You'll come across it more often in online bidding, the option to include a building inspection as a caveat. While it may be tempting to try to save money by skipping this option, it's important to weigh the cost of a building inspection against the potential risks. So in this blog, we'll update you on the benefits of a building inspection.
Why include a building inspection as a condition?
During a viewing, you may have limited time to really look at the property. By including a structural inspection as a caveat, an expert can critically assess the condition of the home. This helps you as a prospective buyer discover any hidden defects or potential problems before you are legally bound. Below are some key reasons why a structural inspection is worthwhile:
- Detecting Defects: Building inspectors are specially trained to look for signs of wear and tear, structural problems, moisture problems and other issues that can reduce a home's value.
- Bargaining opportunities: If the inspector finds defects, it gives buyers an opportunity to negotiate the price of the house or to ask the seller to make any necessary repairs.
- Budget planning: The information that emerges from the inspection allows buyers to make a realistic maintenance planning or MJOP. In most cases, an indication of this is even attached to the report.
- Financing and insurance: Some financial institutions and insurers may require a building inspection before providing a mortgage or offering insurance. A positive inspection report can help secure financing and obtain a favorable insurance premium.
Building inspection cost?
The cost of a building inspection varies depending on several factors, such as the location of the property, the size and age of the house, and the experience of the inspector. On average, you can expect a building inspection to cost somewhere between €300 and €600. This may seem like a large expense at first glance, but it can pay for itself in many ways.
Preventing major problems
A structural inspection can help prevent bigger financial problems. Imagine buying a house without an inspection and later discovering that it has serious problems, such as structural damage or hidden defects. The cost to fix these problems can run into the tens of thousands of dollars in some cases.
When purchasing a home, the buyer has a legal obligation to investigate, also known as the duty to investigate. Because the seller cannot be held responsible for every defect found, the seller's liability is limited to defects that were visible in advance or could have been discovered with thorough investigation. In other words, the responsibility to examine the property lies with the buyer. If the buyer does not fulfill their duty to investigate, it can be very difficult in hindsight to hold the seller liable even for hidden defects.
Conclusion
Although the cost of a building inspection may seem high at first, it is only a fraction of the cost associated with buying a home. In doing so, it can solve many future problems and you fulfill your obligation to investigate right away.
