Victoria to Mandate Home Inspections, Saving Buyers Thousands

0:00From the Daily News Now Network, this is Corey with Sydney News Today. First time homebuyer Toshie saved for years to buy in Melbourne, but ended up spending more than $3,000 on six building and pest, inspections over 18 months. Each one costs between $300 and $600 and helped to avoid homes with major issues like structural damage and drainage problems. This week, the Victorian government announced plans for mandatory inspections if re-elected in November with sellers footing the bill and sharing. Reports with all buyers. The idea draws a comparison to roadworthy certificates for cars where sellers must provide proof before sale. Officials say the reports would cover structural soundness, mold, termites, and leaks. Consultation starts this year with stakeholders in the ACT government, the only place in Australia already requiring this from vendors. Toshie says the cost added up but ultimately saved her money on fixes. Industry veteran Robert German calls the change long overdue and note some buyers spend

1:03up to $7,000 on reports during hot auction. Markets. He links it partly to underquoting where listed prices mislead bitters. Victoria is also tackling underquoting with new laws coming in June, including public sold prices and sell a reserve price disclosure seven days, before auctions. The real estate institute welcomes most reforms but wants shorter notice on reserves. New South Wales is watching closely and may consider similar inspection rules to help first home buyers get fair deals. Toshie finally found her dream home with a clean report and gets the keys next week. This episode is supported by our sponsor, C Details in the Description. Headphones in a pillow, simple idea, surprisingly addictive, S-O-L-I-S-O-L-P-L-P-L-O.com.