When you’re looking to purchase a new home in Victoria, there’s an awful lot to consider and to plan for. Of course, you’re probably looking for something that meets your needs, is a reasonable distance from your place of work and in a safe neighbourhood, as well as many other criteria that ultimately come down to personal preference.
While these are important for narrowing down your search, it’s also very important to consider the actual condition of the home before spending your hard-earned money. A home is – especially nowadays – an extremely expensive investment and one that you might only make once or perhaps twice in a lifetime, so you want to have all of your proverbial ducks in a row beforehand.
What is a Pre-Purchase Building Inspection?
A pre-purchase building inspection is, as the name implies, a thorough inspection of a property before the buyer finalises the purchase. This includes the interior and exterior, structural elements, condition of electrical and plumbing systems, HVAC, presence of mould or pests, as well as necessary and/or desired remedial works.
The fact of the matter is that homeowners may or may not be aware of faults or defects in their home when they sell, so the perceived value they’re initially posting may be higher than what the home is actually worth given its condition. A pre-purchase inspection gives homebuyers and homeowners an unbiased and realistic perspective of the actual conditions of the home which can be used to negotiate a fairer price.
Are Pre-Purchase Building Inspections Required in Victoria?
The short and simple answer is no, pre-purchase building inspections are not required in Victoria. States and territories across Australia have their own guidance for homebuyers with regards to pre-purchase building inspections. In Victoria, pre-purchase inspections are strongly recommended and the reasons behind it are sound and fair.
Just because they aren’t legally required doesn’t mean you should just write it off as an unnecessary expense, however. Would you confer the sale of a home without a lawyer involved in the process? You might be able to, but that’s generally a very risky move that could leave you open to all sorts of problems should anything go wrong.
Should You Get a Pre-Purchase Building Inspection?
A home is a huge investment and all sorts of problems may be present, whether or not the seller is aware of them. These problems could end up costing you thousands and thousands of dollars right away or very soon, almost like being passed a hot potato of sorts. Knowing what the condition of a home is can alert you to necessary and desired remedial works that should be undertaken so that you can negotiate a better price.
The inspection report can sometimes lead to the seller making necessary repairs himself at their own expense, or it could be used by the buyer to renegotiate the selling price lower whilst accounting for repairs that they will carry out at their expense.
For homebuyers, the inspection report can assist beyond the sale transaction of the home too. It can be used to set up a schedule for repairs and maintenance, allowing the new homeowner to stay on top of all maintenance so that their home is cosy and secure.
In summary, although a pre-purchase building inspection is not a legal requirement in Victoria, it is strongly recommended so that you have peace of mind.
Guardian Building Inspections
Retain Guardian Building Inspections for professional pre-purchase building inspections.
