The Biggest Mistakes Homebuyers Can Make

Would you buy a car without having it inspected? Probably not. So why would you buy your biggest asset and not have it checked out by a professional?

Let’s talk property inspections - what is a property inspection?

Inspections identify potential building faults and issues that may affect your property. It presents you with a detailed condition report so that your decision to buy a property is a fully informed one. There could be something wrong with your property that isn’t visible to the naked eye, from water damage and pests to the structure's integrity - as a buyer, you need to know what you're getting into to avoid any unwanted surprises down the line.

So before you buy a property, you’ll want to make sure you include the following on your contract:

A structural inspection

This type of inspection will assess things like whether the house is structurally sound, what maintenance may be required or whether you can expect major expenditures in the future.

A termite inspection

This type of inspection will examine the property’s structure, sheds, garages and yards for any signs of termite activity along with recommendations on how you can reduce your chances of a future attack.

A pool inspection

This type of inspection will cover the functionality and structure of the property’s pool as well as the surrounding safety barriers.

Good working order clause

This clause ensures that at the time of your final inspection, which is usually a week before settlement, that you get the opportunity to check all the plumbing, gas and electrical to make sure it’s in good working order. The term working order means that the product will perform in accordance with its specifications and be in physical condition and functionality equal to, or better than that of the product being replaced.

Buying a property is often the biggest financial decision you’ll make. Unfortunately, it can also be one of the most expensive. The last thing you want is to find out you have major structural issues later on — or even worse — non-structural issues that are hugely expensive. In many cases, your bank will insist on these inspections because they’re making sure that they’re protecting their interests as well as yours. So when writing up your contract, make sure you include these inspections, otherwise, you may run into costly problems later on.

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