Purchasing a property is one of the biggest investments you’ll ever make, so it makes sense to protect yourself from buying a property which may turn out to be a drain on your finances by arranging for a pre purchase building inspection before you sign on the dotted line.
Good Stuff Happens in 1:1 Meetings: Why you need them and how to do them well
A guide to pre purchase building inspections
1. A guide to Pre-Purchase Building
Inspections
Pre Purchase Building Inspection
a
2. A pre purchase building inspection
Purchasing a property is one of the biggest investments you’ll ever make, so it makes sense to
protect yourself from buying a property which may turn out to be a drain on your nances by
arranging for a pre purchase building inspection before you sign on the dotted line.
Why are pre purchase building inspections
important?
A well de ned professionally written pre purchase building inspection report will give you peace
of mind when purchasing property by pointing out areas of concern, such as rotting window
frames, rising damp and electrical problems that many property owners try to cover up. It will also
help you identify critical safety concerns which require immediate attention.
A pre purchase building inspection can also help you:
1. Make sound nancial decisions about renovation or repair costs
2. Plan renovations by identifying the tradesman involved
3. Establish a fair value for the property after renovations are complete
To be prepared is half the victory
Miguel de Cervantes
3. Pre purchase building inspection can save you
thousands of pounds
What’s included in a pre purchase building
inspection?
A pre purchase building inspection is
written by an experienced quali ed
professional tradesman who is registered
with the Construction Industry Council to
carry out building inspection work. The
nished report will be written in a style
which is easy for layman to understand and
provide both written and photographic
evidence of defects, while also identifying
the tradesman required to rectify them.
Yourprepurchasebuilding
inspection willinclude:
1. The identi cation and documentation of potential safety concerns including; structural
damage, asbestos risks and electrical faults
2. The identi cation of any major structural defects which need to be recti ed immediately
3. The identi cation of minor defects which may need to be recti ed to prevent further
damage
4. Photographic evidence of all discovered defects
5. A description of the work required to x both major and minor defects along with
identi cation of the tradesman needed to carry out the work
How much does a pre purchase building
inspection cost?
The cost of a pre purchase building inspection will depend on the type, size and location of the
property and the type of inspection to be carried out. For example, some inspections are carried
out to establish the viability of renovation work, while others are needed to identify the existence
of asbestos and/or pest infestation.
As a result there is no one size ts all, a site visit will need to be carried out and a thorough
inspection will need to take place before the report can be completed. Customers can obtain more
information about pricing here.
Price is what you pay and value is what you get.
Warren Buffett
4. The different types of pre purchase building
inspection
There are six key types of pre inspection report, the type you require will depend on both the
method you use to purchase the property and the type of property to be purchased. Individual
reports can also be combined to create a single report. For example, a standard building
inspection can be combined with an asbestos inspection for properties which are at risk of
asbestos contamination.
The six types of pre purchase building inspection include:
Standardbuildinginspection
The standard inspection is the most basic inspection which investigates the underlying structure
of the property to identify any potential safety hazards. This type of inspection does not cover
more specialist areas such as asbestos or pest inspections.
Buildinginspection asbestos
This type of inspection is required when a building is at risk of containing asbestos bres. That
includes any commercial or residential building built in the UK before the year 2000 when
asbestos was banned. Asbestos inspections should be carried out prior to any refurbishment or
demolition work.
Buildinginspection priortoauction
If you plan to purchase a property at auction it is a good idea to have a pre purchase building
inspection carried out prior to bidding. This will not only show you the true condition of the
property, helping you to obtain a more realistic valuation, it will also highlight any unforeseen
issues that may make renovation unpro table.
Prerenovation buildinginspection
This is a specialist inspection which takes into account the developers plans for the property. It
will look at the developers plans to determine whether the underlying structure requires further
strengthening prior to any renovation work being carried out. This can help developers obtain a
more realistic estimate for renovation costs of the nished project.
Offersubject tobuildinginspection
This type of inspection is carried out prior to an agreement to purchase the property. Essentially
the prospective buyer will make an offer for the property, but the price will be dependent on the
results of the building inspection. In this case the report will highlight any areas which may be
potentially expensive for the buyer to rectify.
Subject tobuildinginspection clause
This type of inspection is carried out after an offer has been made and a deposit has changed
hands. The building inspection clause is inserted into the contract so that the buyer can get his
deposit returned if the subsequent inspection shows up anything the seller did not disclose during
5. the sales
process.
Know
thetrue
valueof
your
property
For both
buyers and
sellers,
knowing the
true value of
a property is
important to
obtaining the most pro table deal for both parties. Buyers need to know they are getting value for
money and sellers need to know they are getting a fair price for their property. An independent
pre purchase building inspection educates both parties of the condition of the property and
allows potential buyers to estimate the costs of rectifying the defects before agreeing a price.
As ever in property development, the pro t is in the detail, and there is no better way of getting the
details right than obtaining a pre building inspection before you agree a price.
When you pay attention to detail, the big picture will take
care of itself.
George St-Pierre
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