The Importance of Getting a Building Inspection Report before You Bid at Auction
One sure-fire way to all but guarantee a prestigious property purchase is by taking part in auctions. At these events a variety of homes are featured and many buyers could save themselves thousands by putting forward a bid or two as long as they are pre-equipped with both finance and the right due diligence on property strata background checks and building reports
Whenever a home is put up for sale, the auction house (or real estate agent) will typically undertake a range of checks to provide as much information pertaining to the properties’ condition as possible. This is a legal requirement, but it does have limitations; so as long as the selling body meets the minimum criteria they can sell the home to a buyer whilst meeting all legal requirements.
Although in the majority of instances these proceedings can be as open and transparent as a buyer would like, there have been instances where certain problems have only been discovered once the house has been purchased. In these cases it is down to the buyer to ensure that the property is as safe as it is liveable – whether they are planning to rent the accommodation out to a tenant, or live in it themselves.
Safeguarding Yourself as the Buyer
As a buyer, whether the property is just another in a portfolio or for a first time home, the purchasing party will undoubtedly wish to safeguard themselves from unforeseen events that may arise as a result of the building’s condition in the future. In these cases the importance of getting a building inspection report before you bid at auction can be far more beneficial than simply jumping at a bargain and hoping for the best.
Some properties may suffer with long term issues that aren’t always obvious at first glance; and these can include structural damage below ground, subsidence, or damage as a result of being exposed to excessive and consistent volumes of water. Damp is one of the biggest problems that a property can face and if left untreated the spread of mould, not to mention the decaying effects, can be disastrous as far as the structural integrity of the home is concerned.
By enlisting the aid of a third party inspection agency, the buyer will be placing themselves in a position to get to grips with any concerns ahead of time – and before they place a bid. Most properties up for sale will feature open days and the majority of banks and repossession companies will be more than willing to allow private inspectors entry to properly evaluate the condition of the building.
Rather than risking things and then discovering a little too late that there’s an issue – it makes a lot more sense to iron out all of the details ahead of time, discover any potential causes for concern and only then if all’s clear, consider placing a bid.