They say time really flies when you’re having fun. Things can also move fast when you’re looking to buy a property. Homes change hands in the blink of an eye. That’s why it’s dead easy to fall into the biggest trap of all: leaving your property inspection to the last minute or, worse still, skipping one altogether.
Need A Property Inspection at the Last Minute?
The reality is, once you’re tied to a mortgage you’ll have all the time in the world to come to terms with the fact your dream property’s a crumbling, leaking, termite-infested, expensive disaster. Here’s why you should always organise property inspections early … And what to do if you can’t.
Why you’ll never regret getting in early with property inspections
Getting your property inspections sorted early should be at the top of your list of priorities. In fact, it should be right up there with organising finance. Here’s why it’s a case of the earlier the better when it comes to property inspections:
1. Finding the best person for the job
As they say, dilly-dally and you’ll find all the good guys and girls are already taken. It’s a reality of the Brisbane property market that good property inspectors are highly sought after. In fact, they’re run off their feet. Experience’s given them an eagle-eye for problems and a hard-earned reputation for thoroughness. Word of mouth travels fast. The longer you wait when it comes to getting your property inspections sorted, the more likely you are to settle for just anyone. That means the less likely you are to find a qualified, experienced, insured and available property inspector to carry out your property inspections. That can mean all the difference in the world in terms of the thoroughness of property inspections and the quality of reports you’ll get.
2. Negotiating access to the property in a timely way
Getting in early with your property inspection increases the chances of your inspector gaining access to the property at a time and when the conditions are optimum for an inspection to be carried out. In other words, when there’s good natural light and plenty of time to carry out a full inspection. Your building inspector won’t feel pressured to do a rush job. An inspector in a hurry will miss defects, giving you a false sense of security.
You’re looking at buying a property that’s currently occupied by a tenant? In the case of getting a building inspection done on a tenanted property, your building inspector will need to ensure that there’s compliance with the various obligations to give the tenant sufficient notice to access the property. That can translate to delays. Failing to understand and comply with those notice periods means you lose the opportunity to access the property for your inspection.
3. Getting a comprehensive report
The sooner you book your property inspection, the more likely you are to receive both a verbal report and a thorough written report as opposed to a report that merely skims the surface and isn’t worth the paper it’s written on.
Comprehensive property inspections call for a thorough visual inspection of the interior, exterior, roof space, external roof and subfloor of the property. You want your property inspection report to detail the condition of all of these areas. A good report will also disclose the areas to which your inspector was unable to gain access for one reason or another so you can get the full picture and know if pieces of the puzzle are missing.
Your report should not only be comprehensive, it should also be relatively easy to follow and understand. Comprehensive property inspections must:
• identify whether the property has any defects
• give you a clear picture as to how severe those defects are
• provide information as to your options in addressing the defects
• give you an estimate as to the time frame for repairs so as you can plan your future maintenance.
You also need to find someone who’ll get the report back to you as soon as possible. That means your building inspector should be a triple threat: efficient, knowledgeable and a great communicator too.
4. Getting your head around the property inspection
Getting in early with your property inspections means more time to process the information contained in the reports and use it to your advantage. In fact, it’ll give you breathing space. You won’t be trying to get your head around the contents of the report when you’re tired, stressed or under pressure. You need to be thinking with your head and not your heart. A good property inspection report ensures you take a step back and look at the property objectively, warts and all.
If a property is riddled with defects, a comprehensive report obtained prior to putting in an offer or paying a deposit means you’ll be able to walk away unscathed, with your finances and pride intact.
5. It’ll actually save you money
A good property inspection report obtained early can save you money in several ways.
First, it’ll put you in a position where you completely avoid buying a property riddled with expensive or even dangerous defects that you haven’t factored into your budget.
Second, being armed with a comprehensive property inspection report means you’ve got a winning hand: a trump card to play in the negotiation process. You know what the property’s defects are and how much they’ll set you back to fix. Use them to your advantage to negotiate a better price.
When you should get your property inspections done
You really should get your property inspections sorted prior to making any commitment to buy the property: that means before signing any contract or bidding at auction. If you can’t do this, you should frame your offer in such a way as to make it conditional on receipt of satisfactory property inspection reports. The wording’s important and you should consider getting some legal advice before framing your offer.
In the case of a property that’s being sold at auction, you need to be mindful of the fact that any bid you make is unconditional. You really need to get your property inspections done and reports back before you bid at auction. Otherwise, you’ll run the risk of being saddled with the property and the skeletons in its closet.
Property inspections—why it’s always better late than never
Even if you’ve committed to buy the property, comprehensive property inspections will ensure you start off on the right foot with your purchase. You’ll have the advantage of knowing what you’re in for. You’ll have a much better idea as to what’s already a problem and what’s likely to become a problem in the future. That way you can prioritise the most urgent repairs and start to put aside money for the repairs that can wait a little longer.
Sometimes it’s impossible to get your property inspections done early. That doesn’t mean you should skip that step altogether and dive in the deep end by buying a property you know nothing about. Sometimes a golden opportunity comes along at the last minute. You’ve got to make a snap decision. That’s when it’s to your advantage to find a property inspector who ticks all the boxes in terms of experience and thoroughness. Don’t sign a 7 day contract for building and pest. A 7 day contract includes the day you sign and weekends, so your 7 day clause is actually only 4 days. The standard building and pest clause is 14 days. If you have signed a 7 day contract, you can go to your solicitor and ask them to obtain an extension for you.
You don’t want to be that sad sack at the party talking about ‘the one that got away’ or the defect-riddled disaster you’ve been saddled with. You want to tell a rollicking tale about how you were smart enough to get your property inspections done early and dodged a bullet.