Are you aware of all the hidden challenges and costs involved in buying an existing home? Whether it’s your first home or you want to buy an investment property, building and pest inspections can end up being very expensive. Especially if you’re looking at multiple houses, the cost can really add up. If you’re not careful, you’ll end up spending tens of thousands before you even find the house you want.
At No1 Property Guide, we’re passionate about getting our clients into their dream home. Darren Walters has more than 20 years of experience in property and finance, and developed his no or low deposit new home system to make the process of becoming a homeowner easy. Just fill out our pre-qualification form and one of our New Home Specialists walk you through your homeownership journey.
What is a Building & Pest Inspection?
While they can be expensive, it’s important to get a building and pest inspection for any house you want to buy. Getting this done will help find any potential problems with the house. These inspections are done by a trained technician who will perform a visual inspection of the property and provide a report that details any defects they find.
On the other hand, when you build a new home, you don’t need to worry about organising a building and pest inspection because everything is brand-new and built to the highest standard.
What’s Included in a Building & Pest Inspection
Building and pest inspections are an assessment of the house, with the technician looking for any issues and safety hazards. They will then write a report on any problems found with the house, which can include:
- Damp areas
- Leaky taps
- Uneven shelves
- Loose doorknobs
- Cracked walls & floors
- Pest activity & damage
- Improperly sealed access points
- Structural issues
The report may also contain an action plan for any repairs that are needed now or in the future.
They will also check the property for signs of pests and anything they may have damaged. Termites have the most destructive potential out of the insects common in houses. So technicians are trained to detect the signs of termites and have specialised tools to find them.
What’s Not Included in a Building & Pest Inspection?
When you buy an existing home, there might be issues with the house that aren’t put in the report. This is usually due to the specialised nature of the issues. If you want to get a complete picture of the house, you may need to contact multiple companies. Most inspections won’t include:
- Specialised trade information (electrical & plumbing etc)
- Home appliances
- Smoke alarms
- Air conditioning
- Pools & spas
- Information on toxic & hazardous materials
For these, you’ll most likely need to hire a specialist or find a technician who offers a more in-depth inspection.
The terms and conditions of the inspection typically state that the technician can’t be held liable if they missed something in the report.
When you’re building a new home with No1 Property Guide, you won’t need to worry about any old appliances or faulty structure, because everything is brand new. If there are any issues with the build, the builders will come back and fix anything that doesn’t meet our high standards.
At No1 Property Guide we want you to have all the factual information. Our New Home Specialists are happy to explain everything you need to know and we’ll take you through the process of becoming a homeowner.
All you need to do is fill out our pre-qualification form. Our team will reach out to help get you into your new home. We’ve helped thousands of our clients get off the rental roundabout and into their own home, thanks to Darren’s no or low deposit new home system.
When Should I Get a Building & Pest Inspection Done?
You should get a building and pest inspection completed by a professional before you commit to buying any existing home.
If you’re buying privately or through a real estate, you’ll have the option to get a building and pest inspection done before committing to buy. If the homeowners agree of course.
It’s also possible to buy a house with a conditional contract. This basically means you’ve agreed to buy the house, on the condition the building and pest inspection report meets an agreed-upon standard. But if you agree to buy a property without this condition, you’ll be stuck with the home as is. Or you’ll need to pay a large fee to break the contract.
When you’re buying a house at auction, you have fewer opportunities to get a building and pest inspection done. You’ll need to get one at your own expense before the auction. It’s a significant gamble to bid on a house without having an inspection beforehand. Once the house has gone under the hammer, it’s a non-negotiable commitment to buy the property.
There’s no cooling-off period or option to negotiate the price if you find any issues.
The Cost of a Building & Pest Inspection
A building and pest inspection will typically cost between $200 -$700. The price varies with the size and type of the property.
When you’re looking for your new home, it’s unlikely you’ll only be looking at the one house. If you get an inspection for every single house you’re interested in, the cost will likely be thousands more than you’re willing to spend. If you pay for an inspection for a house that’s up for auction, just to lose the bid on the day, you would have wasted your money.
On the other hand, consider the potential costs of buying a home only to find out that there are major faults or an infestation of pests. Either you pay hundreds or thousands to fix up all the issues. Or learn to live with having them in your home.
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The housing market is fiercely competitive, and you’ll often find dozens of prospective buyers all competing for the same home. If the homeowner already has ten offers on the property, it’s probably not worth their time to let you get an inspection done or allow you to get a conditional contract.
Rather than risk your money on inspections for houses you may not get. Consider the benefits of building your own home instead! Everything is brand new, and you can watch it transform from a simple block of land into your dream home.
Understand the Costs before Buying an Existing Home
Building and pest inspections are a necessary part of the process when you buy an existing home. So it’s important that you’re familiar with everything they include. In addition, you should be aware of the limits of the inspection and anything that’s not covered. It’s probably unreasonable for you to pay for an inspection for every house you like, so you may need to be selective with the homes that get inspected.
Alternatively, when you build your home using Darren’s no or low deposit house and land packages, you’ll get a high-quality home without any issues.
Our New Home Specialists will work with you to help get you out of the rental market and into your new home. Darren’s no or low deposit new home system has helped thousands of renters achieve their homeownership dreams and you could be next. If you want to become a homeowner, just fill out our pre-qualification form. And one of our New Home Specialists will walk you through the process of getting into your new home.
*The information contained in this article is of a general nature only & does not constitute financial, legal, or taxation advice. No1 Property Guide recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article