How Smart Conveyancers Help You Save Money with a Building & Pest Report
Buying a property is both an exciting and rewarding experience, but it can also be a daunting prospect that has some risks if you’re not careful. From hidden structural defects to pest infestations, there are many potential issues that can turn a dream home into a nightmare. That’s why it’s important to approach the buying process with caution and do your due diligence to avoid costly mistakes.
One crucial tool that can help you make an informed decision when buying a property is a building inspection as well as a pest inspection report. These reports provide a comprehensive and accurate assessment of the property’s condition, including any potential issues that may not be visible to the naked eye, such as structural issues or infestations such as termites. These are all issues that may affect the property value (and get you a better deal).
In this article, we’re diving head-first into the world of property inspections to help you find the right property at the right (and fair) price. We’ll also tell you how an expert conveyancer can use your property reports to negotiate a better sale price. So, whether you’re a first home buyer or a seasoned investor, keep reading to discover the smart way to buy property.
What are Building and Pest Reports?
If you’re thinking about buying a property, it’s always a good idea to get a pest and building inspection. It may come with an upfront cost of a few hundred dollars, but compared to the cost of the property, it’s worth it for the peace of mind it provides.
There are two types of inspections you can get before you buy a property: building and pest. Building inspections are a visual check of the property, both inside and out. The building inspector looks for everything from major structural issues to minor defects, maintenance problems, and safety hazards.
A pest inspection is responsible for identifying the presence of any pests, including termites, rodents, and other insects, that may cause damage to the property. They inspect the property for any signs of infestations and provide a report detailing the extent of the problem and any recommended treatment options.
Pro tip: While a building and pest inspector can perform both jobs, hiring separate professionals for each inspection can provide a more thorough evaluation as they are two separate areas of expertise.
In Australia, it is common practice for buyers to request a building and pest report before making an offer on a property. This report can be used to negotiate the purchase price or request that the seller undertake repairs before settlement.
For first-time buyers or those new to the property market, it can be challenging to know what to look for in a building and pest report. A conveyancer can provide guidance on what to look for in a report and help you interpret any findings. This advice can help you make an informed decision about the property purchase and avoid costly mistakes. A conveyancer can also help you understand the terms of the contract of sale and ensure that the building and pest report is included as a condition of the sale.
Why Do You Need Building and Pest Reports When Buying Property?
When buying a property, it’s easy to get swept up in the excitement of finding your dream home. However, skipping the important step of getting a building and pest report can have serious consequences. Here are some of the risks and potential issues that can arise when buying a property without a building and pest report:
- Structural defects: Without a building inspection, you may not be aware of any hidden structural issues with the property, such as cracks in the walls or foundation. These defects can be expensive to repair depending on the size of the property and scope of defects, and may even make the property unsafe to live in.
- Pest infestations: Pests like termites can cause extensive damage to a property, and without a pest inspection, you may not realise there’s an infestation until it’s too late. This can result in costly repairs and even compromise the structural integrity of the property.
- Hidden problems: There may be other hidden problems with the property that are not immediately visible, such as faulty electrical or plumbing systems, leaky roofs, or insulation issues. This is especially true for new homes. A building and pest report can identify these issues so you can factor them into your decision-making process.
Just remember, buying a property with undisclosed issues can have serious financial and legal implications. Not only can it result in costly repairs and renovations, but it can also affect the property’s value and resale potential. In some cases, it may even lead to legal disputes with the previous owner.
In short, a building and pest report is a crucial step in the property buying process. It can provide you with the information you need to make an informed decision and avoid any potential risks or issues.
How Conveyancers Use Building and Pest Reports to Negotiate the Sale Price
As a buyer, getting a building and pest report can provide you with valuable information about the condition of a property. But did you know that conveyancers can also use these reports to negotiate the sale price? Here’s how:
Identify issues: A building and pest report can identify any issues or defects with the property, such as structural damage or pest infestations. Your conveyancer can use this information to negotiate a lower sale price with the seller.
Estimate repair costs: Once the issues have been identified, your conveyancer can estimate the cost of repairs or renovations needed to fix them. This can be used as leverage when negotiating the sale price.
Communicate effectively: When communicating with the seller or their agent about the issues found in the report, it’s important to be clear and concise. Your conveyancer can help you communicate effectively and negotiate a fair price for the property.
Negotiating a lower sale price based on the findings of a building and pest report can result in significant savings for the buyer. It can also give you peace of mind knowing that any necessary repairs or renovations have been factored into the sale price.
However, it’s important to keep in mind that not all issues found in the report will necessarily result in a lower sale price. Some issues may be minor or easily fixable, while others may be more significant. Your conveyancer can help you determine which issues are worth negotiating over and how to approach the negotiation process.
Get Expert Help for a Hassle-Free Property Purchase
As you can see, a smart conveyancer can help you save money with a building and pest report by providing legal advice, interpreting the report, and negotiating the purchase price. Whether you are a first-time buyer or a seasoned property investor, a building and pest inspection is an essential part of the property buying process. By working with a conveyancer, you can make an informed decision and find the right home or investment property for your needs.
At Settled.com.au, our expert conveyancing team are here to guide you through the entire property buying process, from pest and building reports to contract reviews and settlements. We pride ourselves on providing top-notch customer service and are committed to helping you achieve a hassle-free property purchase
Get in touch with us today for a free conveyancing quote. Our team of pro conveyancers is ready to help you make your property dreams a reality. Let’s make your property buying journey a smooth and enjoyable one.