Buying a home is a tricky and costly process, one which could end up costing you money before you even make an offer on a home. Once you have your home loan sorted and have few a properties in mind you can start carrying out the inspections.
Although you will be out of pocket for the cost of these inspections and reports, they are all very necessary and if aren’t carried out could end up costing you so much more in the future.
If you are interested in purchasing an established property there are a number of inspections and reports that you can pay to have done to the property before you make an offer. These can not only save you money but depending on the outcome, some may be able to help you negotiate a better price for the property. Some of these include:
Pre-purchase property inspection
This inspection is a must for any home buyer looking at purchasing an established property as it highlights any major issues, such as cracks and movements in the walls and ceiling, problems with the roof and any safety hazards. It also reports on the current condition of the property. This inspection usually won’t include any minor defects, the detection of termites or repair costs. Also, if there is a certain part of the property that you want included in the inspection notify the inspector of this. If this is not possible to be included, there are other inspection reports you can arrange.
Special-purpose property report
This report will give you the approximate costs involved for fixing any problems or minor issues present. It will also show you a list of any recommended repairs and work required.
Pre-sale vendor report
Some vendors selling their property may choose to have their own inspection done to save time or to assist the buyer. However it may be beneficial to get your own report done just in case.
Pest inspection report
This shows whether any insects or termites are present in or around the area that may cause damage to the structure of the property.
Contact a soliciter or conveyancer to take care of the legal side of buying a home.
Need the perfect home loan to secure your dream home? Kick-off your search with the RateCity home loan comparison tool. You can always work out your monthly committed by using the mortgage repayment calculator.