Current at: 08 July 2008
Inspections a must for home buyers
After 12 consecutive interest rate rises [to March] no-one is looking for additional costs when buying a house, but
the
very fact that money is so tight could lead prospective buyers into making economies that will cost
the
m dearly down
the
track.
The worst economy that anyone can make is to do without a pre-purchase inspection. To try and do it yourself – unless you are a qualified professional – is
the
equivalent of kicking
the
tyres to judge whe
the
r a second-hand car is roadworthy.
The problem is magnified because many potential home buyers are being forced to look at
the
cheap end of
the
market and
the
odd ‘bargain’ on offer is often too tempting to pass up.
But beware of
the
“owner must sell” or “priced for a quick sale” lines in
the
advertising. Some not so scrupulous owners are putting properties on
the
market after ‘quickie’ makeovers designed to hide ra
the
r than fix faults.
These problems can range from damp caused by misplaced roof tiles to faulty electrical wiring or plumbing to whole structures that have been added without planning permission. Termites are a perennial problem in wooden homes and
the
drought has resulted in an upsurge in cracking as foundations dry out to unprecedented extents.
I can understand
the
complaints of some buyers who have paid for pre-purchase inspections on a number of homes but have still missed out on buying when
the
auction price went too high or someone else stepped in with a better offer.
S
ome jurisdictions have moved to make pre-purchase reports compulsory and have put
the
onus on
the
seller to acquire one. This is not a perfect system –
the
re have been instances of sellers shopping around for a favourable report - but it is a step in
the
right direction.