You've saved a deposit. Your finance has been approved. Now you're ready to start looking at properties to buy...
Finding a home that suits your needs and your budget doesn't need to be difficult. But it does require some forethought and due diligence on your part. Keep reading for some valuable tips on what to include in your property inspection checklist.
A lot of the focus when inspecting properties gets placed on the structural integrity of the home. Is the building safe and will it require any substantial repairs or upgrades in the near future? Are there pests within the property that may cause damage after you move in?
Getting a building and pest inspection is highly recommended. A qualified building inspector can give you the peace of mind that comes with knowing that the property has been thoroughly looked over.
Besides structural concerns, you should definitely consider other issues such as whether the property is in a bushfire or flood prone area. If that's the case, it should be declared by the seller in the Section 32 statement.
While the following list isn't meant to be comprehensive, it will certainly get you on the right track. Each property has its own history and circumstances and it is always a good idea to get some expert advice along the way when looking to buy property.
Property Inspection Checklist
- Cracks in walls or ceiling areas - if you notice several cracks within the walls, especially if they are 2mm or wider, this could point to serious structural damage,
- Fretting - this is the term used when mortar between brickwork is falling out, and it's an indication of structural defects, so be sure to look for this in brick-and-tile properties,
- Sagging ceilings or roof tiles - any signs of sagging in the roof or ceilings should be taken seriously because they may require expensive repairs to rectify,
- Rusted gutters - being a conduit for water to pass through, gutters are generally susceptible to rust over time, so ensure you check them well for signs of this,
- Alterations and renovations - if the property has been altered or renovated within the past 7 years, you should be notified of this in the Section 32 statement, so check this carefully and ensure any changes that have been made are legal,
- Electrical supply - the electrical supply should be checked for faults by using a power point tester and also by ensuring that switches and sockets are in good working order,
- Insulation - ask the owners about insulation within the walls and ceiling and request if the roof cavity can be inspected.
If you find a property that you love and one that passes this checklist, you may well have found a place worthy of your investment.
Another great resource to refer to when doing your due diligence as a buyer is the Inspect Properties Before You
Buy page on the Consumer Affairs Victoria Website. This is particularly useful for anyone looking to buy property within the state of Victoria.
A little expert advice can go a long way when trying to decide on whether a property is right for you. The Victorian Building Authority website is another reliable tool for locating qualified practitioners
during the inspection process.
Additionally, when it comes to consulting an expert, engaging a Buyers Advocate may be one of the best decisions you could make. Buyers Advocates (also referred to as
Buyers Agents in other states) are real estate experts who know the industry and have the expertise to advise you and to negotiate on your behalf, while guiding you through each step of the purchasing journey.
At Chamberlain Property Advocates, we do the hard work for you and ensure that all of these specifics are addressed. We guide you through the buying process and making it as stress free as possible. Book a time to find out more about how we can help.