Long gone are the days where purchasing a home was as easy as showing up to the bank with some money and then getting transferred the deed. These days, people will have to choose the bank that they want to bank with, prove that they have a sturdy financial history, will have to have a certain amount of savings, and will also have to have a glowing credit report. On top of all of this, they will have to choose the type of loan that they want to apply for and will also have to factor in conveyancing fees, stamp duty, insurances, as well as much more.
As this is the case, most people will feel pretty burned out when it comes to this matter and would much rather bury their heads in the sand than face the complicated mess that is buying a property. But, when people do this, the chances are that they are going to become one of those people who have a nightmare story to tell. As there are some readers who will be wanting to save themselves time and money but cutting corners and skipping steps, this post will discuss how you cannot take the next step until you are able to go about organising a house building report.
You cannot take the next step until you are able to go about organising a house building report because some banks will not approve your loan without one
As people who have already gone through this process will know, there are many different hoops that they will have to jump through in order to get the final go-ahead from their chosen bank. There will be all sorts of forms that they have to fill out and more often than not, the bank will have certain criteria that will have to be met, otherwise they won’t approve the loan. And so, you cannot take the next step until you are able to go about organizing a house building report because some banks will not approve your loan without one.
This is because the bank does not want someone moving into something that is going to cost a fortune to fix up which could run the risk that they are not able to pain their loan back.
You cannot take the next step until you are able to go about organising a house building report so that you can establish how much repairs are going to cost you
You also cannot take the next step until you are able to go about organising a house building report because you will need to establish how much repairs are going to cost you. This is important as there will be some cases where just a few things need to be altered such as installing smoke alarms and carbon monoxide alarms, and then there are other instances where things will be a little more serious than that. For instance, there could be faulty wiring all throughout the house that would cost quite literally thousands of dollars to repairs.
And then there can be things such as water damage, wasps, termites, mould, asbestos, structural issues, and perhaps even incorrect zoning. All of these things as well as much more could end up costing people an arm and a leg which is not ideal when people are already on a right budget. In conclusion, it is always better to be safe than sorry when it comes to something as important such as this.