If your property is up for sale, you might expect a building report to be done before completion. Usually, the buyer will arrange and pay for a building inspection. However, it is also possible for you, as the property owner, to get a vendor’s building report done.
Benefits of getting a vendor’s building report
There are two main benefits of getting a building inspection done rather than waiting for the buyer to do it.
1. It makes you look transparent
If you already have a building report available, it may help sellers feel you are honest and have nothing to hide. It could also save them money on hiring their own building inspector, meaning they may have more to negotiate with.
If there is an issue, you could include it in the listing or tell the real estate agent so buyers know upfront.
2. It highlights any potential issues
Getting a building report gives you advance warning of any potential issues. This gives you time to think about what you want to do about them. You may decide to complete repairs before listing.
Depending on the issue you may decide to list as is and let the buyer make a decision. If you choose to let the issues stand you could at least get a quote for the work. Then you will be in a better position to negotiate any price changes with a buyer.
Getting a building report for your property
If you do decide to get a vendor’s building report before listing your home for sale, make sure you get it done properly.
Get the report done in good time so you can think over any issues and discuss them with your real estate agent before listing.
Choose a professional building inspector. The industry is not fully regulated, so technically anyone can set themselves up as an inspector. You could even get your builder mate to do it. But, for a thorough inspection and report, a professional is needed. Ask for recommendations or look for someone registered with one of the professional inspection organisations like the New Zealand Institute of Building Inspectors.
Once you have the report, let it speak for itself. Don’t promise the buyer anything that can’t be fulfilled. Always suggest the buyer gets their own building report done as a second opinion.