15 October 2019
Real Estate Building inspection report: is it worth it?
We’ve all heard the saying ‘information is power’. When it comes to buying a property, this statement holds true. Buying a property is a significant investment, but it can cost even more if you find out down the track the house is harbouring costly hidden secrets. A building inspection report will give you a clear picture of the true condition of the property you’re looking to invest in, which can help you in your negotiations, or guide you to opt out of a bad situation. A report will also stop you from avoiding any costly surprises down the line – for example finding out there is rust in the roof or faulty electrical wiring. And we’ve all heard of ‘leaky homes’!
At Lugtons we believe everyone needs to understand the nature of the property they are looking to buy, and any underlying elements that need to be considered. This is the best way to determine the value of the property, and how much you’re willing to pay. This is especially important in a competitive market, where you can often see knee-jerk purchasing decisions.
What is a building inspection report
A building inspection report is a comprehensive report on a property, completed by a building inspector. Your building report covers everything from the structural integrity of the property, to any potential areas of concern, and highlights recent or past renovation work (which may or may not be noted in the LIM report). We recommend engaging a qualified building inspector to carry out your inspection because of the strict legal requirements qualified inspectors adhere to. A qualified building inspector complies with the New Zealand Property Inspection Standard and commonly holds Professional Indemnity insurance, which means each time they inspect a property they are putting themselves on the line to ensure the property meets their reported standard. This is also why a good inspection isn’t cheap.
In the Waikato region, a building inspection report can be obtained from inspection providers and independent contractors - just jump on Google to find a list of options.
What you should look for in your building inspection report
A building inspection report will identify and report on the condition of the property’s structure, and systems and services, as well as identifying any defects and problems that might be present. For example:
- Exterior: Cladding systems, weathertightness, foundations, windows, doors and timber finishings
- Interior: Inspect each room to identify condition of floor, walls and ceiling, and the presence of services and systems
- Under floor areas: The foundations, piles, timber framing, insulation, ventilation and ground moisture
- Internal Roof Cavity: Insulation and the structural integrity
- Roof: Roofing materials used and their condition, gutters and chimney
- Services: Plumbing, drainage, electrical and other specialist services
- External buildings: If you have a garage, shed, or sleep out on the property
Get the full picture of a property
Remember that a building inspection report is only one part of the process and one report you can seek information from, to determine whether or not you should go ahead with a purchase. Building inspection report's compliment the information you receive in a LIM report, area sales report and an evaluation of the property, to give you a well-rounded picture of the property you are looking to buy.
To find out more information on what you should be looking for in a house, contact a Lugtons Real Estate Sales Person today. They’re here for buyers, as much as vendors and are always happy to discuss your property options.