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Inspect or not?
April 12, 2010
Every year 1,000s of home buyers shoot themselves in the feet buying a ‘lemon’ or a property which sucks in money, is expensive to renovate or just doesn’t appreciate in value because it is below the street or too close to the rear neighbour.
Consumer protection is self help. It starts with purchasers researching how to buy smart. Then they need to do the work necessary to see enough property so they can make a good choice.
Jerry Tyrrell has been around property for nearly 40 years and has helped over 70,000 consumers buy, build or maintain their properties. His publications House Hunting, Pest Pack, Owner – builder Handbook and Property Maintenance Handbook are easy to read to understand.
Jerry knows why some people make good choices. “Rarely do buyers fluke a good buy. Most are enthusiastic but careful. Knowledge is power and getting reliable advice about the finance, legal issues and condition of what you are buying is the key to success” says Jerry.
An architect and building consultant, Jerry has developed a taxonomy for inspecting and assessing faults in building. Tyrrells’ Defect Classification System is unique and helps buyers get high quality advice when buying. “Every scientific disciple such as biology or medicine uses a system to describe what they do. Why not apply a rigorous, scientific approach to help you ‘measure’ your most important investment?” say Jerry.
Tyrrells believes most buyers will put up with minor issues and problems especially in older properties. However, most building have between 5 and 20 more serious issues many of which are unexpected. For instance, the gas pipework may be galvanised and very rusty. The slate tiles may be eroding at their edges and no longer be watertight. Or the basement areas have a serious damp problem which is hidden by recent repaint and dry weather,
“Other issues such as handyman work and poor quality materials which will need replacement are obvious to us. And we like you have the main problems summarised and not cluttered with disclaimers and silly trivia. You need know garage door beam is rotted and needs replacement – not just needing repainting because the consultant didn’t have timber pest qualifications and didn’t test the timber” says Jerry.
The reason to inspect is simple. It will usually provide with information to either buy with confidence, get the owner to fix something or give you information you need to know, negotiate the price or reject the property. In the end, it is a choice of knowledge versus risk. Insurance versus no insurance. Success versus failure.
Happy house hunting from tyrrells.com
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