How to make sure the property is suitable for your needs
Whist it is easy to get caught up in the excitement of purchasing a home, it is important to make sure the property is suitable for your needs. Some aspects could be manageable and others might be a deal breaker. Remaining objective is critical to your overall success.
Once you have found the location that you want, it’s important to consider the property itself. Sometimes when you go to inspections, it’s easy to get a bit excited by the house, especially if the agents have done a great job of staging it for the sale. You might be tempted to overlook some of its defects.
Or the opposite could apply, you may see a defect, or something that you don’t like – perhaps the kitchen needs some work, or the bathroom tiles are not to your taste. Don’t let this discourage you to the possibility of the property if it checks all the other boxes.
It is important to note that renovations can be expensive, time-consuming and plain hard work, so make an honest appraisal of a ‘renovator’s delight’. If you don’t have the time, skill or money to undertake a major renovation, scratch the property from your list of potentials.
It’s also important to think through what is important in the property and what you might be willing to compromise on. For example, you can save a lot of money if you buy a 3-bedroom over a 4-bedroom house. You might want to consider kids sharing a room while they are young (bunkbeds were fun when I was a child). Or you may need to sacrifice on the size of the land, or off-street parking with lock-up garage. If you like a location and you need to make sacrifices to get in, then this type of weighing up might have to take place.
As for the building and other structures themselves, in broad terms, when you are looking through a property, here are some items to look out for:
· Sloping or bouncy floors may mean stumps need replacing.
· Damp brick walls can indicate rising damp or salt damp.
· Blisters or bubbles on paintwork can indicate termite activity.
· Cracked walls may indicate issues such as the house sinking, requiring the replacement of stumps. If there are large cracks, seek advice from a structural engineer.
· Mouldy walls, lifting tiles, peeling paint or pools of water in wet areas can indicate excessive moisture.
· Fretting - where the mortar between the brickwork falls out - can indicate major structural problems.
· A sagging roof, or cracked or broken roof tiles may involve costly roof repairs or replacement.
· Materials containing asbestos - if these are damaged or deteriorating, they will need to be repaired. Always ensure you use qualified asbestos tradesmen and never undertake this work yourself.
· Property and pest inspection reports are critically important, either as a condition of any offer or prior to bidding at an auction. This would make sure you know exactly what you’re buying and what costs you might be looking at to make repairs and maintain the property.
It’s always a good start to get pre-approval. Complete our 5 minute form here: https://bit.ly/43VqyrH
Call on: 0418 552 938
Email at: peter.jefferson@mortgagechoice.com.au, or
Book a time to chat: https://bit.ly/43WsXma
If you’re a first home buyer, I’ve also created a useful guide to help you understand other key aspects of buying your first home.