Assess the cost of repairs and renovations

The building and pest report will be a guide to essential repairs and renovations required if you are purchasing an existing home. This will assist you with deciding whether your preferred home can be renovated or repaired to be both safe and suited to your lifestyle and income. You will need to assess the cost of essential repairs and renovations.

If you are looking at an older home, there may be asbestos in the ceiling, roof or walls, or lead paint. The cost of sealing or removing these materials needs to be considered, as you will require expert help.

Another consideration is whether the property will be affected by any road widening or town planning matters such as bushfire or flood zones that might affect the property.

The building and pest report will indicate what items need immediate attention for the building to be safe. This can include electrical wiring, drainage, roofing materials, pest control (termites) and fire safety.

It is recommended that you obtain quotes for all essential repairs before finalising the contract conditions.