Jane Slagsmith explains why you need a building and pest inspection before buying property. Inspectors check footings, plumbing, structure, electrical, and roofing. Termite damage alone can cost over $100,000 to rebuild, and inspection findings give you leverage to negotiate a lower price.
Questions this video answers
Over $100,000.
$500.
Jane Slagsmith.
Chapters
Hi, it's Jane Slagsmith here and I'm here today to discuss whether or not you should arrange a building inspection before you commit to buying a new property. It's easy to get caught up in the hype when buying a new property, and often you want to strike fast and hard to make sure you don't miss out on your opportunity. But there is one important thing that you need to consider, especially if this is your first time buying a property. Now, a building inspection is when you bring in a qualified building inspector to take a look at the property and to assess if there is anything wrong with it. Things they look at are things like the footings, the plumbing, structural integrity, electrical issues, roofing. Then some building inspectors are also qualified to be inspectors for pests as well. These are all things that could end up costing you lots in the long run if you don't know about them upfront. Now, often a building inspection can uncover possible money sinks that you need to be aware of because these costs are things that are going to affect your profitability. You need to know these before you buy, especially if you plan to renovate because it could eat up your budget quickly. Recently, one of the members of the your Property Success club found that they had active termites. The estimated cost to rebuild within Estrada complex was already over $100,000. So it makes that initial investment of $500 on a pest inspection well worthwhile. Now here's a tip. Once you know about the issues and the costs that they are to fix them, this could become a negotiation tool for you. I've used this strategy many, many times to reduce the asking price and it is a great negotiation tool. Now if you want to learn exactly how I prepare it to buy a property, then head to my website YourPropertySuccess.com to read my blog and check out all the online courses there that I offer so you too can become a successful property investor. And if you like this video, then don't forget to hit the like button. Leave me a comment. And if you want to see more, then make sure you also subscribe. Well, I'll see you at the next video. But as always, here is to your property success. Sam.
