The trick to buying the right property involves understanding the implication of the defects outlined in the Building and Pest report.
Some things to consider are:
1) Avoid a building that has Defects that have far reaching consequences or are a systematic failure of the structure – such as major drainage or storm water issues that cause multiple other defects – rising damp, flooding, mould and peeling paint etc. In other words, when the time comes to rectify the problem, the main problem must be fixed, plus all the other defects that are a consequence of the main defect.
2) Consider defects that can be rectified with a ‘reasonable’ or ‘manageable’ financial outlay.
3) Be aware of defects that present a significant safety hazard or cause loss of amenity or comfort. These must be rectified before moving into the property and must be budgeted for up front.
4) Think about which defects can be ‘tolerated’ or ‘lived with’ for the foreseeable future, without causing further deterioration to the building.
5) Try to avoid defects that are of significant structural consequence. Unless you are planning structural renovations or alterations these problems are usually prohibitively expensive to rectify.