Whether first home buyer, seasoned investor or renovation sensation, purchasing a property can be daunting. From choosing a suitable location to finding a property that fits the requirements, the last thing on a buyer’s mind is a building inspection or strata report. However, it should be considered essential to every property purchase.
Principal of Nicholls & Co Estate Agents, Cameron Nicholls says, “Requesting a building inspection or strata report pre-purchase will save thousands in potential repairs or legalities down the track. Some issues may be noticeable to buyers, where others may not come to light until it’s too late.”
A building inspection eliminates the unknown and alerts buyers to many crippling issues. These include:
- Structural Defects
- Safety Hazards
- Defective Wiring
- Poor Roofing
- Damaged Plumbing
- Unwanted Pests
A strata report concerns community titled and company titled buildings and should be combined with a building inspection. Strata reports provide precise details of the building. Some of these details include:
- The current owner
- Whether the building is insured
- Does it comply with fire requirements, asbestos management and OHS Obligations?
- Building defects or claims for defects
- Is there disharmony?
- Dollars in the sinking fund
Source: Nicholls & Co