Buying your first property is a special milestone. You’ve saved for years gathering that deposit and have done the hard yards with banks, and possibly brokers, to secure a good loan. After the stressful pre-approval process, you could be forgiven for forgetting a few steps when it comes time to look at properties.
The thing is, with so many inspections filling up your weekends, spending a mere half hour – if that – at each property isn’t going to give you much to go by. Sure, it may have a gorgeous kitchen, the bedrooms are big enough and it has a separate shower and bath, but is it really ticking all the boxes?
It’s all too easy to get wrapped up in the excitement of it all and forget to remove those rose coloured glasses to reveal the true property you’re considering. That’s why an inspection is crucial.
They offer an honest, objective view of a property
A real estate agent may be nice enough to give you a heads up on some things to consider before purchase. However, they’re not obligated to tell you every single thing that may end up costing you in future. Getting an inspection by an objective third party ensures you get the whole picture, without any of the bias or ulterior motives.
Building inspections are usually carried out by builders or architects with years of experience in the sector. They’ll know exactly what to look for and will go through a pre-planned list to ensure your potential property is given a thorough once over. All findings are recorded in a report which is coupled with photos that have been taken to give evidence of any concerns the inspector raises.
Plan or avoid future costs
Once an inspection is complete, your building inspector will take the time to go through the findings with you. While in some cases there may only be slight repairs and maintenance issues you need to be aware of, there are other cases where the results will make you want to run – fast! Reports can help you determine your future costs, and sometimes they are costly! Major repairs for structural or safety issues, or costs to remedy a pest problem may be more than you’re willing to deal with for your first property. In those instances, it may be best to walk away.
Find the right price to put forward
Figuring out what kind of offer to put forward is a tricky part of the home buying process. Too low and you’ll be outbid instantly by other buyers, too high and you’re throwing away money unnecessarily. So how do you find that happy medium? An inspection may give you the negotiating power you need to put forward a price you’re happy with. Having that report shows you’re keen for the property, but also provides evidence to support a lower price due to any needed repairs.
Make sure you remove those rose coloured glasses in your next inspection and call in the experts.