Property Inspections and Valuations

When purchasing a home, it is important to thoroughly investigate your options before finalizing a deal. Love at first sight may sound appealing, but you need to make sure a property suits your needs before making an offer.

The points that professionals look for during property inspections.

Take the time to inspect a property thoroughly before you buy it. This can help you avoid problems and save on costs in the future. Aim to inspect the property yourself on different days and at various times — plus, a professional building inspection report is also a good idea.

Inspecting a property yourself can give you a better idea of some of the issues that may need to be dealt with before purchasing;

• The amount of natural light in each room
• Unpleasant odours (e.g. rubbish bins, dead mice, damp patches, pets, fumes)
• Spaces that are uncomfortably hot or cold.
• The condition of the hot water system, plumbing, carpets and walls in a property can affect the price.
• The level of noise emanating from a neighbourhood at different times of the day or week.
• A competent building inspector will be conversant with the nitty-gritty aspects of a building’s condition, including:

You can hire a building inspector to examine the exterior of your home—including fences, retaining walls, driveways, sheds and garages—to determine if there is water damage or significant structural issues that need repair.

Don’t Get Fooled By Sellers

Homes up for sale are usually presented in their best possible light to appeal to emotions and thus generate sales. It’s up to you to be cynical and look for telltale signs that the owner may be trying to cover up some flaws.

When considering a home for sale, don’t be distracted by the owner’s furniture — particularly if the interior has been professionally staged. High end furniture and accessories can be a sign of home staging. Rather than focusing on the fancy furniture in front of you, imagine how your own things will look in that space.

Flowers and scented oils can make a home more inviting, but they may also mask rising damp and other costly problems.

It’s important to look out for isolated patches of fresh paint. Some owners spruce up their home with a fresh coat of paint prior to sale, but isolated patches could mask sinister issues including wall cracks, termite activity or mould. You should also check ceilings and skirting boards.

A pre-purchase property inspection report will help you identify any faults or defects in the property, so they can be corrected before you purchase it.

A pre-purchase property inspection report is a written account of a property’s condition, as well as its history, that you organise before you buy a property.

A pre-purchase pest and building inspection can help you see through home-selling tricks and may alert you to any problems that could haunt your future self with expensive repair bills.

Inspections

For a buyer of an apartment, a strata report is more often recommended than a pest and building report. It is able to identify any problems with the building and its funds, and also any planned works coming up that you may have to foot the bill for.

Researching building by-laws can give you a good idea of whether or not pets are permitted, which may be important if you have any pets. Review the body corporate records and make sure you know exactly what your strata fees will be.

Property Valuations

Property valuations represent an important part of the home buying process. They are used to determine the maximum amount a lender will lend a borrower, because valuations help to ensure that a borrower does not borrow more than the property is worth.

It’s best to leave the valuation to professionals. When you’re ready to purchase a property, your lender will arrange for a professional inspection and valuation by a qualified valuer. Keep in mind that the valuation will probably be conservative because the bank is concerned with having to sell the property if you can’t meet repayments.

Once you have completed the necessary inspections and valuations of the property, you should have a clearer idea of what you’re buying.