4 Things Homebuyers Should Never Overlook
There are so many things to consider when purchasing a property.
Whilst the subjects we cover below might seem obvious there are many facets to each consideration – some of which can be overlooked in the slew of other responsibilities and assessments to be made.
Read on to ensure that you’re fully covered as you embark on your property search or begin the acquisition process for your dream home.
Safety and security
How safe is the area you’re buying in – and the property itself?
Are windows secure and lockable? Are doors sturdy and strong?
Check perimeters and alarm systems and factor in any additional costs you may have to expend. If you find shortcomings in the security of the property you may even be able to negotiate a better deal. Structural and architectural issues Structural and architectural issues should never be overlooked. Even if you’re sure that your new home is sound, it might be useful to ask a licensed home inspector to take a look around and identify any potential problems. Sometimes, future issues aren’t quite as obvious as the damp smell of mould, or a dodgy A/C. A home inspector will check water pressure, plumbing, electricity and structural safety before you buy.
Outstanding legal or financial problems
Check out any past debts or issues with the property you’re purchasing – and be extra careful when buying a home that has been repossessed or is being sold off by a bank following default. Your real estate agent should be able to advise on these matters – but it’s worth digging deeper and doing a little research of your own to fully understand what you might be taking on. Even if you do not need it, always include a ‘subject to finance’ condition in your offer, which will allow you to secure finance that is most suitable to your needs and circumstances.
Ensure that you also have sound legal advice throughout the property buying process, from an impartial professional with your best interests at heart. Don’t sign a contract until you have made the decision on the ownership structure of the property – this could result in a penalty of double stamp duty in some areas of Australia. Insurance is also key. As soon as you sign on the dotted line and assume ownership, it’s time to confirm that you’re covered from the day the property becomes officially ‘yours’, rather than your moving in date. Failure to do so could render you liable for actions or accidents that occur before you’ve even set foot through the door.
Neighbour disputes
Whether you become best buddies with your next-door neighbours, rarely see them or prefer to simply let on politely when you cross paths, they can be a crucial aspect of your happiness and wellbeing in a property. One thing to be particularly mindful of during viewings is the nature of neighbours. It’s worth asking about any ongoing disputes or existing relationships – at the very least familiarising yourself with boundaries, responsibilities and any maintenance or replacements that may need to be taken care of between the two parties.
Stay ahead of the game – take a look at our related blogs here to help you to relocate or sell swiftly and smoothly.
