Many people entering their twenties are looking at the possibly of moving away from property renting and into looking towards home ownership…
Rising house prices have has somewhat stifled early home ownership in many parts of the country. But with a little smart thinking and the ability to see the potential in prospective houses, there are still opportunities out there to enter the property ladder.
Let’s dive into the world of first home ownership.
Inspecting the bones – What to Look For in a House
You’ve finally reached the point where you (and the bank) feel you are sufficiently financial enough to buy your first house. Visiting open homes and making appointments with real estate agents are exciting activities. You’re flooded with offers of help in choosing the right property.
While well meaning, most people don’t have the skills and knowledge necessary to help you understand the pros and cons of a property. It’s time to bring in the big guns: a builder experienced in providing quality pre-purchase building reports.
Only a professional builder or property inspector can provide you with a detailed building report. Inside this report, they will identify things such:
- Roofing – condition of materials, cladding, fascia, flashing and chimney
- Insulation – what is it, where is it and does it meet current requirements
- Subfloor – condition of piles, ground, plumbing and electrical services, ventilation, joists etc.
- Internal – is the floor level, check electrical points, moisture levels, testing fixtures and fittings, inspecting for borer
- Exterior – condition of cladding, fascia, windows, flashing, stairs, decks, gully traps
- Other areas – fencing, connected services, sheds, outbuildings
Your building report will help you identify what repairs and maintenance are or will be needed. It may help you negotiate a lower purchase price if a lot needs to be fixed. As a home is the largest purchase most of us will ever make. So it makes sense to know exactly what we are buying!
Traditionally you engage an inspector once your offer to purchase has been accepted by the vendor. There is an area on a property sale and purchase agreement where you indicate your wish for an inspection or not. Furthermore, if you choose not to go through with the sale because of the report results, the vendor must be given their own copy of the report.
What to do next after you receive a building report
Once you have received and read your property inspection report, it’s important to get professional advice on the results. This means hiring a quantity surveyor to advise you on the cost of repairs you’ll need to do to make the home habitable. They can give you an idea of costs regarding necessary maintenance and repairs in the short and medium term. If you are considering any major renovations or additions, now is the time to also talk with your builder about how much they could set you back too.
The results from your building report will leave you wanting the house even more. Or they’ll cause you to run away from it quickly. Either way, investing in a property inspection is well worth the small cost! To find a builder or quantity surveyor for a house inspection, head over to our find a tradie page because our team of nationwide professionals are ready and waiting.
This is Stage 2