With only a few weeks left on Channel 9's The Block, we've been wondering whether the amateur renovators are worried about getting their building & pest inspections. We don't think it will be a problem as they've had qualified tradies helping them out and Keith overseeing all the structural work, but still, you'd hate to have to justify anything that's not up to scratch just before you go to Auction.
For many Auctions there is no cooling off period and if you have a lot of interested buyers there are usually no conditions accepted in the contracts, therefore if you're puchasing you need to pre-arrange your building & pest for any property you're considering bidding on.
The benefits mean that you understand more about the property and can bid appropriately, but the againsts include paying for an inspection and then not having the winning bid. In our view, it's better to be safe than sorry and be assured that the house is sound before you enter into any unconditional real estate contract. A couple of hundred dollars here and there may save you thousands in the long run.