Though most are familiar with the general process of purchasing a house, many areas often get overlooked. One of those things is building inspections, and they could be the most important factor to consider when looking into purchasing a house or non-residential building. From identifying damage to assessing age and potential repair needs, building inspections can be the difference between investing in a financially stable property or a building that will require more funds than you’re willing to dole out.
If you’re new to the concept of a building inspection or are curious as to why they are necessary, here are 6 facts you need to know today.
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Cost Counts
Though building inspections aren’t required everywhere you go, the nominal cost upfront could save you thousands of dollars in the long run. A large part of building inspection is saving, not spending, so don’t be put off by the initial fee. When a building inspection is conducted, the inspector looks to expose current or potential issues with the property. Well-versed in and equipped to see the problems an untrained eye will miss, a building inspection can save a lot of cash and unnecessary headaches. Plus, if the problems found are egregious enough, you can walk away from a sale before you even make one.
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Be Present
Here’s one of the things they don’t tell you about building inspections- it’s always better to show up than to rely on the inspection report. Being present for the inspection can do a couple of things. Firstly, you will have a chance to better understand the inspection findings. Secondly, it can help guide the inspector. In most cases, a building inspection will be the first time an inspector has been to the building in question. Your familiarity and expertise are extremely valuable- especially if you have some prior concerns. Don’t forget to ensure that the inspection includes photos of any damage or notable issues.
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Select Your Inspector Carefully
One job you should take extremely seriously is the selection of your building inspector. Many assume that all inspectors are licensed, but unfortunately, this is not the case for every state. As explained by the team behind https://www.asbir.com.au/, depending on where your chosen inspector has worked and gotten certified, levels of competency can vary quite a bit. For peace of mind, it’s well worth it to choose a trusted and professional company. Choosing your own, independent building inspector will foster transparency that is much needed for speaking freely about any issues that arise.
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Additions Can Subtract
One of the most important facts about building inspection is that not every addition to a house is beneficial or will increase its value. As any building inspector will immediately draw your attention to, if a building addition is found to be illegal, it will negatively impact your insurance and property tax. In addition to this, if an addition does not follow proper codes it can be dangerous- rendering the addition useless. Additions and other renovations should be closely examined during any building inspection to protect the financial and physical security of an investor.
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99 Problems… Can Be Fine
When an investor sees a building inspection report, they sometimes assume that they won’t see any issues if the property looks new or well maintained. Truthfully, this is one of the biggest misnomers in the inspection industry. Due to the detailed nature of building inspections, many reports contain anywhere from 50 to 100 small issues. This is no need for alarm, however, as the severity of issues should be taken into account before the number.
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See Your Future
In terms of getting the best bang for your buck, one of the most important things a building inspection can do for you is to provide you with an accurate forecast. No, building inspectors won’t be able to predict the weather, but they can provide accurate cost estimation for the needed work based on identified problems. To make the most of the service, you should be asking for clarification and recommendations from your inspector. If the forecasted spending is too great, you may want to take a second look at your plans to purchase.
Building inspections may not be a topic that you have the expertise in, but it is one you should get to know if you own or are planning on purchasing a property. With funds saved and problem areas highlighted, a building inspector can make or break your experience buying or selling a property. By taking into account the 6 crucial facts listed above, you are well on your way to a comprehensive understanding of the importance and nuance of building inspections.
