Termites…a nightmare for any homeowner.
There’s the obvious cost of ‘removing’ them… but this is only the tip of the iceberg!
The real cost is likely to be much higher than you might think…
How Likely Is A Termite Attack?
CSIRO report in Australia, 32% of houses have a presence of termites currently eating away at Australians’ homes…
…a scary thought when you realise this means 1 in 3 homes are suffering an infestation.
It’s estimated 2 in every 3 homes in Australia will suffer a termite infestation during their lifetime.
How Hidden Costs Come Into Play
The typical costs of removing termites fall between $2,500 and $6000. The amount varies depending on the type of property and the extent of the infestation.
The first ‘hidden’ cost is the cost of repairing the termite damage to your property. This is building materials and the trade labour to do the work.
On average this cost is $7,900. A considerable sum of money by anyone’s standards.
The second ‘hidden’ cost is the big cost and may not be immediately apparent as the effects are only seen when it comes to selling a property.
Figures show 99 out of every 100 prospective property purchasers in Australia have a termite inspection prior to buying a property. Often this is forced on them by lending societies or solicitors.
A recent survey of potential property buyers, carried out in June, showed some devastating statistics…
- 74% of prospective buyers said they would definitely cross a home off their list if it had termites.
- The survey also showed the property’s value could decrease by as much as 25%.
Figures vary depending on exact location in Australia but unanimously showed a prospective buyer would expect a home to be priced lower if it was, or ever had been, infested by termites.
So the real cost of termite damage is likely to be around $12,900 in total upfront corrective costs and between 10-25% of your home’s value.
How Can You Protect Your Home Or Business
Which one is the most suitable for your property will be a factor of your home’s construction and your budget.
- High chance of becoming infested with termites, so you should protect your property
- It’s far more cost-effective to protect against termites, than it is to put your home right after a termite infestation.