Building or apartment reports can be really handy to give you not only a detailed understanding of any building issues within the apartment but also peace of mind that you’re not missing anything. The apartment building report covers everything internally but will not provide advice on the structure or condition of the overall building.
They are relatively inexpensive (about $300 for a 2 bedroom) so it is money well spent.
One thing to remember is if you are in a competitive negotiation to buy an apartment and your offer is subject to an apartment building inspection and the other offer is unconditional then your offer will be less attractive. You could get the building inspection done prior to negotiating but then if you cannot agree a price the building report is a waste of money. Then again having the report done gives you confidence to buy and maybe you will be more likely to be successful.
If the apartment is being auctioned, then you will need to bid unconditionally. You can organise a building inspection prior to the auction but you may then be unsuccessful at auction.
If you are overly cautious in your approach you may find it difficult to find an apartment with no issues at all. Most building reports will find some issue which may even be obvious to you. It is important to understand how to use the report and if any issues highlighted in the report are able to be fixed or managed.
Your decision about getting a building report therefore depends on the age and general condition of the property, the method and stage of the sale and your own comfort with the risk.