Why A Building and Pest Report Is A Must
While investing in a building and pest report is crucial if you want to avoid buying a lemon, did you know that they can also be a valuable bargaining tool?
As many homeowners already know, buying any property always comes with a wide range of fees, applications, and warning signs. Any seasoned property baron knows that knowledge is power when it comes to avoiding a potential misstep, However there’s a minefield of hidden costs to consider when purchasing a home – particularly for first home buyers.
Given that most members of this cohort have already spent months meticulously saving up for a deposit, it can be incredibly disheartening if you run into further financial setbacks or unwanted surprises. When it comes to investing in the right types of inspections, investing in a building and pest report has long been regarded as the big one.
How A Building And Pest Report Can Save You Money
As a buyer, it’s important to protect yourself against any potential structural issues with the property that may be invisible from the outside, along with any hazardous pest or termite infestations. While your dream home might look perfect from the outside and to your naked eye, a building and pest inspection can quickly uncover any potential issues with the structure of a property.
Typically, a building and pest report usually costs anywhere between $500 and $1000 in Queensland, depending on how in depth you want the report to be. Not only do they protect first home buyers from potentially purchasing a lemon, but they’re also a great negotiation tactic and even have the power to save buyers thousands of dollars on a new property purchase. In fact, some of the most common ways to leverage a building and pest report include the following.
Termite Infestations – Termites love moisture and timber, so many older Queenslander homes present the perfect buffet for these incredibly destructive creatures. However, a termite infestation – past or present – is often invisible to the naked eye, which is when a building and pest inspection can be a lifesaver. However, even if there are termites present, it’s worth getting a quote to see how much replacing the timber will cost. Vendors are likely already aware of the problem, and may be incredibly flexible when it comes to negotiating a lower price.
Structural Integrity – Brisbane residents have had more than their fair share of floods over the years, so checking for water damage and potential mould issues that could affect the structure of a home is crucial. The slab or foundation of a property, along with any stumping if applicable, can rapidly run into the thousands of dollars if it requires fixing. Similar to termites, vendors may already be aware of any big costs linked to fixing structural repairs of a property, and may knock a significant chunk off the asking price if a buyer is willing to fix it themselves.
Building Code Requirements – Thanks to an overload of home renovation television programs and too much time stuck at home, many Aussies have taken on DIY home renovations that they may not be equipped to handle. In addition, renovations that were undertaken without the supervision of a qualified tradesperson may not be safe, let alone have the right types of council approval required. A building and pest inspection can help to ensure the measurements and installation are all correct, and determine what is worth bargaining on or walking away from.
For buyers making their debut into the world of real estate, it’s important to get the right advice instead of making big decisions based on guesswork. As of September 2021, mortgage brokers wrote 67% of all residential home loans in Australia – the highest number ever recorded. What’s more is that 90% of these customers reported that they were happy with the services provided to them. If you’re thinking about applying for a mortgage or are about to be, then it’s worth getting in touch with the professionals.
Partnering With Home Loan Professionals
Navigating the complex world of home loans has long been regarded as stressful, frustrating and time consuming – but if you can find the right advice on sourcing how mortgages work, then the good news is that it doesn’t have to be.
Since their inception in 2012, the team at Madd Loans have worked tirelessly in providing over 2,000 Queenslanders with finance options to help turn their dreams into reality. With the entire brand being built on referrals, owner George Samios takes great pride in making the loan process both fun, educational and stress free – and he has a swag of awards to prove it.
If thinking about your financial future strikes a chord with you, then it might be time to speak to a professional. Whether you’re chasing mortgage solutions or a financial fairy godmother, the team at Madd work together as a collective to turn your goals into reality.