Freckleface Posted January 16, 2013 Share Posted January 16, 2013 So is the only time you have a professional and independent valuation done on a house when the bank do one before they finalise your mortgage? If you choose the have a building inspection like NickyNook suggested do they provide a valuation or just a list of potential problems with the building and land? The building inspection isn't about the value of a property it is about the structural integrity. Sensible buyers always get one as well as a pest inspection. The bank valuation is more about ensuring the banks loan to value ratio on the mortgage is within margins. If you are set on buying something before you really understand the market and the way things are done here you might consider using a buyers agent. Obviously you would have to pay for this service but having an agent working for you might help ensure you don't make a costly mistake and would mean you have an expert working for you. They can also handle any negotiations for you. Quote Link to comment Share on other sites More sharing options...
lara24 Posted January 16, 2013 Author Share Posted January 16, 2013 The building inspection isn't about the value of a property it is about the structural integrity. Sensible buyers always get one as well as a pest inspection. The bank valuation is more about ensuring the banks loan to value ratio on the mortgage is within margins. If you are set on buying something before you really understand the market and the way things are done here you might consider using a buyers agent. Obviously you would have to pay for this service but having an agent working for you might help ensure you don't make a costly mistake and would mean you have an expert working for you. They can also handle any negotiations for you. I would never buy a house in the UK with-out a proper survey and the advice if a solicitor specialising in property who was able to advise on what makes a sound investment and what is a fair and realistic price so more than happy to do that in Oz too, just sounds like it would be a buyers agent that we might need. We hope to buy after 8 months so hopefully would have a good idea of property prices, areas and the buying process by then. It does seem odd that the rest of Australia use building inspections and WA doesn't.......am I missing something else that is done in it's place? Quote Link to comment Share on other sites More sharing options...
Irishgirl1 Posted January 16, 2013 Share Posted January 16, 2013 Hi Lara, we don't (well from who I know) have Building Inpsections done here in Perth (maybe for really old weatherboard houses) we do have pest control inspection though. Laney x Quote Link to comment Share on other sites More sharing options...
dxboz Posted January 16, 2013 Share Posted January 16, 2013 I used to work in conveyancing and mortgage finance a while ago in Melbourne. At that time there were never any building inspections done as the valuer should pick up anything that was wrong with a house. The valuation report is a comprehensive one as the bank would not lend on a property that was not structurally sound. At one time you did need a solicitor to do the legal stuff then they changed it so now conveyancers can do it also and quite rightly so as the process is so simple here compared to the UK and solicitors were making a fortune and not doing any of the actual work - they would have non legal staff experienced in conveyancing do it all. Quote Link to comment Share on other sites More sharing options...
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