Buying a property at auction in Queensland is common due to the numerous advantages auctions offer to buyers, including speed and the avoidance of any negotiation process. However, you should be aware of some important rules before going to an auction.
Did you know once you have made the highest bid, you’re bound by law to purchase the property regardless of any subsequent issues that might be found in the property?
As a result, ensuring the property you have decided to purchase is the right choice and doesn’t hide any bad surprises is paramount. That’s why you should always commission a qualified building inspector to thoroughly check the property before the auction.
Why is a Building and Pest Inspection Important?
By law, vendors are required to disclose any known concerns regarding the property. However, they are not required to disclose structural faults with the building.
Approximately, 25% of Queensland properties display structural defects. Therefore, when you purchase a property at auction without organising a building and pest inspection prior, you put yourself at risk of owning a property with structural issues. Indeed, as mentioned in the introduction, if you’re the highest bidder, once the hammer falls, you’re bound to buy the property whether or not you’ve organised the appropriate inspections beforehand.
Structural defects can be costly to repair and add to the cost of your investment. Besides, dealing with building issues can be a source of frustration and stress.
As a result, you should make sure to commission a building and pest inspector before so you can bid with peace of mind on auction day.
What does a Building and Pest Report Entail?
The building and pest report will give you a detailed picture of the current state of the property, providing you with the information you need to make an informed purchasing decision.
Independent building and pest inspectors will be looking at a variety of issues, including:
● Cracks in the walls
● Dampness, rust, mould, or leaks
● Bathroom damage
● roof leaks
● Rotting timber
● Timber Pests
● The functionality of windows and doors
● Rising damp
● Significant building defects
● Faulty roof
● Any safety hazards
Note that the list above is not exhaustive, but it is designed to give you a good idea of what the thorough check will cover.
How Much Does a Building and Pest Report Inspection Cost?
The cost for a Building and Pest Inspection varies based on the size of the property. To get a quote for your property please contact us on 07 3369 5231.
Organise a Building and Pest Report in Brisbane?
Keep in mind that when it comes to Building and Pest Inspections, the company you choose to partner with is critical. You need to commission highly qualified Inspectors so that you can ensure you’ll get an objective report highlighting all of the issues and potential risks.
If you would like to book your pre auction Building and Pest Inspection, please contact us on 07 3369 5231. We look forward to helping you with your property purchase journey!