Don’t let emotions take over when purchasing a new home.  Follow our insider tips and learn how to spot potential pitfalls in a property before you sign on the dotted line!

LOCATION, LOCATION

Visit the property at different times of day – consider traffic pollution, noise, accessibility, proximity to any establishments which may cause noise, neighbourhood, children’s nearby sporting activities, schools or similar establishments.

Check out the neighbours and the neighbourhood.  What is the zoning for the area?  Could you find yourself in a year or two in a house that’s currently on a ‘quiet cosy street’ but will have a high rise jacked up next door?

Are the neighbours undergoing a renovation or home improvement? What major arterial roads or transport upgrades are planned over the coming years?

DO YOUR RESEARCH

Find out why the property is on the market and get it assessed by professionals.

A good property advocate is an exceptional resource to help you here.  They will get in behind the scenes and find out why someone is selling their home thanks to their close relationships with real estate agents.

If the property is being sold in a hurry, it’s important to get to the bottom of why.  You don’t want to purchase a home that’s actually sinking or experiencing timber rot, do you!

Invest in obtaining all the relevant building, pest and strata checks and engage a professional to do a thorough review for potentially hidden issues.   A home might look great on face value, but it could have a whole raft of issues you simply wouldn’t notice unless you know what you’re looking for.

Commonly overlooked issues include hidden asbestos, termites, lead paint, problems with the foundation and sills, electrical problems, ungrounded outlets, roofing issues and drainage or plumbing issues. A property advocate is a great place to start – they’ll help you navigate the process and bring in the right people to check for potential issues.

THE DEVIL IS IN THE DETAIL

It’s the age of DIY and while there’s no doubt we’ve seen some inspiring and incredible rookie renovator contestants on The Block, that doesn’t mean we all have these same skills.  Buyer beware – not all home improvement jobs are created equal.

Keep an eye out when inspecting a home for poor DIY hack jobs.  The bathroom may have a beautiful herringbone tile – but take a closer look.  Are the tiles evenly spaced and secured tight? Or crooked and loose? What’s the paint job like throughout the place? Have mum and dad had a stab at this or has it been professionally completed? How about the cabinetry? Is it a DIY Ikea install or has the work been properly installed and is sitting flush and level.

HEADS NOT HEARTS

Real estate agents make money by reading people’s emotions and will be able to tell very quickly how much you want a property.  This is where a property advocate really comes in handy.  They’ll help you keep a level head and act independently.  They ensure you present a cool and calm assessment on the home and will negotiate on your behalf if all the checks and balances stack up.

The purchase of a home is one of the largest investments you’re likely to make in your life, so above all else it really is crucial to keep a level head. As much as possible, try to take the emotion out of your decision.  If you use your head, not your heart and stand back to assess the property objectively and thoroughly, you’re more likely to make the right decision.

Need a hand? Get in touch with a member of our team today.

 

Sources:

https://www.realestate.com/articles/buying-a-house/red-flags-to-look-for-when-buying-a-house

https://propertyupdate.com.au/13-common-mistakes-home-buyers-make-and-how-to-avoid-them/