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Pre Purchase Report
Why Get a Pre Purchase Report?
Buying a new property is a major undertaking for any person, whether it is their first property or their tenth. A pre purchase report should be a major part of the process of purchasing a property, to ensure that the property is in good condition and has no hidden problems. Read on to find out more.
The Purpose of the Pre Purchase Report
The purpose of gaining a pre purchase report is to ensure that the property that you are buying does not have any hidden structural defects or other maintenance items that will prove expensive to repair. It also looks for problems that may occur in the future. The report is usually available within 24 to 48 hours of an inspection and it will be written in a clear, easy to understand format.
As well as the report giving you information on the property itself, it also serves other purposes. For example, when you are armed with the information provided by the report, you are given more negotiating power with regards to purchasing the property. You can get advice on specific concerns that you may have as well as advice on how to best preserve the condition of the property. If you are planning to add an extension onto the property or add an extension, the inspector will be able to tell you if this is feasible or not.
Types of Pre Purchase Reports
There are two types of pre purchase reports: a pre purchase structural report and a pre purchase building report. A pre purchase structural report is only concerned with the structural aspects of the property, such as the footings, floors, internal and external walls, the roof structure, ceilings, and certain external structures such as patios, pergolas and retaining walls. If you are after a report that has more detail, a pre purchase building report is probably a better fit. This report covers all of the structural elements of the property as well as visual checks of plumbing and electrical wiring, visual check for termite damage, roof cover, doors, windows, cabinets, gutters, downpipes, and all major maintenance items.
Common Problems Found by Pre Purchase Reports
Common problems that can be found during a pre purchase report include:
- sagging roofs
- internal and external wall cracks
- cracks in the floors
- rising damp
- sagging ceilings
- faults in electrical wiring
- leaking shower walls
When Should You Get the Pre Purchase Report?
The pre purchase report should be obtained before you make an offer on the property, or, if the home is being sold by auction, during the two working day cooling off period. You can also make the pre purchase report a condition of the contract of sale, with the date being agreed with the vendor.
The inspection should generally take between 1 ½ and 2 ½ hours. Inspections can be booked within 24 to 48 hours but the earlier you book the better, and you have more chance of getting a time where you are available to accompany the inspector.
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