Make your property inspections count

It is amazing how quickly you get a ‘feel’ for a property for sale. Walking into a home can conjure feelings of comfort, lightness and peace, while other properties will leave you feeling cold, confined or even disquieted. Then there’s the home that screams potential, and with some tough love could be the property of your dreams.

Underneath the emotional responses to a property − which should not be discounted as they will impact your future enjoyment of the home − it is important to check the structural foundations, utilities and neighbourhood conditions.

There are key warning signs you need to look out for when inspecting properties for sale. There are also professional building, financial and legal property reviews that need to take place.

What you need to look out for

It is a good idea to take someone with you when viewing a property. The more eyes the better, and your companion can review the home with greater impartiality. Property viewings generally last half an hour, so you want to make good use of the time. Here’s a helpful inspection checklist:

• Check door and window frame uniformity, and make sure doors and windows easily open and close.
• Look for damp or mould along skirting boards, and on walls and ceilings, and be wary of paint touch-ups that could be covering damp.
• Keep an eye out for sagging ceilings or buckling walls.
• Lift up carpet and check for rotting floorboards or dampness.
• Try all taps in the home, and check how long it takes for hot water to come through.
• Flush the toilet to check for a running cistern.
• Look under sinks and give the plumbing a gentle shake to test sturdiness.
• Review the hot water system for size and age, and check for damp in all wet areas.
• Try light switches and look at the fuse box to evaluate circuitry age and see if there is an Earth Leakage Safety Switch.
• Take a look at the general state of the roof, guttering and drain pipes.
• Inspect exterior walls for cracks and other defects.
• Ask if the home has an energy efficiency rating.
• Walk around the neighbourhood to get a feel for local noise levels and check out the local shops and amenities.

Conveyancing building inspections

Qualified building inspections are an important part of the conveyancing process. During these inspections the building is checked for:

• structural defects
• illegal building renovations or additions (which could be removed by council)
• pest infestations
• faulty electrical wiring
• drainage or plumbing problems
• asbestos and lead paint

A licensed conveyancer or solicitor can arrange the building inspection on your behalf. They will also conduct title searches and check building certificates, strata reports, state authority documents and drainage plans, as well as manage the exchange of contracts at settlement. It is important to shop around when it comes to conveyancing fees. Ask your real estate agent, friends and family for recommendations.

Property valuations

If you have decided to purchase a property, your lender will conduct a valuation of the home and land to assess the validity of your mortgage and the asking price. Paying too much for a property can put your equity and the lender’s equity at risk. If there is a large disparity between the asking price and the lender valuation, your finance could fall through.

Prior to this stage, it can be useful to obtain your own valuation of the home. This will help you evaluate affordability and whether the asking price is comparable with other properties in the area. Always use an accredited valuer. There are two industry bodies in Australia: the Australian Valuers Institute and The Australian Property Institute.

Continue reading the Complete Home Buyers’ Guide with: Secure the property of your dreams