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In response to the rising cost of living Archicentre has released a new building inspection report with prices starting from $330.
According to Archicentre's market research an estimated 80 per cent of people bidding on a property at auction do so without any real knowledge of the quality of the property and what repair costs they may face once they sign the contract of sale.
"The average home buyer purchases three to four houses in a lifetime as a way of building wealth on the back of property values rising as they upgrade their major asset, the family home, as a tax free investment,” said Archicentre Victorian state manager David Hallett.
"This wealth building strategy can dramatically collapse if people purchase a lemon with major faults and face tens of thousands of dollars for unbudgeted repairs costs."
Mr Hallett said the new report offers property buyers peace of mind on major items such as the overall soundness of the building including the floor, roof and walls of the home.
"These are the big ticket items which can be costly to repair and are a priority for home buyers.”
Mr Hallett said with an Archicentre inspection property buyers will have their property inspected by a seven year trained, registered and practicing architect, experienced with housing construction issues.
"To provide further peace of peace of mind each Archicentre building inspection comes with a $15,000 guarantee offer from Archicentre in relation to any serious structural defect found within 12 months of the inspection," Mr Hallett said.