Independent Building Inspections for any property in Melbourne
Buying a home is not a something you do everyday and is a huge investment, so it is important to find out if your desired property has any hidden defects or faults that might cost you money and heartache in the long run. Let’s look at an example;
Thank you for the defect report. That was sobering! Just goes to show how people like us can be tricked into buying pretty houses.
Is what they’re doing even legal? Don’t they get their own building inspectors to check on the property before they put it on sale?
But I’m sure this property will sell for more than asking. Because it’s pretty and in an affluent suburb. Just like the first lemon you inspected for us.
Oh well, thank you very much again.
Have a great weekend!
This valued client was shocked to find that the house they were interested in, while looking perfect on the inside, was in fact riddled with defects that would have cost tens-of-thousands of dollars to fix.
Once a potential buyer becomes aware of such defects and a more comprehensive idea of how much it will cost them to get them repaired, they are automatically in a better position to negotiate a more favourable price. This is something that the real estate agent would prefer to avoid.
Call us today on 1300 033 332 to organise a thorough and complete building and pest inspection.
What Can Happen if You Don’t Have an Inspection?
It’s easy to think that a pre-purchase building inspection might be an necessary expense, but the cost of not having one can come at an even higher price – not just financially, but also emotionally as evident by the examples below:
Case Study 1
Evan and Ashley thought that they had bought their dream home in Point Cook. But their dream quickly turned into a nightmare. They incurred about $50k in additional costs because they were unaware of wiring and plumbing problems that had to be fixed after purchasing the place. If they had a building inspection done, they might have been able to lower the sale price to make up for the additional repair costs or forgo the house altogether.
Case Study 2
Andrew and Junie being first time homeowners bought an apartment in South Melbourne without a pre purchase inspection. The day they moved in it rained and water seeped in under the doors from the balcony, damaging the carpet and some of their furniture. Junie was at work at the time and did not notice until she returned home that night. It turned into a highly stressful situation for these two first time homeowners. If they had gone with a house inspection, it would have been found that the balcony tiling had been incorrectly installed and they may have negotiated a lower purchase and had the opportunity of having the balcony repaired prior to moving in.
The house inspection cost far outweighs the financial risks and emotional heartache that stems from buying the wrong property. Don’t let it happen to you!
There are other shady practices to look out for;
It may not come as any surprise when I say that the property market is a highly competitive and cut-throat business. Couple that competition with a large financial reward, and you’ve got yourself the perfect recipe for deception, dishonesty, and just down-right dodginess.
This is where the real estate agent comes in. Just to clarify, it’s not our intention to vilify every real estate agent in the business. We know that the majority out there are doing a bang-up job, but this is not about those fine individuals, is about the money-hungry, insincere, and unprofessional fraudsters who are more than happy to deceive the vendor and the public in order to make a profit.
Under-quoting is a seriously unethical method used by some agents for the purpose of securing a higher final offer on a sale property.
What is under-quoting exactly?
Essentially, under-quoting is when a real estate agent intentionally advertises the price of a property for less than the buyer would be willing to accept for it. This, in turn, is expected to heighten interest in the property and attract a larger number of potential buyers.
So if the estimated price of a property is around $700,000, and the real estate agent knowing this, decides to advertise or verbally communicate that the property in question has a starting price of $610,000, the agent is said to be under-quoting.
Why does it happen?
An agent is always going to want to increase the interest surrounding a given property as much as possible in order to boost the price come auction day or slowly over the duration of the selling period. By under-quoting the true value of a property, the real estate agent is going to be able to bring about more interest and subsequently increase the competition from potential buyers.
Don’t let this happen to you, call us today on 1300 033 332 to talk you our team and get peace of mind today!
Buying a lemon
From an overall standpoint, Australian consumers are strongly protected by legislation. Common law is designed to cover all manner of contexts, while many different policies have been introduced by the government to support specific industries. Bureaucracy, however, is a fickle mistress, and often stands in the way of these measures.
This frequently leads to exploitation of the process and a system that is far less supportive to the home buyer than it should be.
When it comes to Australian Consumer Law, a product is deemed of “acceptable quality” if it meets these specific requirements that ensure the product is:
- Safe, lasting, with no faults
- Acceptable looking, and
- Does all the things someone would normally expect it to do
Like the majority of reasonable-minded individuals, you would think that such a law would apply to home buyers right?
This is not the case.
It would seem as though the most important guideline that actually does apply to prospective homeowners in this case is ‘buyers beware’.
What’s in place to protect home buyers?
Building industry regulations such as the Home Owners Warranty policy have been introduced in an effort to protect home buyers from defects in newly constructed buildings.
However, despite being a step in the right direction, most of these measures are poorly implemented, easy enough to side-step, or even subject to manipulation. In theory, such a legislation should ultimately be in place to protect home buyers from dodgy sellers trying to take advantage of those in a vulnerable position. In practice, however, the system is already heavily stacked against prospective owners, and despite their willingness to part way with many hundreds of thousands of dollars, such legal measures are not in their favour.
Reporting defects with a newly purchased home is effectively going to put the buyer in a difficult position, with few avenues to rectify any offences or industry breaches carried out against them.
In many cases, the only option available to home buyers who find themselves in this disastrous situation is to file an action in damages against the property seller for deliberately misrepresenting the structural integrity of the home.
Suffice it say that this can be an incredibly stressful, complicated, and very expensive decision. One that may likely even be expected by the seller – and thereby, very much prepared for.
Why A Building Inspector is the Only Professional on the Side of the Home Buyer
Buying a new house is a daunting prospect at the best of times, especially if it’s your very first property. Many young couples for example, tend to feel that the entire home buying process is stacked against them – which it is. Every professional involved in the process, from lawyers to conveyancers, buyers to vendors and real estate agents, are all interested in one thing and one thing alone – making a profit. If they are successful in convincing you to purchase a property then they stand to make a commission and at the end of the day, this is their primary objective.
Building inspectors on the other hand, have no such biases and are purely concerned with doing the right thing by the potential home buyers. They are obliged to be forthright with their findings and completely transparent with any reports, meaning you get the truth and not some over inflated sales pitch. A building inspector still gets paid the same regardless of whether the property is sold or not, which means they stand to gain nothing by misleading a home buyer.
Don’t let the agent talk you out of a property inspection
It’s an unfortunate reality that many real estate agents convince home buyers to forgo a property inspection in an effort to score a higher offer. It is in their best interest to get as much money as possible for any given property, but their ability to do so is jeopardised if a building inspection reveals any defects.
Keep in mind that almost all new houses have defects due to young or inexperienced builders who are still learning as they work on any given property. A professional building inspector is likely to identify 15-20 defects on a new house, whilst older houses may have as many as 20-30. These issues can include issues with asbestos, poor wiring, inferior light fittings that are a fire hazard, termites, and mould, just to name a few.
Contact us today and book and inspection or to find out more 1300 033 332