What Property Inspections Don't Cover - So You Should
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.
Source: Your Property Investment 22nd Feb 2019 https://www.yourinvestmentpropertymag.com.au/news/what-property-inspections-dont-cover--so-you-should-259918.aspx?utm_source=GA&utm_medium=20190221&utm_campaign=YIP-Newsletter-Opener&utm_content=FB30EBA4-A343-4537-A961-B966FABA4B8F&tu=FB30EBA4-A343-4537-A961-B966FABA4B8F