According a recent ME Bank survey, 55% of Australians spent less than 60 minutes checking out the property they eventually purchase; this lack of inspection time led to just over 60% discovering issues with their property after moving in.

Top post-purchase problems

Overall, the top post-purchase problems included construction quality, paintwork, gardens and fences, and fittings and chattels.

Among owners who identified issues:

• 84% spent money fixing, replacing or improving the issues identified, or have plans to do so.
• 58% would have paid less for the property had they discovered the problems earlier.
• 34% experienced a degree of ‘buyers regret’ following the purchase.

These statistics are worrying when we’re talking about probably one of the biggest purchases a person can make – people put more time into buying a car or watching Netflix!

What professional inspections look for

According to ME’s survey, around 40% of those who had discovered issues in their property after moving in said they missed picking these up issues because they ‘lacked the skill or experience in inspecting the property’. A further 33% simply ‘fell in love with the property and overlooked them’ around a third of property buyers failed to arrange a professional building and pest inspection.

While we have created a quick guide of what to look for when to viewing a property, we always advise having professional building/pest inspection before you sign on the bottom line.

Professional inspectors will examine the building structure and roof space; they are looking at the property from totally different point of view, so will pick up problems such as water damage, pest infestations, and structural damage. Most importantly, they have absolutely no emotional attachment to the building.

Inspections can save you money

A professional inspection of the property can save you money in the long-term. Major structural issues or tiny little insects living in the building can be costly to put right, but if their presence is picked up early the chances are damage is limited.

Bargaining power in the purchasing process

When you are putting in an offer on the house, you make can make building and pest inspections a condition of your offer. If the pest and building inspections reveal some issues, you can use these to your advantage in the negotiation process.

Building and pest inspection reports start from a few hundred dollars, but remember you get what you pay for. The cheaper ones may not be as thorough and always make sure you use an authorised and accredited licensed building and pest inspector.

As one of Newcastle’s longest established real estate offices, we know property. Whether it is from an investment or homeowner’s point of view, we’re always looking at innovative ways to help you get the best from your asset.

Give us a call on 02 4954 8833 or pop into our Cardiff office for a no-obligation chat or to arrange a free appraisal. Alternatively, send us an email to: mail@apnewcastle.com.au – we’d love to hear from you.

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