Today I’m going to cover everything you need to know about building and pest inspections.
00:00 Building & Pest Inspections
01:19 1. Be There for the building & pest inspection
02:12 2. What To Do When You Attend
02:55 3. Be Walked Through Report
03:42 4. Questions To Ask
04:48 5. Get It Fixed
05:30 6. Negotiate a lower price
06:24 7. Eject and move on
07:21 8. Bonus Tip
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Our team here at Hunter Galloway is here to help you buy a home in Brisbane. Nathan & Joshua Vecchio are Senior Mortgage brokers who specialise in making your home journey easy.
Unlike other mortgage brokers who are just one person operators, we have an entire team of experts to help make your home loan journey as simple as possible.
If you want to get started, please get in touch and we can book a time that suits you – either a phone call information session or a face to face meeting (which doesn’t cost anything for you).
In fact, these seven questions have helped one of my customers avoid losing over ,000 in essential repairs; ultimately uncovering that the property was a lemon, crashing the contract and saving thousands of dollars.
I’m Josh Vecchio, a mortgage broker with Hunter Galloway, based in Brisbane.
And in this video we’re going to dive into everything you need to know about building and pest inspections and how to avoid buying a lemon. Step by step. Keep watching!
Recently I read something that blew my mind!
Ray White Realty published that annual spending for property maintenance should be 1% per annum and based on the value of the Australian market only 17% of properties are putting that amount of money in to maintenance.
In fact, to meet the value, we’d need another five home hardware stores with the same annual revenue as Bunnings!
If you’re looking to buy an existing property that’s not newly renovated, it’s guaranteed that you’ll need to spend on home maintenance.
So, with many buyers running the risk of falling short at the building and pest inspection stage, the dilemma is, how important is this report?
Let’s dive right in with…
Tip 1 – Be There
I’m no stranger when it comes to building and pest inspections, which looks at the property’s present and potential future issues, ranging on cracks to moisture levels and costs from 0 – ,000). In fact when I bought my first home I crashed 5 contracts due to these reports and more recently another a the start of the year. So, yes I’ve had my fair share.
But when I bought my first home back in 2014, I was so busy that I wouldn’t attend when the inspection where being complete. Simply relying on the report the inspectors would produce.
After reading these reports I thought World War 3 was on the horizon, ultimately running as far away as possible! So the first lesson I learned was to be there when the inspections taking place!
Tip 2 – What to when you attend?
Great, so you’re there at the building and pest inspection. From here you’ll want to follow the inspectors like pikachu! Learn what they’re looking for so that if this one falls through, you’ll be able to put what you learn into practice for the next property you purchase.
Back when I was looking to buy my first home, one contract I crashed was due to major structural issues caused by nearby tree roots. Being shown this by the building inspector made the problem so obvious!
More importantly, next weekend going to open homes found another property with that same issue, saving me from spending money on yet another lemon!
Tip 3 – Be Walked Through the report
Okay so the building and pest inspections are done, the first thing you’ll want to do is ask that they run you through the report, showing you the locations and issues first hand.