process. You can simply mandate a professional or decide to accompany him during the visit to make sure that the house meets your expectations. During this inspection, the professional will analyse the visible and easily accessible components of the house, in order to detect any problems and hidden defects.
Among the components to inspect, we find:
• Structure (foundations, walls, ceilings);
• Roofing (gutters, coverings, ventilation);
• The interior of the house (finishes, floors, doors and windows);
• Building mechanics (plumbing, electricity, heating, air conditioning, ventilation);
• Insulation (type of insulation, air barrier, vapour barrier, caulking);
• The exterior layout of the house;
• Stoves and fireplaces.
4. Delivery of the inspection report
The pre-purchase inspection usually comes after you have submitted an offer to purchase under certain conditions. The seller has an average period of 7 to 10 days to accept, refuse or submit a counter-offer (the signed contract will specify precisely the date and time of expiry). The inspection of the building must then return in time to verify the conformity of the house and quickly lead to a sale.
Generally, the inspector can give you his report 48 hours after his visit. This delay is necessary to study the photos taken during the visit and carry out additional research on suspicious elements. An inspection report is a valuable tool that includes tips and recommendations that will help you to address existing problems.
5. Signature of the promise to purchase following a favourable inspection
If your inspector finds nothing wrong with the inspection and the problems detected are minimal, then it is time to sign the promise to purchase. The next step will be the signing of the deed of sale. You then become an official owner!
Looking for a professional for your pre-purchase inspection?
Call Building Property Inspections Melbourne on 0438 280 420 today to book your pre-purchase inspection.