Property & You – By Paul Mckenzie, Abs Conveyancing Property Buying & Inspection Reports
Buying an existing residential property is a big investment, either to buy as owner occupier, or buy as a rental investment. Property inspection reports, building/pest and strata are optional, but it’s very risky/crazy, if you don’t order and obtain them, prior to exchange, or during cooling off. Saving a few hundred dollars, but not getting the inspection reports, can end up costly you very dearly in time, money and stress, when nasty surprises come out, subsequent to your purchase.
For building / pest reports, very important to order and obtain them, to make sure, no serious issues, such as water leaks and termites. One client we acted for, did not bother about a building/pest report, then ended up with a $35,000 water leak problem, after property purchase.
For strata property, strata inspection report, very important to order and obtain them, to make sure, no serious issues, such as special levies, new or proposed by-laws, repairs/maintenance issues, structural problems, court or tribunal action.
One client we acted for, did not bother about a strata inspection, report, ended up with the strata scheme, having a structural problem, with the client ended up with $14,500 in special levies, after property purchase.