Buying a home is a significant investment for all of us. For that reason, the last thing you want to do is be forced to fork out extra cash to get rid of a nest of unwelcome termites or to repay some defective construction work left behind by the preceding owner.
That said, most contracts will be subject to a buyer obtaining a building and pest report. This condition allows you to terminate the contract if a building or pest report identifies that termites have white-anted the floorboards, or the house has wobbly foundation footings.
A pre-purchase building inspection by a licensed building inspector will reveal any potentially costly structural or safety issues within a property. It will also outline what work needs to be completed to return home to a safe and comfortable standard – as well as the estimated cost for completing the repairs. For a buyer, it can give you some understanding of whether it’s a good buy or a lemon. It’s a little like buying a used car from a private seller. It’s always advisable to get a mechanic to look under the bonnet before you hand over your hard earned. Likewise, when before you buy a house, be sure to get a building inspector to run his or her eye over the property. For this service, you can expect to pay between $250 and $450 for a pre-purchase building inspection.
Similarly, for a few hundred dollars, a pest inspection can identify whether pests such as termites or white ants have been dining out on the property’s structures – as well as the expense involved in eradicating these pests and fixing the damage.
In most states and territories, it’s the buyers who must foot the bill for building and pest inspections. That said, if you’re a vendor looking for a way to put your property front and centre with buyers, it might be worth commissioning your pest and building reports – moreover, it will help you detect any problems before the buyers arrive to inspect your property.