Inspections - How Not To Overreact! 

Inspections - How NOT To Overreact
DO NOT OVER REACT! I’m pretty sure we have all heard this phrase when growing up? Or when someone is about to tell us something? Usually that ‘something’ is followed by an immediate overreaction, regardless of the pre warning.
Well an exact situation like that occurs when buying a property.

You see, you’ve been extremely effective up until now. You’ve obtained your pre-approval, you’ve defined your criteria, even found your agent, and better yet, have found a home you want! Now you’re on a serious roll as you’ve put in and offer and it’s accepted!! WAIT! WHAT?  IT’S ACCEPTED?!?!?! YES!!

Well now comes the not so sexy task of removing subjects. Assuming you have been accepted with an offer inclusive of an inspection, we’re talking to you…..

Essentially an inspectors job is too ‘inspect’ the unit. This includes checking appliances work, shut off valves, moisture and a wealth of other items in the process.

So let’s summarize their responsibility. In plain old English, they are looking for everything that could be wrong with a home. In order for you to be as protected as you can be without drilling into the walls, or purchasing the ever elusive crystal ball. The inspection is a precaution. Making sure nothing excessive (usually determined by cost amongst other things) is likely to take place.

Well it still surprises me just how many people over react to their inspection and back out of great opportunities because of over sensitivity to fear. Now being very upfront and honest, there are times an inspector catches items and it warrants immediate action for sure, whether that is backing away from the home, holdbacks or repairs etc. But the amount of people who see routine maintenance arising, or small minor things as huge issues, still amazes me to this day.

The reality is, your building is a man made object. It is not going to stay in brand new condition forever and it needs to be maintained throughout the years. For example, an inspector telling you they recommend ‘Steel braided hoses’ for your washing machine be installed by a certified plumber. Is quite literally, they recommend steel braided hoses be fitted by a certified plumber, not “Oh no, my plumbing is completely destroyed!!”

Similarly, you seeing scratches on baseboards as the owner clearly has children. That is not an invitation to back out or to ask for $10,000 off the asking price. Wear and tear is inevitable and it will be in EVERY building! 

Everyone has their own threshold for repair works and unit condition, but if you are going to change your stance, at least do it over something which is worthwhile for, not because 4 of the lightbulbs in the unit are blown. Heaven forbid a $20 repair has to take place?! Otherwise you should stop your search immediately and look at nothing other than brand new inventory.

It’s important not to forget how STRATA buildings work too, if you live in a Stratified home. If a Special Levvy is approved for $200,000, that gets split between units based on entitlement. It does not mean you are solely responsible for that lump sum of $200,000. It’s not uncommon when this is broken down, to just cost you around $50.00. 

Pick your battles carefully, as over reactions to these basic, unavoidable and frankly necessary, circumstances can literally stand in the way of you being successful in purchasing a home! Be smart and weigh up, with an open mind, how serious something REALLY is. Just as importantly, a building carrying out work is a good thing! What do you think would be worse, carrying out the necessary maintenance work regularly, or doing nothing until something (or multiple things) collapse and fail?!

For any more questions on this topic, shoot us a message on the contacts below and we’d be happy to help!
Until next week,

Jay Mcinnes
T: 604.771.4606

Ben Robinson
T: 604.353.8523