THE TIMING OF A BUILDING INSPECTION MOSTLY DEPENDS ON THE METHOD OF SALE.
As the findings of a building inspection report may prompt you to withdraw an offer, you should always ensure that you are correctly informed of your rights and options. This is why we recommend you engage a conveyancer or settlement agent as early as possible in the buying process.
AUCTIONS
Organise the inspection as early as you can, and be sure it is prior to the auction date. This also puts you in a position to make a confident and informed offer prior to the auction itself, which is a bonus. Many sellers will consider a ‘bird in the hand to be worth two in the bush’ and will therefore often accept an early offer.
You can also check out our e-commerce section to see if an inspection on the property has already been completed. Jim’s Building Inspectors often conduct what we refer to as ‘on spec’ building inspections on properties which are going to auction.
We conduct a building inspection on the property but may make the report available to multiple interested parties, often at a more competitive price.
The general risk with ordering a building inspection prior to auction is that you may not be the successful bidder. If this is the case, contact your local Jim’s Building Inspector directly as many offer discounts to assist you when further building inspections on other properties are needed.
However, the bigger risk is bidding at auction and winning a property which has not had a building inspection completed, and may mean your best laid renovation plans and savings go out the door.
With approximately 1/3 of all homes being sold with a major defect of some type, it is not worth skipping a building inspection.
We are obviously biased in this matter but we have also seen too many examples where people have purchased a property and come to us after the auction when they discover that their budget for their new kitchen is now going to go on simply making the property water tight, addressing rising damp or dodgy repair jobs.
PRIVATE OR FIXED DATE SALES AND EXPRESSIONS OF INTEREST
If you are planning to buy a home or any property, to occupy or as an investment, you should make any verbal or written offer conditional to a building inspection.
Generally any wording should indicate that you retain the right to withdraw from the sale without financial penalty should safety hazards or major defects be identified. Also consult your Conveyancer about any local state based requirements for settlement processes and your options.
Again, the earlier you place an offer conditional to your building inspection report, the better your chances of winning the property.
Time to arrange a building inspection? Call 0800 454 654.
Conclusion
In summary, understanding the right timing for a building inspection is crucial when selling a property. Whether you choose a private sale, auction, or another method, a pre-sale inspection helps avoid surprises and ensures that the property is in the best possible condition. By taking proactive steps, sellers can address potential issues and improve buyer confidence, leading to a smoother transaction and potentially higher offers.
FAQs
A building inspection helps identify any structural or safety issues, allowing sellers to fix them before listing, improving the property’s appeal.
It’s best to schedule a building inspection early in the selling process, ideally before you list the property, to address issues before they become potential deal-breakers.
Yes, addressing issues before listing can increase buyer confidence, potentially leading to higher offers and faster sales.
The common methods include private sale, auction, and tender. Each has its own pros and cons depending on the market and property type.
A building inspection can uncover issues like structural damage, pest infestations, electrical faults, and plumbing problems.
The cost varies depending on the size and location of the property, but it’s a small investment considering the potential benefits it brings to the sale process.
Yes, most buyers will request a building inspection as part of their due diligence before making an offer.
An inspection report can provide transparency to bidders, potentially reducing the risk of disputes after the sale and making the auction process smoother.
No, a building inspection focuses on the structure and systems of the home, while a pest inspection focuses on any damage caused by termites or other pests.