Many potential homeowners may not know the importance of a building and inspection report. Understanding a building report is vital before making financial obligations. The buyer hires a licensed inspector to examine the entire property, and the results are documented in a building report.
The report will include obvious and hidden flaws, pictures, pest details, and potential solutions. Buyers use building inspection reports to estimate risk. It will help you know any future maintenance duties if you proceed with the purchase. Below are five tips that can help you better review and understand a building report.
Top 5 Tips For Reviewing And Understanding A Building Report
1. Get Yourself In The Right Mindset Before You Start Reading
Remember that the objective of a builder’s report is not to persuade you to buy the house. You’re probably looking for confirmation that you’ve made the right choice. Unfortunately, a builder’s report will not provide you with this level of certainty. In fact, every builder’s report will put your willingness to buy to the test.
2. Get Ready For Typical Problems
There are issues with every era of construction, such as have plumbing, or fast-deteriorating roofs. Older houses may have cladding that needs more upkeep, but they are located in the most desirable areas, close to both amenities and public transportation. The takeaway here is that there are very few structures that are perfect in every way.
3. Reach Out To The Inspector
Call the inspector for more detail and understanding, if necessary. When issues are discussed in an open manner, they are much easier to understand and also might not seem as dire as they appear on paper. Get a second opinion from another inspector if you suspect something is being exaggerated. Schedule a meeting with the inspector to go over their report and voice any issues you may have.
4. Ask The Right Questions
A builder’s report will almost always reveal problems in a home that may require a significant financial commitment to repair. It’s difficult to compare a home that was constructed many years ago to a home built today, since building standards are always being updated and improved.
When reviewing a builder’s report, ask the following:
- How urgent is the issue?
- Is it a common problem?
5. Request An Estimate Of The Cost To Fix Any Issue Found In The Report
In most instances, the inspector will be able to provide at least a rough estimate of the amount of money that will likely be required to fix a problem. Ask the inspector the following question: “If this were your house, what measures would you take to fix this issue?”, and “How much do you think it will cost you to find a solution?”.
In Summary
If you want to buy the house but don’t think you have enough money for the repairs, talk to a real estate agent about your concerns. Before giving up on a house you really want, make sure you’ve explored every avenue possible first.
Contact the PRD team today to learn more about a building inspection report.
