The B&P report- Im a believer!

Thanks to all who helped me out on a recent thread.

first time PPOR
I found it stressful,
emotion, money, big numbers and future plans all whirling round.

as it happens, contract accepted
however the B&P report was "interesting"

The building inspector rang me
the cleaners had gone thru on a break clean just as he was arriving
there was water dripping out of the kitchen light fitting!

water damage, leaks, he said he met the tenants and I REALLY should talk to them.


No- Im out.
I was talking to a friend who said he doesn't think Building and pest reports are worth it.

I very much beg to differ!
Hurrah for the due diligence clause.

 

Yes the B&P reports can be seen as money not worth spending, just like insurance.

However if something comes up (or you need to claim) they are worth every dollar.

I also had a purchase I terminated this week due to building issues it was going to cost me 50k+ and the vendor and I were unable to reach an agreement.

 

They worth it for 2 reasons

1. Finds issues
2. Those issues can be used to negotiate a discount whic will be many times more than the cost of a report.

 

I would be personally petrified to not get one done. To much at stake for $600.

 

It can also be used as a strategy to reduce selling price, as long as it's not major structural damage and you have the solution, more money in your pocket

 

I personally never bothered with them. All my purchases have been dumps needing a renovation.

 

@xactly

What were the issues? Did you bail out of the contract, or determine cost of repairs and negotiate?

All B&P reports highlight issues of varying degrees but not all are worth pulling out.

 

Hi Jacqui

Bailed.
In one of those weird twists of fate, friend of a friend was having dinner with the neighbours. Multiple repair over years ( it's only 6 years old!)

Building inspector was quite pessimistic about even finding a builder and I'm not up for a structural Reno.


Pity. But that's the thing about houses, always another one.

 

Me too. But no report has come back with anything I couldn't see, and I struggle to change a washer.

 

I always add building and pest inspection in on all contracts. On the last two occasions, apartments in Nundah and another in Clayfield, I terminated the contracts due to very worrying building inspections. The one in Nundah has such bad drainage and rising damp that the foundations were crumpling. The Clayfield one was on a slope and although the apartment was good the overall building had shifted 20mm and still going and this building will eventually be condemned and be knocked down. I will add that this apartment block is very well maintained and looked fabulous with the naked eye and without a building inspection for both apartments we would have potentially made poor investments. I used Sound Building & Pest Inspections for both and found them to be spot on with their inspections and assessments.