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The B&P report- Im a believer!

Discussion in 'The Buying & Selling Process' started by xactly, 17th Aug, 2016.

  1. xactly

    xactly Member

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    QLD
    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.
     
  2. Big Will

    Big Will Well-Known Member

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    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.
     
    legallyblonde likes this.
  3. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    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.
     
    Colin Rice likes this.
  4. Colin Rice

    Colin Rice Mortgage Broker Australia Wide Business Member

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    I would be personally petrified to not get one done. To much at stake for $600.
     
    JacM likes this.
  5. MTR

    MTR Well-Known Member Premium Member

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    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
     
    Colin Rice likes this.
  6. Hodge

    Hodge Well-Known Member

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    I personally never bothered with them. All my purchases have been dumps needing a renovation.
     
    Ed Barton likes this.
  7. JacM

    JacM VIC Buyer's Agent Business Member

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    @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.
     
  8. xactly

    xactly Member

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    QLD
    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.
     
  9. Ed Barton

    Ed Barton Well-Known Member

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

    wylie Moderator Staff Member

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    Me too. And ours are queenslanders where you can walk underneath and see the floorboards, see the walls, see the wiring... much easier to know what you are dealing with if you can see it all.
     
    Ed Barton and Colin Rice like this.
  11. Euni

    Euni New Member

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    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.