The property problems buyers shouldn’t ignore
Buying a property is a major financial investment, and it’s one that no purchaser should take lightly.
After all, we’ve all heard the occasional horror story of houses that were quite simply too good to be true.
Perhaps they were renovator’s delights that soon turned into financial disasters or modern masterpieces where the handiwork didn’t quite make the grade.
So, when it comes to buying, how do you spot a real estate dud? What red flags should you be on the lookout for in the search for a place to invest in or call home?
Structural issues
Unless you’re a professional builder, highly seasoned renovator, or intend to knock the house down, any sign of structural damage to a property should be an immediate red flag.
This includes things like cracked walls, uneven floors, damp, mould, or rot. Each of these could be a symptom of a much greater problem and it’s one that could potentially cost more than you can afford.
The big ones to look for?
- Roof leaks or poor roof condition
- Footings and foundations which are cracked, subsiding or rotting
- Water damage, which may indicate the home is prone to flooding, rising damp and could have potential future problems with rot and mould.
- Evidence of pest infestations, including ants and termites
It’s important to also note that sometimes structural issues aren’t apparent to the untrained eye, which is why it’s absolutely imperative that you commission pest and building inspections as part of the purchasing process.
Restrictions and covenants
Whether it’s heritage status or an environmental covenant, if the property has restrictions on how it can be upgraded, altered or used, it’s important you are crystal clear on this from the outset.
Covenants and restrictions should be explained by the agent, but as a buyer, it’s also your responsibility to do your due diligence, including engaging a legal advisor or conveyancer who can look into restrictions which may impact the property.
Dodgy neighbours
You might absolutely love a property, but when you buy a home you’re not just buying a structure, you are also buying into a neighbourhood.
And let’s be frank, neighbours can make or break your experience living somewhere. Prior to purchasing, cast an eye around the street and neighbourhood, including visiting the area at different times of the day.
Lack of approvals
If the property has been upgraded or added to, it should have the required approvals.
This might include approvals for exterior structures like patios and carports, additions like swimming pools, or building works which significantly alter the interior.
During the purchasing process, do check for the necessary approvals, along with any warranty on the work, which might apply.
Environmental issues
It’s important to cross check whether a property has been subject to environmental issues, which might include being prone to flooding and bushfire, but also extend to erosion, poor air quality, subsidence, contamination, and noise pollution.
Future developments
Imagine a highway springs up next to your dream home, or the flight path shifts and aircraft are constantly overhead.
When you’re researching a property you’re interested in purchasing, it’s also important to look to the future and consider the impact of any planned developments.
How we can help
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