Property investments are undoubtedly a great way to earn passive income. But what many don’t realise is how much work, consideration, and time goes into acquiring these assets. When buying property in Victoria, you must ensure you’re getting a safe, pest-free property in good condition.
That’s where working with a building and pest inspection specialist comes in. If you’re in Victoria, Australia, and planning to buy a building, home, or property, these professionals should be on speed dial. This guide will explain why. Let’s get started.
Importance of Building and Pest Inspections
Why is hiring a building and pest inspection agency or professional crucial for property investors? Here are a few key reasons why:
1) Risk Mitigation
Thorough building and pest inspections help you identify any potential problems that a property might have. That might include pest damage, structural integrity problems, and more. Knowing these risks lets you understand how profitable an investment property will be in the long run. It also ensures the safety of your future tenants.
2) Help with Decision-Making
We learned the hard way that not all properties are suitable investments. If you pick a problematic one up, you could be spending more on repairs and maintenance than you make from rentals. Getting a detailed report from building inspection agencies is super handy. Talk to a building inspector before closing a deal to ensure that investing in a particular property is the right decision.
3) Negotiation Leverage
Findings from a building inspector can be significant leverage for negotiations. Depending on the results, this applies to both the buyer and seller.
A seller can leverage an excellent report by using the stellar results as a selling point. On the other hand, a report with issues could justify a lower purchase price. Put your negotiation skills to the test. If you’re great at sales and business, the rest just follows.
4) Legal Compliance
When we say “legal compliance,” we shouldn’t just think, “Oh, I have to because the law says I should.” Yes, some laws require building inspections in Australia. However, you also need to consider the legal repercussions of buying a property without the necessary inspections and permits.
Without these, punishments include a fine of up to approximately $44,000.00 or one year of imprisonment.
What do Building and Pest Inspections Cover?
A building inspection report is the most crucial output from working with a building and pest inspector. All the work, checking, and investment boils down to this document. So what’s in it? Here’s a look at the coverage of these reports.
Building Inspections Coverage
- Structural integrity and everything related to the structure’s condition.
- Electrical, plumbing, and HVAC systems
- Interior and exterior conditions
- Potential renovations you need to make
Pest Inspection Coverage
- Pest infestations
- Assessment of any pest damage
- Recommendations for treatment and prevention
Considerations When Hiring a Building Inspector
Your experience with building inspectors will depend on one factor—which one you choose. In our experience, building inspectors are not a one-size-fits-all service (much like any service, really). You have to find the one who best fits your needs and context.
Here are some of our tips when choosing a building and pest inspection agency to make sure you land on the right one:
Certifications
Find a building and pest inspector with all the required certifications. That seems like an obvious step, but you’ll never go wrong asking for some credentials just to be sure. For the most part, building inspectors will show these in a proposal, email, or their website anyway, so just double-check.
Experience
While not always an indicator of more success, experience is a generally good consideration. It shows that they’ve worked with many investors in the past, and they know what they’re doing.
When they have experience, that will often go hand in hand with customer feedback. Go ahead and read through a few and see what they offer.
Schedule
High demand for building and pest inspectors isn’t always a good sign. Sure, people want to work with them, but you might wait a long time to get a report out. Investment properties are a time-crunch situation. You have deadlines; sometimes, other investors are gunning for a property. Find a professional who will make time for you.
Detailed Reporting
They say the devil is in the details. So, pick a building inspection with detailed reports. They also need to be easy to understand. Ask for a sample report if the inspector is willing to share one.
Cost Considerations
While cost always plays a role when hiring someone, don’t just go for the cheapest bidder. You need to balance this factor with all the other factors mentioned above.
A good rule of thumb is to find the most affordable option with the best time availability and a few dozen great reviews from previous clients.
Conclusion
Building inspections aren’t the only step when acquiring a property. We know how difficult it can be to grow your wealth with these investments. That’s why we created Vetted, a platform that makes home acquisition, rentals, and moves easier for Australians by providing one place to find the best home industry professionals.
We want to see investors like you succeed, and knowledge and insight are step one. Hopefully, this guide showed you why building inspections matter and how you can get started.
To find building inspectors who fit the bill, try Vetted. It costs nothing, and you’ll get an entire list of options in minutes. Sign up for free today.
