When buying an investment property, it’s a good idea to get a building and pest inspection before you buy, to flush out any hidden nasty surprises.
You may decide to engage the services of a professional to do this. Andrew Mackie-Smith, a YIP award-winning building and pest inspector from BuildingPro, says when choosing an inspector, make sure they are licensed and insured as required in your state.
“It’s also a good idea to check Google reviews. It’s tough to claim on an inspector’s indemnity insurance as they have so many disclaimers and exclusions, so it’s best to get an inspector with a lot of experience and a great reputation. Don’t select an inspector based on price; the $100 you save today may cost you tens of thousands later on,” he says.
Inspectors check a property to standards AS4349.1 and AS4349.3 for major building defects, safety hazards and Timber pests. They will inspect all reasonably accessible areas.
However, Mackie-Smith shares that inspectors don’t have to include comment on compliance, un-authorised building work, concealed plumbing, electrical, appliances, cable internet, asbestos, lead paint and concealed defects.
“For example, if the interior of a property has peeling paint, there are two car bodies in the backyard, the garage door opening device is broken, the air-conditioning system doesn’t work, the house is under a flight path, there is no cable connection and there is a gas leak, none of this will be covered by the standard building inspection,” he says.
This could add up to costing many thousands of dollars to rectify or may not be fixable at all. This is why you need to use your own checklist and look at the property yourself.
If you can be present at the building inspection, ask the agent if it’s ok for you to check the appliances work, especially essentials such as the air-conditioning and cooktop. If you can’t be there, ask your buyer’s agent or property manager to check these things for you.
For the full story, which outlines how you can do your own full DIY building and pest inspection, read the complete feature article in the March 2019 edition of Your Investment Property magazine.
On sale at news agencies and Coles supermarkets February 14th to March 14th 2019, or download the magazine now.
With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now
Top Suburbs :
Get help with your investment property
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus an appointment is free.
We value your privacy and treat all your information seriously - you can check out