Over the years, house auctions have become an extremely popular way for buyers to obtain properties at (mostly) affordable prices. Amidst the excitement of finally being able to gain a foothold on the property ladder though, many buyers are still under the impression that pre-purchase inspections ‘are a waste of time and money.’ However, there are a few good reasons why pre-purchase inspections should be performed – especially on auction properties.
Once the Hammer Lands, it’s yours to keep
When purchasing a property at an auction, what you see is not only what you will get; the moment your bid has been accepted by the auctioneer, you will be legally obliged to go through with purchasing the property in question, regardless of what condition it is in at the time. Many faults on a property may not be visible to the average person, such as structural faults, roofing issues, dampness that may have been hidden with a quick coat of paint prior to the auction or even wiring problems, which means that you will only discover these – and possibly a host of other – problems after you’ve signed the paperwork and moved into the property.
Property vendors are not legally obligated to disclose any building or structural faults on a home. This means that if you don’t have a pre-purchase inspection and/or a pest inspection carried out before an auction takes place, you are agreeing to accept any form of undisclosed structural or building faults.
Enjoy Peace of Mind
Another reason why you should have pre-purchase and pest inspections performed before bidding on a property at an auction is that it will provide you with peace of mind in knowing that you won’t have to pay out thousands of dollars at a future date to rectify serious structural issues. In addition, you won’t have to worry about whether the property you purchased on auction will be structurally sound and safe for your family to enjoy living in.
Interpreting your Pre-Purchase Inspection Report
When hiring a suitably qualified person or company to perform a pre-purchase inspection on a property you’d like to bid on at an auction, it’s essential that they provide you with a final report that is easy to read and understand. Reports provided by our inspectors are laid out and explained in such a way that anyone is able to read and understand what repairs must be done or whether a particular property will be worth bidding on or not.
Before hiring anyone to do a pre-purchase inspection, it’s essential to verify that they are qualified, registered and that their reports are compiled in accordance with the Australian Standard (AS 4349.1). Our inspectors will not only perform the inspection as professionally as possible; they will be able to explain items to you that may not seem clear on the report as well. Contact our team today to find out more about the pre-purchase inspections we can do.
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