What Are Pre-Purchase Inspections
Learn About The Pre Purchase Inspection and When They Are Required For Property Buyers & Sellers
Pre-purchase inspections are necessary when you are contemplating the sale or purchase of a property. The inspections include building and pest inspections. Many homes across Australia are termite infested by no fault of the owners. These insects are parasites who infest an area and breed uncontrollably in the spot that they infest. This can cause serious damage to the structure of your building. The pre-purchase inspection report is done before a property is purchased. It is compiled based on the condition that the property is in. It details significant defects that are found on the property. These can be cracking in the walls, mold, faulty roof or any safety hazard that exist.
Before the sales contract is exchanged the pre purchase inspection report is viewed to see if there are any problems. If one exist and is not taken care of, it can prove to be costly to rectify afterwards.
Why is a pre purchase inspection needed?
There are several reasons why a pre-purchase inspection is required, some of the reasons are outlined below:
- It outlines the problems that exist with the property
- It can be used for lowering the cost of the property during negotiations as repairs may be required.
- It can be used for advice from repair specialists regarding major problems that exist and how serious they can become.
- It is needed for any considerations you may have about purchasing a property
- It may be required by health inspectors.
How do I know which inspector to get to inspect my property?
Many people use pre-purchase inspectors who are qualified, but are not able to do the job properly. They make the payment, go through the motions and in the end they are not satisfied. They will outline all of the things that are not done during the inspection. They are of the opinion that they are not supposed to show the inspector what needs to be inspected, but voice their opinions at the end of it. They will outline all of the areas that were not done and refuse to recommend the inspector to others.
The professionals at www.proinspections.com.au come highly recommended and are certified and qualified to perform the task to your satisfaction. They will carry out an inspection that covers all of the areas that need to be inspected. With over ten years of experience, they can guarantee a thorough inspection that will give you value for your money.
When choosing a company for your inspection make sure they provide the following.
- They provide accurate reports from qualified and licensed inspectors.
- They do pre-inspections for both residential and commercial properties
- Their inspectors have completed the Residential Building Inspectors Course successfully.
- They are fully qualified to give you pre-purchase, building and pest inspections from one stage to the next.
- They are fully insured and possess over ten years of experience
Whether you require the pre purchase inspection to be done on your property or one that you intend to purchase, you can contact them, give them your details and get the exact rundown of what the job entails. Their service area is not restricted to Brisbane, but is wide and expansive throughout Australia. They can ensure that the contents of the reports are fully compliant with the standards set by the Australian Government. (AS 4349.1)
What does the report contain though?
The contents of the report are completely dependent on the property type, the size and the age of the property. The condition and process that is used for reporting by the inspector or whomever the report is prepared by. These are also mitigating factors that determine the cost that will be charged. Some reports will use checklists, while others prepare them individually for the properties. The use of photographs may or may not be necessary as long as the report is compliant.
Even though structural damage is not identified on the report, other threats to your property’s state that are found should be included. If this is not included, then you can opt for an additional assessment from an independent party who is appropriately credited and licensed. Getting a pre-purchase inspection done is not expensive, it prepares you for a more thorough building inspection that cannot be undertaken by an individual. They use the appropriate equipment to detect moisture, leakages, detection and analyses. They test the quality of the air, the moisture, humidity and drainage. Some even go as far as to inspect and test the wall cavities.
What do I do if I am not satisfied with the service?
In the event that you are not satisfied with the service that was provided, you can seek redress by trying the following steps:
- Contact the company
- Contact the association if they are a part of one
- Seek legal advice, but this should be a last resort.
If the inspector was negligent in any way, you should take action against them, but to avoid all of the stress that is involved, you can choose a company that is fully insured and licensed.
For more information on building inspections you can visit http://asbc.com.au/
Important Lessons I Learnt From My Husband – About Running A Business
Just like all other Australian women, the desire to run successful businesses has led me develop keen interest on successful management of a business. Indeed, we all know that running a successful business is not a walk in the park especially because you have to beat the prevailing cutthroat competition in the sector concerned. However, with the following important things that I learnt from my husband about running a successful business, I believe that every woman can start and run a successful business in anywhere in the world.
Coming up with a good business plan and following it religiously
The ability to run a business lies squarely on the roadmap or business plan of the business. This is the document that sets out the vision/idea of the business and the relevant considerations and strategies of a business start-up or existing business. In this regard, my husband taught me that it is important to write down the ambitions, goals and visions of the business in the business plan and ensure that all my activities in the business are geared towards the achievement of these goals.
Entrepreneurs draw up business plans for new ventures or plan on improving the existing ones to make various marketing, pricing, financial, and other projections. More often than not, though, their estimates bear little relationship to reality. In this case, planning for new enterprises differs fundamentally from planning for existing enterprises, given the inherent instability of start-ups. As a businessperson, one should be prepared to face the unknowns they expect to face in the business. Thus, identifying milestones over the project’s life enables businesspeople to both learn from experience about the enterprise’s viability and make adjustments in strategy and goals as necessary. There is a variety of typical milestones that new and old businesses pass, including concept and product testing, first financing, market testing, production start-up, and competitive reactions. At each stage, a keen business person must match his or her assumptions with actual outcomes and determine whether and how to proceed to the next milestone.
Proper management and organization.
Management and organization are the most involving aspects of running a business successfully. It encapsulates all business operations from the business idea to the expected maturity of the business. It is through proper management and organization that a business determines which opportunities to pursue, performs SWOT (Strength, Weaknesses, opportunities and Threats) analysis and identifies competitive advantages.
Other aspects of management include:
- Bringing all the factors of production together
- Coming up with an organizational chart
- Proper staffing
- Identifying the key personnel
- Training and development of staff
- Offering financial and non-financial rewards to the employees
The financing policy adopted determines the direction of the business in terms of success or failure. It is important to note that all businesses go through the four cycles of business development, including depression, growth/expansion, boom and maturity. In this case, financing the business should be done according to the level of the business. Choosing the financial option that will not lead to accumulation is as right as rain, not forgetting the need to ensure that you do not bite what you cannot chew comfortably.
The financial data to keep includes:
- Investment appraisal – payback and discounted cash flow
- Break even analysis
- Evaluation criteria for performance review
- Ratio analysis: net profit margin, Gross profit margin, return on capital employed, liquidity and solvency analysis
Performing sensitivity analysis frequently.
It is advisable to determine the success of the business occasionally to ensure that the business focuses on its objectives and goals. Sensitivity analysis entails assessing the impact of several aspects of the external and the internal environment on the success of the business.
The factors to consider in this case include:
- General economic environment risks for example change in interest rates, currency fluctuation ,recession, inflation
- Political and regulatory; increase in taxes, licenses and approval, new regulatory requirement
- Change in public opinions; taste and fashion, ethical and green issue
- Technological; change in production technology
- Possibility of a law suit
- Staffing; poor management, financial irregularity
- Market ; sales variation, strong competition
- Security; shop lifting
Creativity and Innovation
The proliferation of business innovations in Australia has led to the need to be innovative in order to succeed in business. Innovation encompasses both the development and application of a new product, process, or service in a bid to enhance the successful performance of the business. Indeed, invention, innovation and commercialization are the three things that make modern businesses relevant in the various sectors of our economy, if my husband’s opinion counts.
Matching skills and resources to changing technology
Your choice of appropriate technology that matches the entrepreneur’s skills is a major factor in running a business successfully. Technology refers to the art and science of getting things done through the application of knowledge and skills. It involves application of new techniques of doing business, gaining knowledge and being organized. Is success is to be attained in business, then the latest technology in all aspects of the business should be applied.
Concisely, I have to be honest – I do not agree with the myth that entrepreneurs are born, not trained. This is because these tips really shaped my entrepreneurial career, and I can assure you that they work! All one needs is to set realistic goals and focus on them. Remember that happy are those who dream dreams and are ready to pay the price to make their dreams come true.