A Home Ownership Report conducted by Westpac this year found that only 43% of NSW home buyers actually obtain a professional building and pest inspection before purchasing a home.
Some agents speculate that in competitive markets like Sydney, buyers may just be sick of paying for inspections when there’s a high chance of being out-bid, preferring to rely on their own property checks.
However, the price of a professional property report is small compared to the potential cost of extensive repairs.
One Sydney first home buyer, Elaine Banoub, found herself having to rescind on two contracts due to the findings of pre-purchase inspections.
The first home she looked at appeared perfect, with new paint and recent renovations. She signed the contract subject to a building and pest inspection and was glad she did – the report revealed high moisture levels and mould risk, as well as termite damage.
A second home she looked at turned out to have had several extensions and additions built without any council approvals.
Thankfully, she was able to use the property reports in both cases to rescind and even get her deposits back.
When she did eventually find a house in Sydney’s Ingleburn, the building and pest inspection revealed it needed a roof restoration and that there were termites in a nearby tree cavity.
Because the inspection turned up no termite activity in the house and she was prepared to pay for the roof restoration, Elaine used the report and thermal imaging of the termites to negotiate the property price down by thousands of dollars.
If you want the peace of mind and bargaining power that Elaine had when she bought her first Sydney home, talk to us at Inspect My Home. Our experienced building and pest inspectors can provide you with a detailed report so you know what to expect before you buy.