If you're going to commit to your dream home, then it's smart to know as much as you can about it. Flicking through a LIM report provided by the agent is just the tip of the iceberg. There are a number of other documents that can be prepared by local Councils or third parties that give you a better idea about the condition of the property you're interested in.
Enter: the building report. Unlike LIM reports, which cover information about the land under a property too, building reports focus on - you guessed it - the structure that makes up the house. Just because a house is new doesn't mean that it'll be problem-free, and just because a house is old doesn't mean that it's got issues either. However, there's only one way to find out: to get a qualified professional to do an inspection.
A building report can cost between $300 and $1,000. If you're looking at a bigger home, then there's going to be more for an inspector to, well, inspect.
A building report is going to give you the full run-down on many aspects of the house, including but not limited to:
Asbestos problems
Moisture retention or leakage problems
Previous maintenance or future required maintenance
Plumbing problems
Photos of all of the above
Building inspectors will cover every inch of the home when they're preparing a report. When you're a buyer and the home you're interested in belongs to the vendor still, the degree to which an inspector can dig into a property is slightly curtailed but they'll be able to give you a detailed report nonetheless. Sometimes these pre-purchase building reports can contain information about gutters, roofing, window seals and more.
A building report will not only tell you what problems a property has but also what about it is in good or even great condition. This is a great way to be gain confidence in the house that you're wanting to buy, and in the transaction in general. If anything about its condition gives you red flags, then the only way to truly be safe is to shell out for a building report.
When you get a hold of a building report, a lawyer can help you break down the technical and property jargon into a more digestible form. Having trouble finding a solicitor? Take the handy Home Simple quiz and we can match you with a professional who suits your needs.
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