Buying Property | Building Inspections

Getting your money’s worth

I have 5 tips for your building inspections that have has not only saved many an investor $$ but made sure they were getting what they paid for. Check out this video or read the tips below:

 

Get an independent Inspector

Your real estate agent might seem like a good bloke when he offers to hook you up to someone who can do your inspection but remember that the inspector may not have your best interests at heart.

Be present

Yes this means you should be there. The number of times I have done this and been able to probe the inspector on issues and even the cost of fixing issues has saved – and made – me $’000’s.

Leave the agent at the door

Your building inspection report can become a negotiation tool so you don’t want your agent privvy to the information you have paid for. I have know agents who have attended inspections to pass on the ‘all good’ thumbs up to subsequent purchasers – you paid for this report so keep the information to yourself.

You can save some $$’s

Some inspectors will give you a verbal report for a much reduced fee – this might be good enough for you and all you need to clinch the deal.

Another way to save money is to ask the agent if someone else has done an inspection and offer to pay half for a copy – or if you get the report you can tell the agent that if others want a copy they can have access to it for a fee.

Your inspection report is a tool

A tool for negotiation. If you have some obvious defects you could negotiate the price down, negotiate yourself out of the contract if you need to or you could negotiate the vendor to make good before settlement. Put this report to use if you can.

For more on the loan process and additional tools to assist you, go to the Investors Choice Mortgages Hub – where you and our clients get an unfair advantage with world-first tools and resources. Check out the Property Scout App – whilst you inspect properties you can record works to be done and approximate costs!