It is everyone’s dream to acquire a property and have a home of his or her own.
When the time comes to fulfill that dream, they will invest a lot of time and resources to conduct the necessary research to make sure that everything is perfect.
Unfortunately, most property buyers still fail on a few important aspects of property acquisition: the pre-purchase building and pest inspection.
Here are the three biggest mistakes that property buyers make on the pre-purchase inspection that everyone should avoid.
1. Choosing The Wrong Company
There are a lot of property inspectors here in South East Queensland that promise to deliver the best results through their newest methodologies and technology. Do not be fooled by those fancy marketing campaigns though. You do not want your money and effort to be wasted by trusting fraudulent companies.
Make sure that the property inspector that you will choose holds a license from the Queensland Building and Construction Commission.
It is a Queensland government agency that regulates companies offering building services, like building inspection and termite management. By referring to QBCC, you are assured that the inspector that you will choose passed all the requirements in doing building inspection services. One of these requirements is to have Professional Indemnity insurance. This insurance provides financial protection if ever the inspector makes an error.
Choose a QBCC licensed inspector and your road to a successful pre-purchase inspection is off to a good start.
2. Not Hiring An Independent Company
Aside from choosing a wrong inspector, another mistake that property buyers make is using the preferred building inspector of their real estate agents.
This practice is not advisable if you want to get an honest and comprehensive inspection report on your new property. How so? Well, the building inspector will have a tendency to create a clean report on the property as a gratitude to the referral of the real estate agent and also to get more referrals in the future.
Not all building and pest inspectors are like this for sure, but remember that their business relies heavily on referrals from real estate agents.
Find an independent building inspector that will provide you with the real score on your property’s condition.
3. Ignoring The Report & Its Recommendations
There is a good reason why the pre-purchase building inspection exists. It is done so that buyers will know exactly what condition the property is in.
The inspection report should have a big factor in the price negotiation and the decision of the buyer to acquire the property. Recommendations will also play a role in drafting the contract that the parties will make. Sadly, buyers often ignore the reports and recommendations because of the eagerness to acquire the property.
This is a very big mistake to make. Failing to go through the report and recommendations will cause you miss the chance to make the correct decision on whether to purchase the property or organise a fair price to remedy the issues at your or the owner’s expense. Heeding the report and its recommendations will help you avoid purchasing a property that isn’t an “attractive lemon”.
What Should I Do Now?
Feeling unsure if you’re on the right track to getting your dream home? Don’t rush into making a decision if you have doubts about your prospective property’s condition.
Get a building and pest report from a reputable independent company and base your decisions on its findings.
If you’re in the South East Queensland region get in touch with us and we’ll provide you with honest and comprehensive report to help you make that final decision about purchasing your dream property.