Aspiring property buyers in Melbourne and Sydney will soon have the opportunity to minimise those necessary but pesky property inspection costs when buying a home.
Easy Inspect, a Melbourne based startup, aims to use its platform to pool interest and crowd-source property inspection resources to drive down the cost of property pre-purchase inspection services which, for a combined structural and pest report, market price currently stands at around the $600 mark.
Founder and CEO, Michael Stafford, says with home prices reaching all time highs in many sought-after neighbourhoods in Melbourne and Sydney, home buyers need to free-up as much of their funds as possible to buy their first or next home.
“Our research shows that potential buyers see property pre-purchase inspections as an extra expense they just cannot afford in an ever-increasingly competitive auction environment. On average we found that while prospective buyers start their property journey committing to undertake property inspections, owing to the cost, hassle and sheer market competition most buyers end up purchasing without an inspection being performed at all; a risk far too onerous in our view” he stated.
He says early market response has been very encouraging. “We have done a lot of market research in setting up and refining our business model. It’s clear that property inspections, whilst a vital part of the process, are almost a grudge purchase as financial resources are stretched to their limit”.
He confirmed he is slowly seeing market sentiment change, with more and more prospective buyers wanting to undertake property inspections using their model, “We have already received a number of requests from other Australian locations who are in need of our service outside of Melbourne, predominately in the bigger metropolitan auction areas such as Sydney and Brisbane”.
“We are all about making sure property buyers have the necessary information they need to make an informed purchase decision. Making the pre-purchase inspection process hassle-free and more affordable empowers buyers to approach auction day equipped with the knowledge they need to make one of the biggest financial commitments of their life” he adds.
Easy Inpsect is currently growing its Melbourne operations and anticipates expansion of its inspection services into Sydney to commence toward the latter part of 2015.