Property inspections and valuations

There’s more to inspecting a property than opening cupboards and looking under beds

Buying a home can be an exciting purchase. While you might believe in love at first sight, you need to make sure a property is right for you before you fall head over heels for it.

What to look out for on property inspections

Knowing as much as possible about a property can help you avoid problems and save on costs in the future. Aim to inspect the property yourself on different days and at various times — plus, it’s a clever idea to arrange a professional building inspection report. Inspecting a property yourself may give you a better idea of;

• How much natural light each rooms receives

• Lingering smells (e.g., rubbish bins, dead mice, damp patches, pets, fumes)

• Rooms that get uncomfortably hot or cold

• Condition of hot water system, plumbing, carpets, and walls

• Neighbourhood noise at different times of the day/week.

A professional building inspector will know the nitty-gritty things to check, including.

• Fences, retaining walls, driveways, sheds, garages, and storm run-off drains

• Water damage, including in the roof and underfloor space

• Brickwork, walls, and sections of roof that need significant repair.

Check your local area for professional building inspection costs and what they cover.

How sellers try to fool you

Homes that are up for sale tend to be presented in their best possible light to appeal to the buyer’s emotions. It’s up to you to look for any tell-tale signs that the owner may be trying to cover up some flaws.

Don’t be blindsided by the owner’s furnishings — particularly if the interior has been professionally staged. High end furniture and accessories can be a sign of home staging. Rather than focus on the fancy furniture in front of you, imagine how your own things will look in the same space.

Blooms of flowers and scented oils can fill a home with lovely fragrances that make it more inviting. However, they may also cover up costly problems such as rising damp.

Similarly, be wary of small areas of fresh paint. Owners often spruce up their home with a fresh coat of paint prior to sale. However, isolated patches of new paint could mask sinister issues including wall cracks, termite activity or mould. Don’t just check out walls — look up at ceilings and down low at skirting boards.

Arranging a pre-purchase property inspection

report

A pre-purchase property inspection report — often referred to as a ‘standard property report’ — is a written account of the property’s condition that you organise before you buy a property.

Organising a pre-purchase pest and building inspection could help you see through home-selling tricks. They may also alert you to any problems that could haunt your future self with expensive repair bills.

Inspections for apartments

If you’re buying an apartment, instead of a pest and building report, it’s often recommended to get a strata report. This ensures that the building and its funds are all in good shape, and that there are no planned works coming up that you may have to foot the bill for.

Checking by-laws for the building will also help you work out if pets or BBQs are allowed, which may be important if you have any pets. Have a read-through body corporate records too, and make sure you know exactly what your strata fees will be.

Getting a property valuation

Property valuations are an important part of the home buying process. They act as a safety net to make sure your lender doesn’t lend you more than the property is worth.

Luckily, you don’t have to arrange a valuation yourself. When you’re ready to purchase a property, your lender will organise a professional inspection and valuation through a qualified valuer. Keep in mind, the valuation will be conservative because the bank is concerned with having to sell the property to recover losses if you can’t meet repayments.

With the necessary inspections and valuations of the property taken care of, you should now have a clearer idea of what you’re buying.