Pre-purchase inspections

Purchasing a property is not for the faint-hearted. Not only will you probably be parting with a large amount of carefully saved money, you’ll also be committing yourself to years of mortgage repayments.

Most buyers simply come to terms with these unfortunate facts as a necessary evil to achieve their dream of property ownership and for the most part the equation is reasonably satisfactory.

Where things often come unstuck, however, is when unforeseen problems emerge that require extensive and costly repairs. Not only does this take the sheen off a new acquisition, it can sometimes jeopardise your ownership. At worst it can lead to severe debt or even bankruptcy.

Although problems are sometimes simply impossible to avoid, there are ways of going into a property transaction with a good level of confidence that the investment is a good one. Engaging a professional property assessor to carry out a pre-purchase inspection is a good place to start.

The Master Builders Association can recommend a company or you can engage an inspector from the Royal Australian Institute of Architects advisory organisation, Archicentre, to carry out this work.

Similar to vehicle condition inspections, these inspections will help you assess whether the property has any serious problems and how much is a reasonable amount to offer for the purchase.

After an extensive inspection, a report will be prepared which clearly sets out the condition of the property and lists potential problems, their extent and the likelihood that repairs will be needed.

All of this will impact on the value of the property and equip you with valuable knowledge before facing an auction or the negotiating table.

The reports will often highlight problems that you would never have been aware of, as the inspectors are generally builders or architects with extensive experience who will pick up potentially costly problems that might be invisible to a layperson.

Among other things, they might comment on areas such as solar aspect and ventilation, whether a home is prone to mould or dampness or termite infestation, condition of walls, floors, ceilings and roof as well as plumbing and wiring.

There are so many issues to consider when buying property. A pre-purchase inspection gives you a thorough overview of these, thus enabling a realistic assessment of whether a property is likely to be a sound investment or a money pit.