What does failing to inspect a property really cost?

Nobody wants to end up accidentally buying a home that doesn’t live up to expectations. It would be incredibly frustrating to use your home loan on a property that then ends up requiring even more capital to bring up to standard.

However, people across Australia still continue to sign off on sales without doing their due diligence through a property inspection – perhaps they just want to avoid the extra cost and time. But how much damage could this avoidance eventually result in?

Asbestos

Asbestos has been the bane of homeowners for decades in Australia, with the majority of homes that were built before the 1980’s having it used at some point in their construction. It could be in any number of places – fencing, guttering, even in some window putties.

It can pose a serious risk to your health if not removed professionally, a service which could end up costing a minimum of $350, and a great deal more if you need air monitoring too. Make sure you get this checked out if you are buying an older property.

Mould

Mould is not only a sign of water damage, which could costs a significant sum even without considering other factors, but mould represents a potential financial nightmare on its own. While small infestations are easy enough to deal with by yourself with a DIY kit, you might also have the mould in your walls and even in the crawl spaces.

It won’t simply just go away, and can pose a serious health risk. A property inspection would reveal any water damage that usually results in mould infestation – a small price to pay compared to the alternative.

Electrical problems

Electrical issues don’t only result in difficulty getting the appliances working, but can present a serious danger in the form of a fire hazard. This is a hidden problem that can often only be uncovered by a property inspection – and failure to do so could run you up to $10,000 in rewiring costs, according to Archicentre. Who wants to spend that much when you’ve already committed so much to your first home loan already?

Here at Mortgage Choice, we certainly aren’t property inspectors, but we can help you avoid the pitfalls of a poor mortgage instead. If you do find yourself in need of more capital, make sure you get the right guidance from your local mortgage broker!