Are you currently looking for your next home in Adelaide or business site? There’s certainly a lot to consider when you purchase a new building and there are a lot of stresses that can come with it.
Chances are you’ll be wanting the whole process to happen as quickly as possible and to avoid long drawn out waits and delays on moving in.
It’s vital that you really take your time however before signing any documents or handing over any money. You need to be 100% certain that everything is as it should be. One of the most important ways to ensure this is by carrying out pre purchase building inspections Adelaide.
What is a pre purchase building inspection?
A pre purchase building inspection is an inspection of the building that you are looking to buy, which is carried out by a qualified professional prior to you making the purchase.
A report will be drawn up and it will be a written account of the property’s current condition. The report will note any significant defects, problems or safety hazards.
When is a pre purchase building inspection carried out?
The most important element of this type of inspection is that it is carried out before either party exchanges sale contracts. This means that the buyer will be fully aware of any problems already existing and will not unexpectedly discover costly repair works needing to be done upon owning the property.
What are the benefits of a pre purchase property inspection?
The main benefits of having a full inspection carried out before you exchange contracts are certainly financial. However this goes hand in hand with offering you peace of mind and may help to avoid huge emotional stress further down the line.
Specific benefits of a pre purchase property inspection include:
- Awareness of any problems with the building in advance therefore the ability to plan repair works into your time line of moving in
- A qualified professional carrying out the inspection means that you will also benefit from their expert advice regarding severity of issues and how best to proceed.
- Using the information gained from the inspection report to negotiate on the price of the property – especially if you are going to have to spend money on repairs to areas such as structural elements of the house.
What sort of areas will a pre purchase building inspection cover?
The main purpose of these inspections is that they are as thorough as possible and therefore will generally cover all areas of the property, which you are considering purchasing. Some of the most common areas that are covered include:
- Rising damp in the property
- Movement in the walls
- Condition of the roof
- Safety hazards within the property
- Electrical wiring
- Presence of asbestos or potentially harmful materials
- Structural weaknesses
Tier 1 Inspections provide more detail about pre-purchase building inspections on their site here: http://www.tier1inspections.com.au
There are a large number of factors to consider when choosing your building inspector. It’s important that they come with a good skill set and are fully qualified in inspecting the type of building that you are looking to purchase. Additionally, it’s always comforting if they have been recommended by a friend, family or colleague and you should always enquire as to past properties that they have worked on.
However one of the most important things to consider is that your building inspector is also fully insured.
What insurance should your building inspector have?
Professional Indemnity Insurance is a type of liability insurance, which your building inspector should have.
It will ensure that the building inspector, and therefore you as their client, are protected when professional advice is being given and services carried out.
You may also need a licence to actually carry out your work: http://www.qbcc.qld.gov.au/contractors/apply-licence/apply-completed-residential-building-inspector-licence
When would your building inspector need Professional Indemnity Insurance?
There are numerous cases in which a building inspector may require their professional indemnity insurance. Some examples include:
- Providing negligent advice; sadly mistakes do occur and it’s possible that your building inspector may offer advice that is incorrect or carry out a service that turns out to be detrimental to you in the long term. Similarly, inspectors may fail to report something vital such as termite damage. In these cases, you may be able to make a claim against them. This will be made far easier if you are claiming against a fully insured building inspector.
- Breach of contract: there are several ways in which a building inspector may be in breach of their original contract. These often relate to time scales and being unable to carry out works to pre-agreed deadlines. This could incur costs to you, especially if it results in a delay in move in dates or holds up the sale of a property – therefore you want to be sure that you’ll be fully covered financially.
- Mistakes providing a service: if your building inspector makes a costly mistake such as failing to note a key issue with a property or incorrectly identifying faults with a building, you may need to make a claim against them for costs incurred further down the line.
Due to the nature of many of the types of issues that building inspectors will look for, you may not realise they have made mistakes or omitted to report certain aspects until much further down the line. It may not be until you have purchased the property that you discover the negligence or mistakes that the building inspector has made.
In these cases, you will be making a claim after the event and indeed there have been instances where claims have been made decades afterwards. A good building inspector will appreciate this and realise the importance of always keeping their professional indemnity insurance policy up to date and reviewed on a regular basis.