There is no significant difference between pre-auction inspection and pre-purchase building inspection. If you plan on buying a property through auction, make sure you carry out a property inspection before placing your bid.
You are not under any obligation to conduct a home inspection as per the auction conditions. However, many benefits follow a thorough pre-auction building inspection. Don’t wait until it’s too late.
- Benefit From a Complete Inspection Service
Everything in the property from the interiors and exteriors to the foundation will be inspected. Pre-auction building inspection includes an evaluation of the floors, walls, ceilings, and under-floor areas. The pool, outbuildings, and fences will also be checked.
A typical pre-auction building inspection report may not cover areas like carpets, air conditioning, paint coatings, gas fittings, appliances, and alarm systems. However, inspection on these areas can be done if you specify.
The inspection report shows major and minor defects. With this information, you will in a better position to determine your highest bid.
- Gain Peace Of Mind
Most buyers are worried about defects that may be in a property they are purchasing of which they do not know. When you conduct a pre-auction building inspection, every defect in the property is unveiled. You will thus have a chance to decide on whether you want the property or not.
Remember, you might be forced to budget for unplanned repairs or renovations in the future if you are not aware of pre-existing defects.
- You Will Interact With Experts
If you are present on the inspection day, all your questions will be answered upfront by the inspector. You can also contact your agent for clarity.
You can obtain recommendations for other professionals needed as a result of the details in the inspection report. For instance, in case there is a concern, the inspector will recommend an expert who can handle a pest infestation inspection, water drainage, or structural issues inspection.
- The Report Includes Recommendations For Repairs
A comprehensive pre-auction report includes information on the repairs that need to be done before closing the deal. You will, therefore, not expect any surprises after the purchase.
If you are purchasing an investment property, you will know how long your tenants will wait while renovating the property.
All this information is necessary before deciding on the amount you are willing to invest in the property. The outcome of the report may even force you to avoid the bid.
- Useful When Making Insurance Claims
You can use a pre-auction building inspection report to show the condition of the building before purchase. This report can be of help when making insurance claims in the future.
Some insurers do not compensate on a claim if they think that a defect was pre-existing. The inspection report, however, contains a list of major and minor defects plus labelled photos that can be used as evidence.
Although most people would not want to spend money on a pre-auction building inspection, it is a necessary evil. The price you pay is nothing compared to the cost of repairs or renovations in the future.
At Inspect East Building Inspections, we are one call away.