Understanding Building And Pest Conditions When Buying A Home
A Quick Guide For Home Buyers
Buying a new house can be a daunting proposition for many people. There is so much to go through and understand. Perhaps the two biggest things to wrap your head around are the building and pest inspections.
They are two of the most important things for you to understand when buying a property. In this article, we are going to go through the things to look for in your contract when it comes to building and pest inspections.
What are building and pest conditions?
As a condition of the sale of the property, a building and pest clause SHOULD exist. This clause allows you to get reports from local exterminators like pest control Sydney about the property you are buying. Having this report can help identify any issues with the property. They range from things like termites, leaking taps, and even structural damage.
Read between the lines of your contract
Keep in mind that not all problems with the property can give you the right to end your contract. Most of the time it will depend on how the clause is writing and what kinds of problems the property has.
Building inspection conditions
A bad example of a building inspection clause is having the wording “structurally sound”. What this means is that you MUST buy the property unless it has significant structural problems. Most of the properties are structurally sound but have other issues like rotten windows and broken plumbing.
A good way to make sure you are properly covered is to take the contract to a conveyancer or solicitor before you sign it. They will act to make sure it protects all your interests.
If you get the inspection report back and it has signaled some defects then having the accepted as satisfactory section gives you the ability to have control over whether you have to go ahead with the purchasing of the property or not.
Pest inspection conditions
The clause for pest inspections works the same way as the building inspections. This is because, in an ideal world, you do not want to be forced into buying a property that has pest issues. Again you are better off taking the contract to a conveyancer or a solicitor before you sign the contract.
The most important phrase in a clause is “if the report is not to their satisfaction”. This is because this phrase gives you the ability to get out of the contract.
When should you walk away from a house?
There is no set timeframe when you should walk away from a potential house buy. It will depend on how much you want the house. As well as how willing you are to make the necessary repairs to it.
Are Building Inspections worth it?
This is essentially a test drive for real estate. It lets you know if the property is worth the asking price or it is it worth buying at all.
So hopefully this article gives you a better understanding of building and pest inspections when buying a house. As with anything do your research and never jump into a contract without doing your due diligence.