Building inspection report

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jcls79
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@jcls79
Join Date: 2004
Post Count: 88
January 16, 2005 - 1:32 pm
Should I request a builder or a builder inspector to inspect a residential property (to find out how structurally sound the dwelling is cos I am not sure whether the stumps need to be fixed or not)?
Cheers
john
Want to join financial independence before 31 years old, currently 25
investron
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Join Date: 2003
Post Count: 92
January 16, 2005 - 4:40 pm
YES
But when you have paid their fee and found out all the things wrong with the place, what difference will it make to you, and more importantly, what difference will it make to the sellers.
jcls79
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@jcls79
Join Date: 2004
Post Count: 88
January 17, 2005 - 4:34 am
the reason is if the building reports comes back as requiring structural work, then I can use it as leverage to either:
* ask vendor to fix it, or
* reduce the asking price
Cheers
john
Want to join financial independence before 31 years old, currently 25
investron
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@investron
Join Date: 2003
Post Count: 92
January 17, 2005 - 6:09 am
You should always get a building report, for your own peace of mind, you can also use it in negotiations to reduce the price.
But if the report is bad, you wouldn’t want to buy it anyway, at any price and just becaue the report is bad, doesn’t mean the sellers are going to be any more negotiable, they still think it’s worth their price, in it’s present condition.
If the report comes out ok, and the returns are ok, and you can afford it, do it.
Dazzling
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@dazzling
Join Date: 2005
Post Count: 1,150
January 17, 2005 - 3:55 pm
JCLS79,
I’ve always found in the past showing the building report to the vendor has absolutely no affect on them whatsoever.
I do the report for my own knowledge now – obviously accompanying the builder as he does it to get maximum value out of it.
In terms of what this has to do with the vendor, the result of the report should determine whether you go ahead with the purchase based on the already agreed price and terms.
If you still want the place after the report comes back negatively….that’s when it becomes difficult for you…don’t expect any help from the vendor…they’ll simply say “Yes we know that, if it was good the price would have been what we agreed + X, instead of just what we agreed..”
Either way, the ball is in your court – it boils down to whether you want it or not…only you can answer that based on all the facts of the individual deal.
Cheers,
Dazzling
“Go hard or go home”