Aussies skirting professional building inspections: Home Ownership report
Only 39 percent of Australians looking for a property to buy are getting a professional building inspection according to the latest Westpac Home Ownership report.
The report found four in five (79 percent) Aussie home owners make their own checks when viewing a property to purchase - commonly looking inside built-in closets (40 percent), running the taps (26 percent), checking the condition of the roof (24 percent) and turning the lights on and off (21 percent).
The report revealed Australian home-owners in some states are less vigorous with checks than others, with one third (31 per cent) of South Australian home-owners not conducting any checks when viewing a property, compared to one quarter (26 per cent) in Victoria and less than one in five (18 per cent) in New South Wales.
Over half (52 percent) of Australian home-owners surveyed admitted to making at least one mistake before purchasing, only inspecting in dry weather (17 percent), conducting only one inspection (16 percent) and not checking out the neighbourhood (11 percent).
Andrew Moore, Westpac state general manger NSW Metro said a professional property inspection will give you a much better understanding of what repairs, if any, may be required, and will help you decide on a property that fits within your budget, while minimising unexpected costs after moving in.
“It is important to not only check the house itself, but also the neighbourhood to ensure the area meets your needs," he said.
“One in ten home-owners also admit to underestimating the cost of moving. Don’t fall into the trap of looking at the advertised price of the home and only budgeting for this.
"Prior to purchasing, check in with your home finance manager to ensure you understand the costs associated with moving and have all your bases covered including the home loan application and other lender-related fees, legal fees and stamp duty. Your local bank can also discuss opportunities to gain pre-approval for finance which can help you secure your dream home at auction."
Jamil Allouche from Ray White Brunswick said home buyers need to change the way they look at a professional building inspection.
“Unfortunately there are a portion of home owners who try and cover up serious structural issues when selling their home, and some home buyers, specifically first home buyers, can be misled," he said.
“A number of home buyers look at professional building inspections as a waste of money, when they should instead be looking at them as a way to save them money. In some cases inspections can save buyers tens of thousands of dollars in home repairs.”
