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Due Diligence when Buying a Property

Whenever you are buying a new property, there is a possibility that you could get caught up in the excitement and simply make an offer. Before you do that, however, you need to ensure that you have professional building inspections conducted.

By skipping this simple step, you could be letting yourself in for a world of heartache down the road. Here’s all you need to know about building inspections.

Choosing the Right Company

Of course, a building inspection is really only as good as the building inspector who conducts it. Make sure to choose a reputable company with properly experienced inspectors who have access to up to date technology.

It is a good idea to get referrals from friends or to check online for potential candidates. Take a good look at the company’s website – a good service provider will explain exactly what they will do and what they will look for.

When to Get the Inspectors in

You are generally allowed a cooling off period after you make an offer to purchase a property. This is the ideal period in which to get the inspectors to visit the property. Alternatively, you could make an offer subject to a satisfactory building inspection being conducted.

Should a problem be found, you will then be able to back out of the deal legally.

The seller may also have had a building inspection conducted before putting the property on the market. Nevertheless, you will have to decide whether or not you can trust the strength of that document. You should consider having your own inspection conducted in spite of this, especially if you have any doubts.

Analyse the Report Thoroughly

The inspection is usually conducted quite quickly and you will be issued with a thorough report within a day or so.

The report will cover several aspects from the soundness of the property as a whole right down to areas of concern. They will check for structural defects, moisture, lack of ventilation, termite infestations and shoddy workmanship.

No property will be completely perfect but the inspector will be able to give you an idea of not only how serious the problems are but also how extensive repairs would have to be.

With this information in hand, you will be able to make an informed decision as to whether or not the property is good value for money and whether you are taking over someone else’s problems.