The process of buying a new home, whether it’s your first or your fifth, is both exciting and stressful. In the rush of property settlement, it can be easy to let important tasks fall to the wayside. Before completing your Offer and Acceptance, however, it’s always wise to make sure the most crucial factors are covered. This is especially true in relation to building inspections, as you will inherit all the problems and liabilities related to your new property when you assume ownership. Including important inspections as special conditions on your Offer and Acceptance can protect both your investment and your peace of mind.
Different Types of Building Inspections
Building inspections should always be carried out by Master Builders or other experts in the building trades to ensure an accurate and comprehensive evaluation of any property of which you’re considering a purchase. Gaining a basic understanding of the different types of building inspection can help prospective buyers make informed purchasing decisions while ensuring the integrity of crucial systems and structures on the property.
- Timber Pest Inspections – Termites and other timber pests can be devastating to the structural integrity of a property, causing millions of dollars in damages each year to properties held by Australian home owners. Inspections for timber pests are focused on detecting any signs of their presence, which can save substantial sums for new owners.
- Structural Inspections – You won’t find information about everyday maintenance issues on a structural inspection report. Instead, you’ll be able to learn more about the very basic but vitally important health and integrity of the overall structure which may not be apparent to the untrained eye.
- Plumbing and Electrical Inspections – Installation of plumbing and fixtures, new electrical work and homes where the existing plumbing and electrical systems may be older all need to be inspected thoroughly by a professional as part of a plumbing and electrical inspection. Improper electrical work or outdated wiring can present a significant fire risk, damage appliances and wreak havoc with a home. Shoddy or damaged plumbing can lead to water damage, mold growth and compromise the structural integrity of a home. These inspections should be included as special conditions on all Offer and Acceptance forms.
- Comprehensive Building Inspections – These inspections are among the most popular and efficient, covering a variety of important areas in one inspection. They’re relatively simple to organize and can detect a host of potential problems, and should not be neglected by prospective buyers.
How Special Conditions and Building Inspections Protect Buyers
Extending an Offer and Acceptance contingent upon the results of building inspections allows prospective buyers to progress in the home purchasing process in an efficient manner while still protecting their interests. Special conditions included as part of the Offer and Acceptance contract must be met by the sellers before the sale contract can progress, but extending such a contract does show earnest interest on the behalf of the prospective buyer. When the requisite building inspections have been completed and all other special conditions have been met, the property settlement process can proceed.
By obtaining building inspections and including the reports as special conditions on an Offer and Acceptance contract, new buyers can protect themselves from unexpected financial burdens as the result of property damage, illegal building liabilities and other issues which maybe avoided by having access to information about the overall health and integrity of the property.
Houspect Building Inspections– Buy, Build, Invest and Sell with Confidence