Do I have to get a building inspection for the bank?

Yesterday a client asked me if he had to get a building inspection or not. And the answer is no, you don’t actually have to get one, but yes, you should! Typically, your property will be your biggest investment and asset, and you want to make sure that it is structurally sound.

3-4 days after you purchase your property, you don’t want to find out that there is something wrong with the property; ie. for example the piles that hold your house being loaded up with borer and needing urgent replacing.

In some situations, if you are buying a property that is a plaster home or a house that looks like it hasn’t received any maintenance for quite some time, then the bank might say they do require a building report.

It’s then at the bank’s discretion as to whether they offer finance against that property. If they don’t see the property as being healthy enough for investment, then they might pull the pin on the finance.

Most of us have at least one mate that is a builder, so if you do, you might want to get them to take a look at the house if you are not prepared to invest the $300-$700 fee for a building inspection.

If you are in the middle of purchasing a property and would like a great building inspector to come out and take a look at your home, then please get in touch with me, I have some brilliant building inspectors that I have regular contact with.
If you have any other questions, please get in touch either via phone 021 662 205 or email ryan.amoore@loanmarket.co.nz