Why is building and pest important?
Your financial advisor suggests you get a building and pest inspection on the property, but they can cost between $300 – $600 and the property appears to be in excellent condition. You have just given the owner your best price for the home and a building and pest report feels like you’re just throwing money out a moving car window on a highway. Why bother pay this expense, you think?
It’s hard to image that a tiny little bug smaller than a baby’s fingernail or the slight discoloration of a roof could really warrant such a fee. But these bugs should never be under estimated. They are called a pest for a reason.
It’s important to remember that your home will likely be your biggest asset and that property knowledge is crucial when making the decision to buy. Deciding not to get the building and pest report could cost you thousands down the track.
Get the facts
A simple building and pest report can reveal many things:
- A bunch of termites are wining and dining on your property
- The structural condition of your home; leaks, damp spots, cracks spreading across the walls, the list goes on.
Getting a building and pest has three main benefits:
- Peace of mind
- Power of negotiation.
- The option to walk away
Many building and pests come back with the all-clear but if the report doesn’t come back with the all-clear and you decide you still want the house, you can now negotiate.
For instance, let’s say Sue has made an offer on a home at $600,000 on the condition that the building and pest report comes back okay. It doesn’t. The estimate cost of repair might be $6,000. Sue might say to the agent that she would like the sellers to pay that cost and, under that condition, she will go ahead with the purchase. The owner might accept the special terms and reduce the price of the home. You have now saved yourself money.
Sellers may also use a building and pest report as a selling strategy. It says to the buyer that the property is in good condition and ready to go.
At the end of the day, getting a pest inspection is strongly advised by the team at More Estate Agents. If you would like to talk to one of our agents for more information, you’re welcome to contact them at any time.