Selwyn Times: March 27, 2019
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19<br />
Can I trust a seller’s building report?<br />
If you’ve been to an open home recently, or<br />
been browsing the ‘for sale’ adverts, you might<br />
have noticed that some sellers put together<br />
information packs for potential buyers. These<br />
sellers will know that researching a property<br />
takes time and money, and they don’t want this<br />
to be a barrier to a successful sale. They believe<br />
that providing information like a LIM (a Land<br />
Information Memorandum from the local<br />
council) and a building inspection report can help<br />
busy people get an offer on the table. This is great<br />
in theory, but you need to tread carefully all the<br />
same.<br />
If, for example, a real estate agent or seller<br />
gives you a LIM for the property, check carefully<br />
when it was prepared. A LIM is a summary of<br />
all the current property information held by the<br />
different departments at a council at the time. It<br />
contains details of council consents for any work<br />
done, how much the rates are and information<br />
on any geographic hazards that might have an<br />
impact on the property, such as subsidence. Bear<br />
in mind that this information can be reasonably<br />
general – the LIM for most houses in Wellington<br />
will say that they’re located in a high wind area,<br />
for example. If the LIM is dated a couple of weeks<br />
ago, it’s safe to assume it’s reasonably up to date.<br />
If it’s dated a year ago, it’s a good idea to make<br />
further enquiries. Getting a LIM costs money in<br />
most areas (prices vary from council to council).<br />
You can also ask to see the property file held by<br />
the council, which holds other information about<br />
a property, like a site map and original house<br />
plans.<br />
Building reports are a bit trickier. Using a<br />
building report provided by the seller (or the<br />
real estate agent working for them) may seem<br />
like an easy option in the short term. However,<br />
if you buy the property and then find problems<br />
with it that cost a significant amount to fix, you’re<br />
not protected by the building report because the<br />
inspector’s contract is with the seller, not you. The<br />
Real Estate Authority (REA) recommends using<br />
an accredited property inspector who complies<br />
with the New Zealand building inspection<br />
standard 4306:2005. Their written report will<br />
identify any current defects as well as highlight<br />
any urgent and long-term maintenance required.<br />
Look for someone who has a good level of<br />
indemnity insurance, as this will protect you if<br />
you buy the property and then find you need to<br />
fix something that wasn’t in the report. Building<br />
inspections do come at a cost, but we think it’s<br />
worth it to be sure that you’re fully aware of what<br />
you’re signing up for. Depending on the age of the<br />
house you’re looking at don’t necessarily expect<br />
a thin report saying there are no issues. Many<br />
wooden houses in New Zealand are over 50 years<br />
old and there will be things the inspector needs<br />
to point out. Make sure you understand what<br />
normal age-related matters are (that may not be<br />
major issues), compared to significant repairs<br />
needed in the short term to fix a problem. The<br />
report you receive should separate these things<br />
out - if it doesn’t, then ask the inspector about the<br />
difference.<br />
If you end up with a report with a lot of<br />
information about the property it doesn’t mean<br />
you should walk away. Instead, see it as giving<br />
you the opportunity to know what you’re buying.<br />
Doing this before you make an offer means you<br />
are fully aware of what the property may need to<br />
have done to it and your offer figure can reflect<br />
that. However, if you don’t feel comfortable<br />
paying for a building report before you make<br />
an offer, you can make a property inspection a<br />
condition of your offer. Like most things in life,<br />
buying a property will go more smoothly if you<br />
put the work in. If a short cut seems too good to<br />
be true, it usually is.<br />
For independent guidance and information<br />
on buying or selling, check out settled.govt.nz.<br />
Rolleston’s sought after location<br />
• Final stage just released<br />
• Sections ranging from 400m 2 -650m 2<br />
• Your choice of builder<br />
• Family friendly and safe neighbourhood with nearly 100% owner-occupied<br />
homes. Avoid rowdy rentals!<br />
• Closest new subdivision to Rolleston town centre<br />
• Within walking distance to Rolleston College<br />
• In zone for Clearview Primary School and plenty of choice for childcare facilities<br />
• Close to Aquatic Centre and Foster Park<br />
• Convenient access from the soon to be completed Motorway exit to Christchurch<br />
• Internal boundary fencing included<br />
• TC1 equivalent soils<br />
• For an updated Sales Plan please email Andrew<br />
M-A<br />
MATSON & ALLAN<br />
REAL ESTATE LIMITED<br />
‘The Experts’<br />
<strong>Selwyn</strong><br />
Branthwaite Subdivision<br />
To view:<br />
www.marealestate.co.nz/MA0530<br />
or www.branthwaite.co.nz<br />
Andrew Taylor<br />
M: 0<strong>27</strong> 435 5930 W: 347 9949 E: andrew@marealestate.co.nz<br />
Residential<br />
Lifestyle<br />
Rural Property<br />
Licensed REAA2008<br />
ROLLESTON PH: 03 347 9949 LEESTON PH: 03 324 3704 DARFIELD PH: 03 318 8204 www.marealestate.co.nz
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