Carrying out a pre-purchase property inspection is one of the most important tasks in the real estate buying process. These investigations have the potential to save you from needing to make significant further outlays by ensuring you are aware of major faults in properties of interest that could prove expensive to fix.
It is therefore also important for buyers to be able to have complete confidence in the inspection company hired to investigate a property, which has become increasingly difficult in New South Wales since the Labor government ended regulatory oversight of inspectors in 2009.
This is an issue that has recently been in the media, with an article in the Sun Herald ('Calls for building inspectors to be licensed' August 13, 2011) reporting that the new Liberal government has decided against the reintroduction of a licensing system, much to the chagrin of many real estate experts.
Essentially without a regulated licensing system in place, there is an onus on buyers to ensure they employ a properly qualified and experienced professional to carry out pre-purchase inspections on properties of interest. When in doubt about who to hire, a good place to start can often be to ask your real estate agent to recommend a company they (or other clients) have previously worked with successfully.
Buyers should also look for prior client references and adequate report pricing. As Howard Ryan, of H&K Ryan and Associates, who is quoted in the Sun Herald article, says – "If you've got a $2 million property over, say, three levels, you can't do a proper inspection for $80".
For further advice about hiring a property inspector, or regarding any other aspect of the property buying/selling process, please don't hesitate to drop into any Century 21 office around the country to talk to a real estate professional.