It’s understandable that when you’re purchasing a new property, you want to limit the expenses as much as possible. You’re already paying for costs such as stamp duty, legal fees, surveyors and other possible services and this amount is not even factoring in the deposit you’ve just paid for your home loan. It is because of this that many home owners forgo having a building inspection conducted prior to purchasing their property. This is the biggest mistake you could make however, as you’re much more likely to have to spend more in the short, medium and long run when potential defects force you to invest in costly repairs or renovations.
Spending a little now, to save a lot later
In comparison to some of the repairs needed to fix structural or irreversible damage to your new home, the cost of a competent building inspector pales in comparison. With many service providers offering competitive and very reasonable rates, you’ll be able to enlist the assistance of a professional with the years of experience necessary to offer a comprehensive inspection.
Spending this comparably small sum in the beginning, could prove immeasurably beneficial should the inspector uncover serious defects such a termite infestation or hidden structural distortion. This forewarning then puts you in the favourable position of being able to negotiate a lower asking price for the property, or force the current owners to cover the expenses of any repairs before you buy.
The money you save can then be spent on turning your house into a home
Many first home buyers and families only ever have enough savings to cover the deposit for their home loan and the first few repayments. Sometimes they might have a little extra to serve as a safety net should any unforeseen complications arise. This extra play money is instantly compromised however, should a property be purchased without having first booked a thorough inspection. Any plans to add an extra room, build a pergola, install new flooring, or landscape the backyard will be replaced by the expense of fixing faulty wiring, damaged or cracked foundations, leaks, or any number of other common home defects.
The most important thing to remember is: don’t be reactionary towards defects, be proactive and identify them before you’re stuck paying for them.