Thursday, 14 January 2016

How Property Inspections Reduce Risk

Building inspections are one of the most important elements of purchasing a property and also one frequently overlooked. Both structural and pest inspections provide a valuable insight into the condition and additional costs associated with a property’s purchase.

Many people are unaware of their right to add inspection clauses in contracts of sale, and others fear the addition may cost them a potential property. Buyer apprehension is easily avoided with the support of skilled buyer’s advocates. The real estate background of skilled advocates makes them the ideal negotiator to include favorable clauses in contracts without jeopardizing a sale.

1.  Identify costly repairs

As mentioned above, a pre-purchase property inspection lets you know of any serious damages or repairs that will need to be made in the future for instanc: Leaky ceiling, wall dampness and pest infestations.

2.  Ability to negotiate purchase price

When you invest in a property inspection, you gain knowledge and awareness of the property’s overall condition, including areas of the property that may need improvements and repairs. 

You can use this information as a tool to negotiate an appropriate, discount purchase price based on existing property damages and repairs that need to be carried out.

The seller could potentially be more likely to reduce the price, or in some cases, even pay for necessary repairs.


3.  Avoid safety hazards.

A property inspection shines light on unsafe areas in a home, such as presence of asbestos, mold, or any other harmful materials, which could lead to extra expenses in repairs and possible medical bills - which can easily be avoided.

Wise Real Estate Advice is influencing the new breed of Australian buyer’s advocates with their commitment to providing clients with effortless purchasing. “At WRA we believe that a property is more than just land, it is a future; and we help our clients avoid buying a problematic or costly future” says Mark Ribarsky. WRA’s full-service firm goes beyond the contract clauses and offers assistance with organising and reviewing building inspections. Cost and value analysis is conducted in consultation with clients to ensure they make informed purchases.