I’ve had a lot of first home buyers asking if they really need to pay for a building and pest inspection, particularly when the home they’re buying is brand new.
In short, I have always recommended a building inspection (at the very least) and here’s why…
When you pay for a building and pest inspection you are paying for someone to find the faults in your property. This means, you know the good, the bad and the ugly on the property you are buying and it gives you the opportunity to A) get it fixed before settlement, B) take some money off the purchase price or C) cancel the contract altogether and in my experience as a mortgage broker, I’ve seen all three instances, many times.
The good
Let’s say you pay the money for your building and pest inspection and it shows there are no issues with the property, at least you can relax and know the home you are buying is a good one!
The bad
Let’s say there are multiple issues in the report, perhaps the deck isn’t council approved or the ceiling height on the new home isn’t to code… at the very least you can now make the educated decision to continue with the purchase and get the issues rectified or lower the purchase price to cover the cost of fixing the issues post settlement.
The ugly
It’s rare, but I’ve had the occasion where the report was that bad that my client cancelled the contract altogether. This can be heart breaking especially when you’ve fallen in love with the property, but the last thing you want to do is purchase an ongoing problem.
So at the end of the day, (and based on what I’ve seen), I will always recommend my clients get a building and pest inspection. My clients don’t have to take my advice but personally I think, It’s a small price to pay for your peace of mind.
For more information on building and pest inspections contact me today.