If you bought a car, you would test drive it, right? Well, a building inspection is very much like that. Both buyers and sellers could benefit from one. It does cost a bit of money to hire an inspector, though. So, is a building inspection worth it? That is what we are going to discuss on this page.
For buyers
No buyer should purchase a property without using a building inspector. You may think that you are going to be saving money by skipping a building inspection, but you aren’t. It may actually cost you more money in the long term not to have one. It is unlikely that an Australian bank will provide you with a mortgage if you do not have an inspection carried out anyway.
The job of the building inspections will be to highlight any structural issues with the property. They will then be able to inform you of what needs to be done in order to rectify the issue. As a buyer, you can then work out whether it is going to be worth the cost. If there are too many issues with the property, then you may want to pass on buying it. You may even be able to negotiate a better price with the seller in light of the issues that have been highlighted.
You may think you have the perfect property, but if there is severe structural damage that needs to be rectified, then it probably isn’t as perfect as you initially thought.
For Sellers
Did you know that you don’t need to wait for a potential buyer to pick up the tab for a building inspection? In fact, it may actually be worth hiring a building inspector of your own.
The purpose of the building inspector for you would be the same as if a buyer hired one. They will walk around, looking for any issues with the property. They will then produce a report that you can look over.
The benefit of having a building inspection of your own carried out means that you are able to identify any problems with the property. You will then have the opportunity to rectify these issues before you list the property on the market. Few issues with the property means that you will be able to command a slightly higher price for it. It will also reduce the chances of needing to ‘haggle’ with the buyer in order to sell your property. Basically, a building inspection will cost money, but you will earn a lot more as a result of it.
So, to answer the question ‘is a building inspection worth it?’ the answer is yes. It is. It is worth every cent you spend. Whether you are a buyer or seller, hiring a decent building inspector will pay for itself in the long term.