Buying a new home? Here's one tip that can save you in the long run

For many people, buying a new home is the most significant purchase they will make in their lifetime. Therefore, you should be informed of as many facts about your prospective new home as possible.

Unfortunately and all too often, after owners take possession of the home, they begin to notice issues and defects in the building works that were not apparent upon their earlier inspections. These issues can be quite serious and expensive rectification works may need to be carried out.

These problems can affect new and old homes alike. As The Age has reported, thousands of recently built houses in Melbourne are suffering from a foundational impairment that has caused massive damage to the floors, walls, doors and windows of affected homes, leaving their owners to undertake costly legal battles.

For these reasons, you should always carry out a pre-purchase building inspection.

What a pre-purchase building inspection can do:

  1. Report on safety, structural, drainage, insect and vermin issues;
  2. Identify defective building works;
  3. Inform you about foreseeable repair costs you are likely to incur;
  4. Enable you to make a balanced, informed decision on the purchase.

Forgoing an inspection: Cheap now, costly later

A pre-purchase building inspection could cost as little as a few hundred dollars, which is inexpensive compared to the costs associated with arranging rectification works and/or being involved in legal proceedings.

Don't assume repair costs will be covered by insurance policies

This is a harmful notion that could leave you massively out of pocket. The cover provided by the current Domestic Builders Insurance scheme is somewhat limited.

The one tip that can save you money in the long run:  ALWAYS ensure a pre-purchase building inspection is carried out before you purchase a property.

If you require further information on obtaining a pre-purchase building inspection, would like a referral to a suitably qualified and experienced building consultant or require legal advice about building defects or property purchase, contact our team on 03 9691 5959

 

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