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Your guide to inspections before buying a home

There are so many costs and processes involved with buying a home – have you considered which
inspections you might need?

Buying a house is a complicated process, and once you find the
right one – as well as a good variable or fixed home loan – the last
thing you want to do is pay for inspections. However, getting the
right person to have a look at your home-to-be could save you
major headaches and thousands of dollars down the line. Here are
the types of inspection you’ll need to consider.

Should I get a pest inspection?
Why yes, yes you should! The reasons for this are quite apparent –
you want to avoid costly termite (or other pest) damage to the
wooden frame of your new home. The gamble of not having a
report done is simply not worth the low cost of these reports. You
can even make it a stipulation in your sales contract.
How big a gamble is it? According to a 2006 report by Archicentre,
as cited by the Victorian government, “about one in five houses
in Armadale, Frankston, Greensborough, Monbulk, Newport,
Wantirna and immediate surrounding areas had a termite infestation
problem, or showed evidence of a past pest problem.” Those
are worse odds than Russian roulette!

What about a builder’s report?
Structural issues and building modifications that are not up-tocode
could not only pose a danger to the soundness of the dwelling,
but could also place you at risk of receiving a fine from the
local council, or could mess up your chances of selling later down
the road. Mortgage brokers and lenders will also have a lot more
confidence in your application if the building is proved to be structurally
fit.
Your building professional should be properly qualified, and will be
able to point out any defects that could cost you money in the
future. These same issues could also be grounds for negotiating a
lower price.
There are many other inspections you could have done, including
strata reports, if you’re buying into an apartment complex. Don’t
forget to do your own personal inspection before settlement to
make sure everything is as you bought it, and all chattels listed in
the contract are left in place.

Written by

Stephen Bonfield, the Managing Director, previously worked for one of Australia’s major home loan companies as an independent mortgage broker. Steve used this experience to set up his own mortgage broking company - a company that places customer needs at the forefront.

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