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Press release content from Globe Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.

Homeowners failing to inspect their property experience buyer’s remorse

November 25, 2021 GMT

MELBOURNE, Australia, Nov. 25, 2021 (GLOBE NEWSWIRE) -- According to the leaders in pre purchase building inspections Melbourne-wide, Metrospect, buyers who let their emotions take over when purchasing a home often skip a building inspection and then end up with buyer’s remorse when they discover issues with their property.

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A recent study by ME Bank revealed that 55% of property buyers spent less than an hour checking out the property they eventually purchased. The study also found that a third of buyers failed to arrange building and pest inspections. Melbourne buyers were hit with tough restrictions on in-person inspections, which has contributed to the lack of building inspections, says Metrospect.

As Metrospect explains, issues discovered after moving in are not uncommon when buyers fail to arrange a professional building and pest inspection, as untrained people don’t know what to look for. As a result, buyers end up spending more money on fixing, replacing or improving their property.  

Metrospect says the biggest issues they discover when conducting building inspections Melbourne -wide include construction quality, gardens and fences, dampness and leaking issues, re-stumping and settlement issues.

There is no doubt that buying a home or investment property is likely to be the biggest financial commitment many people will ever make in their life, which is why Metrospect says it is absolutely crucial for a professional building and pest inspection.

To avoid finding out about issues after purchasing a property, Metrospect advises buyers to set aside emotions which can cloud judgement and arrange for a professional building and pest inspection which will give buyers the peace of mind and confidence they need before committing to a property purchase.

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A professional building and pest inspection is an essential part of due diligence. Metrospect points out the havoc termites can wreak on the timber structural elements of a home, with repairs costing thousands of dollars. Structural issues can also cause financial stress for homeowners and Metrospect points out that there can be issues whether a house is new or old.

To arrange pre purchase building and pest inspections, contact Metrospect on 1800 008 240

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