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10 Top Considerations When Purchasing Property

by Cheyne Waddingham | Apr 18, 2023 | Pest Inspection, Property Investor, Property Purchaser

Purchasing a property is one of the biggest financial decisions most people will ever make. Whether you’re a first-time buyer, upgrading to a larger home, or investing in real estate, there are several factors to consider before making a purchase. In this article, we will explore what you need to know before you purchase your next property.

1. Determine your budget

The first step in purchasing a property is determining your budget. This includes not only the purchase price of the property but also other associated costs such as stamp duty, legal fees, and building inspections. You should also factor in ongoing costs such as mortgage repayments, council rates, and maintenance costs.

2. Research the market

Before you start looking at properties, it’s important to research the market to get an idea of property values in your desired location. You can use online real estate portals or attend open inspections to get an idea of what properties are selling for in the area.

3. Location

The location of a property is one of the most important factors to consider when making a purchase. Consider factors such as proximity to schools, public transport, shopping centres, and other amenities that are important to you.

It’s also important to consider the long-term prospects of the location. Is the area undergoing development or expected to grow in the coming years? Is it a desirable location for renters or potential future buyers? These are all factors that can influence the value of your property over time.

4. Building and Pest Inspections

Before purchasing a property, it’s important to have a building and pest inspection conducted by a qualified inspector. This can identify any potential issues with the property such as structural damage, defects and pest issues. A building and pest inspection can potentially save you thousands of dollars and help you make an informed decision about your purchase.

5. Legal considerations

Purchasing a property involves a significant amount of legal work, so it’s important to seek the advice of a qualified solicitor or conveyancer. They can guide you through the legal process and ensure that all contracts and agreements are legally binding and in your best interests.

6. Strata properties

If you’re purchasing a strata property such as an apartment or townhouse, it’s important to consider the strata fees and any associated bylaws. Strata fees can vary significantly between properties and can add significantly to the ongoing costs of owning a property.

7. Finance options

There are several finance options available when purchasing a property, including fixed-rate, variable-rate, and interest-only mortgages. It’s important to do your research and seek advice from a mortgage broker or financial planner to determine the best finance option for your individual circumstances. It’s also important to consider any government incentives or grants that may be available.

8. Insurance considerations

Owning a property comes with certain risks, so it’s important to ensure that you have adequate insurance cover. This may include building insurance, which covers damage to the physical structure of the property, and contents insurance, which covers the loss or damage of personal belongings within the property.

You should also consider landlord insurance if you’re purchasing an investment property. This can cover you for damage caused by tenants, loss of rental income, and other potential risks.

9. Building and renovating

If you’re purchasing a property with the intention of building or renovating, it’s important to consider the costs involved and any legal or planning requirements. This may include obtaining council approvals and permits, engaging architects and builders, and complying with building codes and regulations.

10. Seek professional advice

Finally, it’s important to seek professional advice throughout the property purchasing process. This may include advice from a financial planner or mortgage broker, a solicitor or conveyancer, and a building inspector.

Seeking professional advice can help to ensure that you’re making an informed decision and can potentially save you thousands of dollars in the long run.

If you are needing a building inspection completed for either a property you are buying or selling give us a call on 0438 439 388. We will be happy to provide you with a free quote and a quality report, so you can purchase with peace of mind.

5 reasons why a pest inspection is crucial for Australian properties

by Cheyne Waddingham | Jan 16, 2023 | Pest Inspection, Property Investors, Property Purchaser

Buying a property is one of the most significant investment that a person can make in their lifetime. Whether it’s a house or an apartment, the property market is fiercely competitive, and it’s essential to do your due diligence before committing to a purchase. One crucial aspect of this process is getting a pest inspection.

Australia is known for its diverse and unique wildlife, but unfortunately, this also means that the country is home to various pests that can cause extensive damage to properties. Insects such as termites, borers, and ants, as well as rodents like mice and rats, are common pests that can infest buildings and cause costly damage.

A pest inspection can help identify any existing or potential pest problems in a property, allowing buyers to make an informed decision about their purchase.

Here are some reasons why a pest inspection is essential for property buyers:

1. Identify Pest Infestations

Pest inspections can identify whether a property has an existing pest infestation. It is essential to know this before purchasing a property, as pest damage can be costly to repair.

For example, termites can cause significant structural damage to a building and can be difficult to detect without specialist equipment.

A pest inspector can use specialised tools and techniques to check for signs of termites, including damage to wooden structures, mud tubes, and termite faecal pellets.

2. Prevent Future Pest Problems

A pest inspection can also identify potential pest problems, giving buyers the opportunity to prevent future infestations.

For example, a pest inspector can check for areas where pests may enter the property, such as cracks in the foundation or gaps in the roof.

They can also identify areas where pests are likely to thrive, such as damp or humid areas.

This information can be used to make any necessary repairs or modifications to the property to prevent future pest problems.

3. Protect Your Investment

Buying a property is a significant financial investment, and it’s essential to protect that investment by ensuring the property is in good condition.

A pest inspection can help identify any pest-related damage that could impact the property’s value.

For example, if a property has significant termite damage, it may be less valuable than a similar property with no termite damage.

4. Peace of Mind

It can be stressful and time-consuming to deal with pest problems after moving into a new property. A pest inspection can help identify any issues before the purchase is finalised. This allows buyers to make an informed decision about their investment and purchase with peace of mind.

5. Negotiate on Price

If a pest inspection identifies issues with the property, buyers may be able to negotiate a lower purchase price.

For example, if a property has significant termite damage, the cost of repairs may be high.

Buyers may be able to negotiate a lower purchase price to reflect this. However, it’s essential to keep in mind that some issues, such as structural damage, may be too expensive to repair and may make the property unsuitable for purchase.

If you’re considering purchasing a property in Australia, don’t skip this essential step. Engage a reputable pest inspector like Town & Country Building and Pest Inspections to assess the property’s condition.

Purchase with peace of mind and call Cheyne on 0438 439 388 to arrange your thorough pest inspection today. Cheyne will also organise access to the property to make the whole process seamless for you.