Why A Property Inspection Is A Must When You Buy Your First Property - Pearl Financial

Why A Property Inspection Is A Must When You Buy Your First Property

By Shane | First Home Buyer

Feb 03

Finding your dream home is an exciting time and buying a new home may be the largest financial commitment of your life. Therefore, it is important to ensure that you are purchasing a quality property with no hidden surprises. Many homes sold in Australia have significant hidden faults leading to unplanned repair costs for unwary buyers. Buying a property with serious faults can costs you thousands of dollars to repair the damages, plus the added time and stress involved in organising repairs.

 

Choosing not to go through a property inspection becomes your problem should there be issues.

These unexpected costs are typically added to your mortgage which might dramatically increase your requirements. Spare yourself a hike on hidden costs by having your new home inspected by a professional property inspector before you buy. A property inspection report will give you peace of mind, reduce risk, and can save you thousands of dollars.

It is important that home buyers know what they should expect from a property inspection.

With the professionally-prepared property inspection report, you will know immediately if there are any serious property faults. This report is extremely valuable when you are negotiating the property price, dealing with a property bid, or applying for funding. Most importantly, it will give you an assurance that you can proceed with the purchase of your new home.

 

Make sure you specify any particular items or areas on the property that you want to be inspected.

Your property inspection will cover the entire property including all fixtures, fittings, and finishes. Plus, roof spaces, roof exterior, floor space, small retaining walls, and surface water drainage. You may also request extra issues be inspected such as signs of asbestos problems, functional electrical safety switch, and smoke alarms.

 

If possible, you can walk through the home with your property inspector during the inspection.

A professional inspection company will provide you with an easy-to-follow report containing the finding of the property inspection, identifying major and minor defects, and maintenance items. It will also include an analysis of the probable cause and advice on how to best fix those issues. In some cases, it might also give you an indication of expected costs to rectify the faults. All of the information provided is invaluable in calculating how much you should pay for your proposed new home.

 

A pest inspection or an assessment of any active or deactivated pest activity in and around the property is not always included in a property inspection. Issues like termites in your property can incur high costs to repair, including the deactivation of the termites which is not covered by any insurance company. There are companies that offer a combo package which gives you both the property and pest inspection, combined in one service.

 

Surprisingly, anyone can do a home inspection without qualifications, experience, insurance or property fault knowledge. To ensure that you end up with a professional property inspector, you may contact Pearl Financial and you will be introduced to a professional property inspector that has been tried and tested by many of their clients.

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About the Author

Shane specialises in helping Gen Y professionals and business owners make an impact by accumulating more assets, generating more income, and having more time to enjoy life. He has a Master of Applied Finance, an MBA, and a Master of Financial Planning. He is also a terrible golfer.

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