How many of us know a person that paid too much for their house? Or, someone who bought recently and now their home or unit is leaking from God knows where?
The struggle is real. A recent article by Domain highlights the known unknowns when purchasing a property without adequate research and critical building reports, an oversight that can cost home buyers a lot of money.
We go further by adding that people should also engage the help of a Property Valuer and when choosing a Building or Pest Inspector, one must accept carefully as the adage of 'you get what you pay for' rings very true. Ask what they "actually" inspect, you will be surprised with some of their answers. The more reputable ones will be upfront and transparent with what they do. A good building report is not that expensive, the cost, when compared to the actual price of a property, is negligible.
The Property Valuers face the same problems. Property Valuers can play an extremely beneficial role for home buyers. However, spending money on a Pre-Purchase Valuation report is a hard sell. The benefits of a Valuation Report is somewhat intangible for many and people fail to calculate its advantages. There is so much information available on the net nowadays who can blame them?
If you enter the property market un-armed, you risk paying too much or even fail to secure a property because your self-generated appraisal was too low!
A building report can avoid unexpected repair and restoration works while a Pre-Purchase Valuation will provide a home buyer with crucial historical sales evidence, analysis and market determinants that can take much of the guesswork out. As per the Building Reports, the small fee of a Pre-purchase Valuation is negligible in the overall scheme of things.
Happy Bidding!