13 October, 2014 / Category: Blog
The decision to buy is a big one indeed, and no matter the time of year, there are certain things you’ll need to check off your list. Before you take the property plunge, put on your Buyers Goggles and keep the following in your peripheral:
What Lies Beneath
If you’re buying up in one of Melbourne’s beautiful beachside ‘burbs, don’t forget to book a building inspection: sandy soils atop Bayside’s ‘old swamping grounds’ make for structurally unsound foundations, wreaking havoc for a few of those dear old 1930’s art decos along certain streets in Elwood, which are notorious for movement.
Still feel like something’s niggling away at you? It could very well be termites: While these nasty little critters are more common in some areas than others, pest inspections are vital when timber and weatherboard are concerned.
While it’s always best to err on the side of caution when it comes to life’s biggest investments, a couple of exceptions to the inspection rules might be if you were buying a solid brick Edwardian, or a 1970’s block (usually of 8) flat. Considered the Great Untouchables of Australian architecture, these kinds of buildings are built to last.
In any event, and in any suburb, booking in a pest and building inspection will put your mind at ease. When going through the motions for your paid inspection report, don’t forget to highlight certain areas of concern, be it wiring issues, plumbing issues or sub floor ventilation, to ensure the inspector stays accountable.
Good Working Order
If you’re moving in the heat of summer, slaving over the stove is probably the last thing on your mind, however regardless of the season we can’t stress enough the importance of testing out any inbuilt appliances (including but not necessarily limited to ovens, stovetops and heaters) to ensure they’re in top nick.
Commonly those conducting their pre-settlement inspection will find that power is no longer connected to the property once the previous owners have left, preventing you from putting things to the test yourself- one clever way to mitigate risk is by submitting a clause in your purchase contract requesting all goods be in working order at the time of settlement – providing recourse for you should that Christmas roast come out raw.
Cross the t’s and dot the lower-case j’s
Now for the ‘fun’ stuff! When purchasing a home you need to know what the easements and covenants are on the contract, not to mention the finer details about any overlays that may affect your ability to put in a pool or revamp that verandah.
Don’t Bank on It
While most urbanites are getting more and more comfortable with the idea of compact living, there’s one crowd who are proving a little slow on the uptake: the banks! Those in the market for an apartment should check to ensure they’re in good stead for loan approval, noting that the banks won’t loan 90 – 95% on any property that spans less than 50 square feet.
It’s also crucial that you to check that the property is Strata title – not Stratum or company share – again, the banks don’t usually warm to these properties and are less likely to loan on them, and even more importantly, you are less likely to ever re-sell at a premium price as a result of the title.
While you (and your legal advisor!) are on a roll, check that car parking is on title. If you have a courtyard, check that that’s on title too, or on a 99 year lease.
Buying your ideal property is a big investment, and the effort involved in ensuring things run smoothly reflects that tenfold! As things start to heat up this summer, Infolio’s dedicated agents will be happy to sweat the small stuff for you.