this post was submitted on 11 Jul 2023
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When Erika offered $700k for a home, she didn't know it was 'better suited to demolition' (www.abc.net.au)
submitted 1 year ago by [email protected] to c/[email protected]
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Privatised building inspections are a fucking disgrace. I didn't even realise there were no licencing requirements. I thought they had to be engineers at the very least.

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[–] [email protected] -2 points 1 year ago* (last edited 1 year ago) (1 children)

Shit, I did more due diligence than she was planning when I bought my $2300 motorcycle. And all I did was bring a knowledgeable friend.

If you are spending any amount that you couldn't comfortably survive losing entirely, make sure you bring in your own expert. Now obviously their level of expertise can vary based on value (I'll stake 2.5 thousand on my friends word, I wouldn't stake 100+ thousand without a licensed professional). But unless you're willing to call yourself knowledgeable enough, always have a second opinion.

And for bonus points, knowledgeable or not, that second opinion is uninvested emotionally. I fell in love with my bike as soon as I heard it fire up, same with my car. But in both cases, I brought someone knowledgeable who didn't give a fuck if I bought that vehicle. They were able to confirm if I was getting a fair deal without emotion clouding their judgements.

And neither of those cases were risking 6 digits worth of money. Nowhere near the price or due diligence of a house.

Edit: spelling

[–] [email protected] 4 points 1 year ago (2 children)

Not only that but the inspection report on a house is a bargaining tool

My 700 dollar report lead to 10,000 in savings at closing on my house... Worth every penny

[–] [email protected] 2 points 1 year ago

Exactly. You're unlikely to spend a significant percentage of the total cost on your third party inspection. But that third party inspection will give you information worth way more than they cost. Either the peace of mind that you're paying a fair price (and doing so fully aware of the issues that you may need to resolve), or encouraging you to negotiate lower/walk away. In all 3 situations you end up leaving the deal more confident that you made the best choice, and usually the inspector earns that money.

[–] [email protected] 2 points 1 year ago

Same deal for me, I spent about 550 on an inspection and that let to me being credited 8,500 bucks at closing.