Buyers Pressured to Waive the Building Inspection at Purchase
Buying a property is a substantial investment. Often, you’re using your life savings as a deposit, so you want a guarantee that your investment is going to be worthwhile. In other words, you want to ensure it’s a durable, long-standing property that won’t be falling apart any time soon. The only way you can do that is with a property and pest inspection prior to purchasing.
Unfortunately, given the state of the housing market in the past year (price increases and high demand), many home buyers have been pressured into buying a property as they see it. “If you want it, you better get in quick” was often heard from real estate agents selling the properties. This meant that many new homeowners skipped the usual property inspection processes. And as a result, once settlement has occurred, they’ve been left with uncertainly. And for some the cracks are starting to show – literally.
Some are being caught out and are then thousands of dollars out of pocket. As recently reported in 7News, Louise was left hundreds of thousands of dollars out of pocket due to a termite infestation. Unfortunately, Louise isn’t alone, and many people are reporting the removal of the pest and building inspection clause from their contracts. The problem with that is that it not only compromises your financial investment, but it can also compromise your health and safety.
Why Building Inspections Are Essential
A building inspection is an important part of buying a home, which is why it is usually written into the contract of sale. The inspections are completed by a licenced professional who will determine the condition of the property. They will find any problems with the foundations, provide a report on future issues the owner might face (such as rising damp and leaks), analyse any safety hazards, and find any pests that might create havoc, such as termites.
These inspections are written into the contract of the sale, so the purchaser knows exactly what they are getting when they hand over hundreds of thousands of dollars for a property. It protects them and allows them to cancel any contract or negotiate the price for the property. It also gives peace of mind to the buyer.
Were You Caught Out?
If you were convinced to purchase your property without a legitimate inspection completed prior to settlement, unfortunately it’s too late for you to do so in order to reduce the price or cancel your purchase. However, it’s not too late to get an inspection so you can determine what needs to be done going forward.
Unfortunately, depending on the circumstances of your purchase, you may not be able to pursue legal remedy. You may be required to produce evidence of deliberate deception. You will need a quality building inspection report that will stand up in court.
It’s better to know sooner, rather than later, if there are any risks at your property and the team at Action Property Inspections are ready to help. Our building inspection specialist will thoroughly inspect and assess your property to determine if there are any problems now, or potential issues you’ll face in future. This will allow you to start enjoying the property without the unknown hanging over your head.
Book a building inspection with Action Property Inspections today.
Get in touch here.