It's easy to get swept away during the process of buying a house in Australia - particularly during a first home purchase. However, it's still vital to make sure you do your due diligence before committing to what may be the biggest investment you'll ever make.
Too many buyers don't do their research before signing the paperwork and discover later on that the property has significant issues that would have been deal breakers if they had known about them earlier.
The easiest way to help make sure you don't find yourself in this situation is to conduct an extensive property inspection and survey. These will give you information about a house and help you avoid any potential problems.
In this article, we'll take a closer look at three major issues that may appear, and why it's important to know about them before committing to buying.
-
The land isn't as described.
Most buyers focus on visible issues when viewing a property, such as leaks or shoddy craftsmanship. While it's important to identify and understand these problems, there are also serious issues that have nothing to do with the structure itself. Among these is a disparity between the size or dimensions of land advertised and what you'll receive after putting down your deposit. Some buyers think that they're getting much more land than they are, which can cause real problems later on when building a fence, paving a driveway or planning an extension.
A property survey will provide you with an exact outline of the property, and where the boundaries are. Knowing this information before you buy will make a huge difference when it comes to avoiding disputes with your neighbours further down the line. -
There are structural issues.
Some of the most serious potential problems with a property aren't visible from the outside. A classic example of this is termite damage, resulting in a need for extensive structural repairs, which can run into the tens of thousands to adequately fix. Similarly, leaks that may not be visible when you visit the house on a sunny day can wreak havoc once you've moved in and the winter weather rolls around.
An experienced building inspector will know precisely what to look for when examining a property. Their expertise will allow them to turn up any information that may cause you to think twice before dedicating your hard-earned cash (and your home loan) to an investment that may not be worth the risk. -
There are limitations.
Finally, a property inspection and survey will provide you with a much better understanding of what you can or can't do on a property. Without this knowledge, you may plan a renovation or repair and find that due to issues with the property or the land, you simply aren't able to. As an example, a building survey will reveal whether or not there are any significant underground cables or drains beneath the house. If there are, they could severely limit your ability to complete certain construction projects.
A property survey will also make sure that you understand exactly how the property is zoned. The types of work that can be done on a property are very different in a residential zone than a light industrial one.
Property Reports with Beyond Bank.
In addition to conducting a property inspection and survey, it’s also important for property buyers to know a little bit about the area, particularly sales data. This is where Beyond Bank can help by providing a Property Report.
These reports contain vital information on not just the suburb you’re thinking about buying in (including population data, median property prices and the number of sales), but also the property itself. For example, the year it was built, and how much it last sold for.
Best of all, these Property Reports are completely free, so there’s never an excuse to go into the negotiating process blind. Simply fill out the required information online, and one of our lending specialists will send you the report within two business days.
Ultimately, a survey, inspection or Property Report help give buyers peace of mind that they are making an informed decision. Once you're happy that the property is exactly as you'd expected, you can get on to the important business of finalising your home loan and signing the paperwork. That's where Beyond Bank comes in - get in touch with our team to find out more.
