When You Should Think About Getting a Building and Pest InspectionNetplanet Support
You might have heard that a building and pest inspection is a good idea. And you might have already decided that you will get one when you come across a property you are interested in.
But do you know when the right time to get a building and pest inspection is? Don’t worry if you don’t – that’s what this blog will guide you through.
Before we dive in, it’s worth knowing something pretty important. The timing of your building and pest inspection will completely depend on the way that the house or apartment you are hoping to purchase is being sold. Different rules apply for auction sales compared to private treaty sales.
Let’s get into it.
Building and Pest Inspections for Auction Sales
Whether it’s a home near the water in Lane Cove or a townhouse in trendy Marrickville, Sydneysiders love an auction. If you haven’t participated in one before, here’s an important fact: the winning bid at an auction enters the bidder into a legally binding contract.
That means that if you bid and win, that’s it – you are about to be contracting to purchase the home. There is typically no ‘cooling off’ period or other delay.
That means that if you would like a building and pest inspection, you need to get that done before you start bidding on auction day. Here are some other practical considerations:
- Timing – you will need time to talk with the real estate agent and the building inspector that you choose to line up a time for the property inspection to take place. Make sure you give yourself enough time to do this, and to receive the report and understand it so you can decide whether you want to bid or not. There’s no point trying to organise an inspection for the Friday before a Saturday auction date!
- Budget – very few building inspections and pest reports come back totally ‘clean’. There’s often a few little or big things that would need the attention of the purchaser. Be sure to factor in the cost of these things in your bidding strategy on auction day as they add to the overall cost. And if the defects are large and expensive then the building and pest inspection has been more than worth it – this will give you invaluable information, allowing you to set aside a pretty accurate budget for repairs if required!
Building and Pest Inspections for Private Sales
Private sales are a bit less pressure packed. In this method you put an offer on a house, and if the vendor accepts, you can begin the process of finalising the contract of sale. You can put in an offer that includes a condition such as ‘subject to building and pest inspection’ which is very common.
So between your offer being accepted and the property contract being signed, you have the opportunity to organise your inspections and read the reports. If you see anything in the report that you believe is major, you can source quotes for the repair and either ask the seller to reduce the purchase price or walk away from your offer.
Are You are Looking to Buy in or Around Sydney?
Do you have hopes of buying in any of the Sydney suburbs, or anywhere in between in our beautiful city? Doric Property Inspections can help.
A thorough building and pest report can save you tens of thousands of repair and remediation costs or reduce the overall purchase price by a long way. And whether it’s an auction or a private treaty sale, our experienced team can be available quickly to get you the information you need.
We can’t wait to help you make your property buying dream a reality and help you avoid any unwelcome surprises along the way.