When you buy property, we all know you should employ the services of a qualified building and pest inspector to give the house a once over and highlight any issues there may be with the property.
A building or pest inspection report will reveal any issues with the structure of the building, recent termite activity or even things such as rising damp. A thorough report will also highlight minor things, like leaking taps, broken door handles and running toilets.
Have you thought about using your building or pest report as a negotiating tool? Once armed with your report, you are in the drivers seat and the negotiations begin.
Let’s say the pest report shows there are no active termites in the house, however there is a stump in the front yard showing signs of recent activity. This is not a major issue right now, as the house itself is clean. However, you are going to want to get that stump treated in the short term, as it is only a short distance to the house and termites have legs.
Here is what you do. Go back to the vendor and, armed with your report, ask that the stump be treated as a condition of sale. This gives you three potential outcomes: the vendor will say yes, so that is one less expense for you; the vendor will say no, so you pay to treat the stump or the vendor says no and you walk away from the deal.
Many things that show up on a building or pest report are minor and will not cost a huge amount to fix. But why pay for repairs out of your pocket when you can negotiate and get the vendor to pay to fix them?
Inspection reports. I am sure you have heard of them, but are you using them to their full advantage?Many vendors will agree to pay for a few repairs rather than lose a keen buyer, particularly in this investing climate. You already have the no, so ask the question. Trust me, I’ve done it and it works.
Looking to buy your next home in Melbourne and want to ensure you get the best possible outcome? Talk to Chamberlain Property Advocates about how we can help you buy your home.
Ask about our Buyer Advocacy Service, where we provide you with trusted impartial advice and WE MAKE IT EASY to protect your interests throughout the entire buying process.
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