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Searching for your
ideal home will quickly lead you into inspecting prospective properties.
When looking over these prospective homes, be sure to:
Because you are
likely to be seeing many properties, it is a good idea to write
down your impressions of each property you visit. This will help you to
compare properties easily and assist you in your recollections of the
various features of each property.
Print out copies of
our
Property Scorecard and take these
with you when viewing properties. Make sure you record all the details,
including the property address, date of visit, real estate agent's
details and price range, as well as the property location details.
| Draw
a rough floor plan of the property, and if possible ask
the real estate agent for a photograph of the property. |
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Ask the Real Estate Agent to provide you with a copy of the
Purchase
Agreement to review, and
to show you the following documents to sight:
- A copy of
the Land Title, showing the boundary measurements of the land,
location from the nearest streets and any easements or covenants
registered on the title.
- Planning
information, defining what the land can be used/developed for
(e.g. residential or commercial purposes)
- Details of
any existing mortgage on the property, in case you agree to take
over the mortgage.
- Outgoings,
e.g. taxes, body corporate contributions, village common area costs.
- Building
restrictions.
- Any other
agreements which the vendor may have entered into with other
parties in relation to the property (e.g. regarding fencing or
building over easements).
It is in both the
vendor's and the Real Estate Agent's best interests to provide correct
and sufficient information to the buyer.
| If
you are really keen to buy a particular property, it is
advisable to retain the services of a good legal
representative
to review the
Purchase
Agreement and all other
documentation. |
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It is difficult to
imagine buying a motor car without checking the engine and taking it for
a test drive. However, many people do just this when buying a home,
which costs significantly more.
It is imperative that
you perform a comprehensive inspection of any property you intend to
purchase, in order to ascertain the exact condition of the property.
This should ensure that there are no major repair surprises that come
to light once you have taken possession of the property.
Read through the list
below for just some of the aspects that you should consider when
inspecting a property.
INSIDE THE
PROPERTY
- Check that all
the floors are level and that there are no gaps between the floors
and the walls.
- Jump lightly on
wood floorboards to assess their stability.
- Check tiled
floors for any loose tiles.
- Look for signs
of rising damp, including rotting carpet, mould on the walls or
ceiling and musty odours.
- Check the walls
and ceilings for warping and cracks. Fresh paint or wallpaper may be
hiding problem areas.
- Check whether
doors and windows are square. Jamming may indicate structural
subsidence.
- Make sure all
light switches work. Also check each power point by using a power
tester.
- Check the
circuit breakers/fuse box.
- Test the water
pressure in both hot and cold taps, and check the shower hot water
systems.
- Partially fill
the bath or sink and observe the drainage of the water. Sluggish
flow may indicate damaged or blocked drains.
OUTSIDE THE
PROPERTY
- Inspect any
fences and gates for stability.
- If there are
any large trees near the property, check for any possible root
damage to the building.
- Check that any
water runoff will drain away from the building.
- Check the
condition of the brickwork, concrete work and plastering on the
building.
- Check the
condition of the eaves, water staining may be an indication of
damaged rain water gutters.
- Check the line
of the roof to make sure it is straight, check for any broken tiles.
- Check the
woodwork/timber and any stumps for rot, borer or termite attack.
| If
you do not feel comfortable or competent enough to check
any of the areas detailed above, then arrange for a
professional
inspection. |
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If you feel you do
not have the practical and technical knowledge required to perform an
inspection yourself, then hire a professional inspector. The cost of a
professional inspection will be minimal relative to what you stand to
save.
Professional
inspections should cover every accessible part of the building,
including roof space and sub-floor. It should check for poor structure,
leaking roof and guttering, subsiding footings, faulty wiring and
plumbing, dampness, rot and many other faults. A comprehensive
inspection should take 2 to 4 hours.
Inspections are not
designed to disclose cosmetic deficiencies (e.g. paint chipping in the
kitchen). You will need to decide for yourself whether these types of
items need attention.
You should receive a
written Inspection Report following the inspection, which will inform
you of any property faults, how bad they are and a likely cost to repair
them.
Armed with this
information you can then decide whether you wish to purchase the
property. If you do decide to make an offer on the property, you will be
in a far better position to negotiate.
| If
possible, be present at the inspection so that you can
discuss any concerns you may have with the inspector. |
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The
next step is to
negotiate a deal
for your ideal home.
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