If you are thinking of buying a property at auction, it is vital that you organise a building inspection prior to auction day.
Why Do I Need a Building Inspection Before Auction Day?
Because if you are the successful bidder at auction, you are required by law to complete the purchase. This means signing the contract and paying your deposit on the spot. There is no cooling-off period where you can get your finances in order and arrange for a building inspection. The property is yours unconditionally.
Is A Pre Purchase Inspection Worth It?
According to the Real Estate Institute of Tasmania, an increasing number of residential properties are being sold at auction in Tasmania. An auction is often the method buyers prefer as it allows them to test the market, and contracts are signed and exchanged on the same day as the auction. Therefore, it is advisable to seek the independent and objective advice of a building inspector before auction so you can make an informed decision. Just some of what a building report includes:
- Structural faults
- Electrical faults
- Damp (rising or penetrating)
- Condition of fixtures and fittings (taps, doorknobs, windows etc)
- Pest related damage
- Plumbing problems
- Major safety hazards
All areas of the property will be inspected including the roof, driveway, underfloor space and any outbuildings. Our building inspections explained post contains more detail.
Hobart Pre Auction Building Inspection
Are you thinking about bidding on a property this weekend? Contact Access Building Inspections. We prioritise last minute pre auction inspections becuase we understand that once the hammer goes down, it’s too late to call a building inspector.
Make sure you are fully informed on the condition of the property before you bid. The cost of a building inspection is relatively small in comparison to the investment you are making.