Termite damage can be property gold mines
The words ‘termite damage’ on a property report can sending a buyer running, but this can be good news for astute buyers.
Termite damage should be regarded as an opportunity rather than as a major problem. The wise investor will get a quote from a termite expert for the cost of repairing the damage and will use that information as a major negotiation tool for the property. There’s not going to be much competition.
While it may be tempting for buyers to skip the inspection process entirely — for fear of missing out — it is important not to skip this step. Structural issues, shifting foundations, faulty wiring and plumbing can be expensive to repair and your termite inspection expert will point these out in their report.
It’s important to be well informed about the potential problems before your buy. The cost of repairs need to be factored into your offer and be prepared to walk away if the problems are too great.