Boban John
During a property inspection, thoroughly check for maintenance issues and potential costly problems. Examine building and suburb reports and visit the area at different times. First-time buyers should adjust expectations and prioritize needs. Buyer’s agents offer expertise in identifying suitable properties and spotting potential mistakes, saving time and money. Their knowledge helps navigate crucial aspects beyond just the purchase price
1. Consider Engaging a Buyer’s Agent for Expert Guidance:
Buying a property, especially your first home, can be a daunting process. A buyer’s agent acts solely in your interest, unlike a selling agent, who represents the vendor. They possess the expertise to guide you through inspections, identify suitable properties, and potentially spot costly mistakes you might overlook. For first-time buyers who have never navigated this process before, a buyer’s agent’s skills are particularly valuable in dealing with competition and budgets. They can save you time, money, and stress by providing professional buying assistance.
2. Always Arrange for a Building and Pest Inspection:
Thorough due diligence is imperative when making one of the biggest financial decisions of your life. Engaging qualified professionals to conduct building and pest inspections is crucial. These reports can reveal hidden structural issues, potential pest infestations, or other problems that could lead to significant expenses after purchasing the property. Ignoring these inspections can be a major mistake for any buyer, especially those new to the property market.
3. Scrutinise for Potential Costly Defects and Maintenance Issues:
During your inspection, be vigilant for any signs of disrepair or potential future costs. This includes looking for cracks in walls, dampness, issues with plumbing or electrical systems, and the condition of fixtures and fittings. Buyer’s agents are experienced in identifying such problems, which might not be immediately obvious to an untrained eye. Their knowledge can help you avoid purchasing a property that requires extensive and expensive repairs.
4. Carefully Review the Contract of Sale and Relevant Documentation:
First-time buyers, in particular, should pay close attention to the contract of sale. Ensure you understand all the terms and conditions, inclusions, and any potential clauses that could affect your purchase. A buyer’s agent or conveyancer can assist in reviewing this documentation, ensuring you are aware of all aspects before committing to the purchase. They can also help identify any inconsistencies or red flags in the contract.
5. Assess the Property’s Suitability for Your Current and Future Needs:
Walk through the property and envision how it will fit your lifestyle. Consider the size, layout, number of bedrooms and bathrooms, and overall functionality. Think about future needs as well, such as the potential for expansion or how the property might suit you in the long term. Prioritise your needs versus your wants to ensure the property meets your essential criteria.
6. Evaluate the Surrounding Location and Amenities:
A comprehensive property inspection extends beyond the physical dwelling to the surrounding environment. Consider the proximity to essential amenities such as schools, public transport, shops, and healthcare facilities. Be aware of potential local dealbreakers, such as excessive noise, heavy traffic, or the presence of landfills or other undesirable features, as these can significantly impact your quality of life and the property’s future resale value.
7. Check the Functionality of Essential Services and Utilities:
Ensure that fundamental services like water, electricity, and gas are in proper working order. Turn on taps, flip light switches, and check the functionality of appliances included in the sale. While some maintenance might be covered in rental agreements, for a purchase, you need to ensure these basics are sound to avoid immediate repair costs.
8. Research the Property’s Market Value and Recent Sales:
While inspecting, try to get a feel for the property’s value in the current market. Research recent sales of comparable properties in the same area to gauge whether the asking price is reasonable. Buyer’s agents have expertise in market analysis and can help you understand the true value of the property, preventing you from overpaying.
9. Maintain an Objective and Unbiased Perspective:
It’s easy to become emotionally attached to a property, especially if it ticks many of your boxes. However, it’s crucial to remain objective during the inspection and avoid making decisions based purely on emotion. A buyer’s agent can provide an unbiased assessment, highlighting both the positive and negative aspects of the property.
10. Consider the Property’s Long-Term Investment Potential:
Whether you are buying a home to live in or as an investment, consider its potential for future capital growth and resale value. Factors like location, infrastructure development in the area, and the property’s condition can influence its long-term value. While a buyer’s agent can assist with identifying investment-grade properties, even for owner-occupiers, understanding the potential for future appreciation is a prudent consideration.
