When you're making any property purchase, whether it's a house or a commercial building, you need to make sure that your money is well spent. Whilst you can identify some problems on your own when you tour the property, many other potential problems are hard to find unless you're an expert in property inspections. A pre-purchase building inspection report is designed to give you the information you need before you spend your hard-earned money. Here's what you need to know about this type of building inspection report.
When Is a Pre-Purchase Building Inspection Performed?
It's your choice when the pre-purchase building inspection takes place, but it usually occurs after you know you're interested in purchase but before you begin price negotiations. It will typically take just a day or two to receive your pre-purchase building inspection report once the property inspector completes their inspection.
What Type of Information Is Included in a Pre-Purchase Building Inspection Report?
Your property inspector will check all parts of the property that you're considering. This should include both the inside and outside of the building. Additionally, it should include specific areas, including:
Anything that is relevant to the building's structural safety should be included in a pre-purchase building inspection report.
What if There Are Problems Listed in the Report?
It's not at all uncommon to discover some problems—or at least some potential problems—during a pre-purchase building inspection. In fact, that's the main reason that this type of inspection is done: to discover any issues so that you can be an informed buyer.
If there are problems found during the inspection, you may be able to use the pre-purchase building inspection report for negotiation. For example, if a property that you're interested in has foundation issues that will be costly to repair, you may be able to negotiate a lower price on the property. Alternatively, you could make it a condition of purchase that all problems detailed in the pre-purchase building inspection report are resolved before you part with any money.
Although a pre-purchase building inspection report does cost some cash—anywhere from a few hundred dollars up to a thousand, depending on your area and the building—it's a very worthwhile investment. Spending this money now may save you from making a big purchase mistake—or it might save you a lot of money on the purchase!