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Subject to building and pest inspection

Always buy subject to building and pest inspection

Finding a potential Investment Property is just the start.  Next, we need to make sure it is a good long term investment – And that starts with a building inspection.

 

As a minimum, your lender may require a pest inspection before they agree to approve your mortgage.  If there are termites or other insects, the home owners will have to take care of the problem before they can sell the home.

But we suggest a full home inspection is worthwhile, because your Investment Property should be viewed as a long term investment.  Although you will have to pay a little for a home inspection, it may save you a lot of money in the long run.

A thorough home inspection should include checking the following:

  • Electrical systems
  • Heating and cooling systems
  • Foundations
  • Structural elements
  • Roof
  • Insulation
  • Doors and windows, and
  • Plumbing

Pause for a moment and think about the cost of fixing problems with the above, and a thorough Home Inspection looks a good deal.  And if you are renting out your Investment Property it will save you a lot of hassle.

Whether you are buying a new or used home, it is best to have a home inspection done before signing the final paperwork. Once the inspection report comes back, you will the opportunity to ask the homeowners for a price reduction, go ahead and buy the home anyway, or ask the homeowners to make the necessary repairs.

When drawing up an initial offer for the purchase of the home, you should include a statement that allows you to withdraw your bid if any repairs are not taken care of or the price is not lowered due to the findings by the home inspector. 

Since you will be taking out a mortgage, it is important to know the initial cost, as well as the amount of money you will have to invest after purchasing the home. A home inspection will also give you clarity on your final decision as to whether or not to purchase the home or to keep looking for another.

How To Find A Home Inspector

There are a few places to turn to when looking for a home inspector:

  • You can use our approved Home Inspector
  • Get references from friends and family
  • Use the phone book or internet

Note that some home inspectors work freelance and may only work certain days during the week. They are trained in home inspection and many are retired contractors, builders, electricians, and plumbers who know what they are looking for.

When you find a few home inspectors, give them a call and ask the following questions:

  • How long have you been inspecting homes?
  • How much do you charge per hour?
  • What do you look for when inspecting a home?
  • What types of reports should I expect?
  • What days during the week are you available?
  • Do you offer septic system inspections?
  • What type of licensing do you have?

Then you can compare these against the safety of using the Home Inspector we use, knowing that as your Investment Advisor we stand behind our recommendation.

A thorough home inspection should take about three hours to complete. This will give you an idea of how much the inspection will cost.

Importantly, find out if your Investment Property lender has specific inspections that the home must pass before you will be approved for a home loan. 

The next step after choosing an inspector and finding out which inspections will be needed by your lender is to make sure the homeowners will be home for the inspection. Usually we can arrange a time for the inspector to perform the inspection (and oversee it as your Property Buying Agent if you are Interstate or otherwise unable to attend personally).  

The reports will be enough to give you a clear idea of what needs to be done. After the inspection is complete and the reports have been completed, it is up to the homeowners to either make the repairs necessary or lower their asking price. As your Buyers Agent we can reframe the asking price for you, based on what our Home Inspectors indicate is the amount required to fix any problems.

As your Buyers Agent, this is just one more way we can smooth the path to your successful Investment Property acquisition. 

Next Step?

Have a question or want to get started?

Call Khalid Nayab on 0437 399 927