A property inspection report details the condition of a property. The report includes information on the physical condition of the property, such as the structure, roof, electrical and plumbing systems, and any potential safety hazards. The report is usually performed by a professional inspector and is used by buyers, sellers, and lenders to assess the value and condition of the property.
What does a property inspection include?
A property inspection typically includes a visual evaluation of the following systems and components:
- Structure: foundation, walls, roof, and flooring
- Exterior: siding, windows, doors, and eaves
- Roof: shingles, flashing, gutters, and downspouts
- Electrical: wiring, panels, and fixtures
- Plumbing: pipes, faucets, toilets, and water heater
- Heating and cooling: furnace, air conditioner, and ductwork
- Interior: walls, ceilings, floors, and doors
- Kitchen: cabinets, countertops, and appliances
- Bathrooms: fixtures, tiles, and ventilation
- Safety hazards: carbon monoxide detectors, smoke detectors, and fire escape routes.
The inspector will document their findings in the inspection report, which can include photos, diagrams, and written descriptions. The report will also identify any issues or concerns and provide recommendations for repairs or upgrades.
Depending on the property inspection provider, the above list may change and not be as comprehensive. Some property inspection reports will not access anything that requires moving furniture, removing a painting off the wall or ripping up carpet to see the condition. Try and ask for an example of a report that they have done for another client.
When should I get a property inspection report?
A property inspection report is typically conducted during the buying process of a home. It is recommended that a property inspection be performed before the final purchase of a property, as it provides important information about the condition of the property and can help identify potential issues that may affect the value or livability of the property. Here are some common times when a property inspection report may be conducted:
- Before making an offer on a property: An pre-purchase inspection report can help you make an informed decision on whether to proceed with the purchase and at what price.
- During the due diligence period: In some real estate purchases, there is a due diligence / cooling off period during which the buyer has the opportunity to conduct inspections and assess the property before finalizing the purchase. However, sometimes penalties may apply if you withdraw your offer depending on the significance of the defects found.
- Before closing: The inspection report can be used as a bargaining tool to negotiate repairs or a lower purchase price if significant issues are identified.
How much does a property inspection cost?
On average, a property inspection in Australia can cost anywhere from $400 to $800.
The cost of a property inspection in Australia can vary depending on several factors, including the size and type of property, the location, and the scope of the inspection.
The exact cost will depend on the specific needs of the property and the inspector. It is best to obtain quotes from several inspectors to compare costs and ensure that you are getting the best value for your money. Keep in mind that a property inspection is a valuable investment that can help you make an informed decision about the condition of a property and can potentially save you thousands of dollars in repairs down the road.
