Making the decision to have a professional property inspection done is a great way to ensure your next purchase is an informed one. However, just receiving a report is only part of the process. Here, we’ll take you through some next steps and things to think about to determine if a property is right for you and what you might want to offer.
Understand what is not included in the report
A building inspection report gives you great insight into the state of a property, but there are some things it won’t cover. Building inspectors are restricted to areas that are easily accessible. So everything hidden in ceiling cavities or behind the walls, such as electrical wiring and gas fittings, will not be included in the inspection.
Accessories and home appliances that are part of the sale will also not be included and it’s important to inspect these yourself during your walk through to ensure they work. Accessories and appliances may include ovens, dishwashers, air conditioning, smoke detectors, alarm systems, rangehoods, and intercoms.
Beyond the condition of the property, there may be things that you want to change from an aesthetic or functionality point of view. Renovations and upgrades can quickly add up, so if they are things you want to tackle before or soon after moving in, it’s important to consider these properly while deciding on your budget.
Read the report
It might sound silly, but often in the rush to snap up a property and get the ball rolling, some buyers will rely on the update the inspector gives when handing the report over. Your building inspector may still think the property is worth the investment after the inspection, but they don’t know your budget, needs and wants like you do. It’s crucial that you go beyond the brief spoken overview from your inspector and go through the detailed report yourself thoroughly.
While reading, it’s important to highlight any areas that:
Determine a cost estimate of major repairs
While your inspector can provide recommendations on next steps for any faults with the property, they are not qualified to give you accurate cost estimates for each recommendation. If there are issues with the property that require fixing urgently, it’s important to get some written quotes from professionals in the industry. Having these written quotes will not only help you decide if you want to continue with the purchase, it will provide information you can use during negotiation of the property price.
Make the final decision
After taking all of the above into consideration, you should have an idea of whether you would like to continue with the sale. If so, the estimates you’ve received and information outlined in your report will act as a go-to during the negotiation process. If the repairs are too extensive or required upgrades would push you beyond your ideal budget, you can walk away with the confidence you’ve made a wise decision.
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