There are risks associated with owning an investment property and it is important that steps are taken to reduce the risks. As a landlord you may be exposed to personal injury claims from tenants or their visitors as there is a responsibility imposed on the property owner to ensure that the property is safe and there are no issues that were reasonably foreseeable.
You will also find that having insurance may not be enough as most building insurance policies include wording that if a claim occurs as a result of something that you knew, or should have known about, the claim can be reduced or rejected.
That is why a building inspection is necessary as its main purpose is to make sure that the building you are planning to occupy is safe for habitation and does not pose any health risks to its occupants.
Building inspections have a number of purposes and benefits and to further prove my point, let me show you a set of reasons why property safety inspections are a must.
– The keen eye of an expert with extensive knowledge on construction methods and materials is required to be able to detect any concealed defects.
– Not everyone has the time or expertise to determine the probable cost and work implications of the defects that are easily identified or seen.
– A building inspection can help prevent possible financial loss that could happen in case you find major defects that can lead to safety hazards.
– You will have assistance in the negotiations for the purchase of a property.
– Inspections will help in planning for renovations and repair as well as in assessing their likely costs.
– Allows interstate investors looking for properties online to get reliable information and independent advice regarding the property.
– People, in general, are less willing to access certain areas of the home, such as the space under the roof, to check for defects during a property inspection, which means significant and costly defects might go unnoticed.
It is specifically critical to conduct building inspections in homes or buildings that may have potential contaminants within the surroundings, such as moulds, asbestos or lead products, known to pose health risks.
Many people tend to extend up to their maximum financial capacity when purchasing a building. In such cases, it would be a wise choice to conduct a building inspection before these investors find themselves stretching their finances even further to be able to cover the costs of repairs.