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When you're buying a property, it's crucial to have the proper reports prepared before you sign a contract. The type of report you need will vary depending on the type of property you're buying. If you're buying a house, you'll need a building and pest inspection report. If you're buying a unit, you'll need a strata inspection report.
The two reports examine different features of the respective properties and can reveal different details.
Inspection reports for houses examine a variety of details about the building and site. The inspector will examine different parts of the property to determine its state of repair. Some of the areas the inspector will examine are:
Your inspector will identify areas of damage and potential problem areas. They may also identify visible signs of asbestos and any termite damage. The inspection report will also detail any areas not inspected, and provide a reason why they weren't inspected.
It's important to note that a building and pest inspection report will not examine some areas. These include:
There are a variety of companies that conduct building and pest inspection reports. Most will need two to three days’ notice and will then arrange access with the vendor. In most cases, prospective buyers pay to have inspection reports done, though they are sometimes provided by vendors.
Inspecting a unit requires a different set of criteria than inspecting a house. In addition to the physical condition of the unit, inspectors will examine the strata agreement itself and some of the more intangible attributes of the building in which the unit resides.
Strata inspections look at details such as:
Strata inspection reports are important because the unit you're buying doesn't exist in a vacuum. It will be part of and subject to rules and regulations governing the community in which it resides. If these rules and regulations are onerous, or if they come with exorbitant levies or sinking funds, a strata report can warn you off a property before you commit.
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