Expert Advice for Every Property Investor

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.

7 reasons why building inspections are so important

by Cheyne Waddingham | Feb 17, 2023 | Building Inspection, Property Investor, Property Purchaser

A building inspection is an essential step for any property purchaser in Australia. This crucial process involves having a professional inspector examine the property to determine its overall condition and identify any structural issues that could impact the value, safety, or liveable conditions.

The following article outlines 7 reasons why building inspections are so important for property purchasers in Australia.

1. Identify issues early

A building inspection is designed to identify any issues that might exist with a property. This can include everything from water damage, structural damage, or pest infestations.

By having an inspection done, the purchaser can identify any potential issues early in the buying process. This means that they can make an informed decision about whether to proceed with the purchase or negotiate a better price based on the results of the inspection.

2. Ensure safety and liveable conditions

Building inspections are important for ensuring that the property is safe and liveable. Structural issues can result in the property being unsafe until the necessary repairs are made.

By having an inspection done, property purchasers can identify any safety concerns and ensure that the property is liveable before finalising the purchase.

3. Save money in the long run

Building inspections can save property purchasers money in the long run by identifying issues that might otherwise go unnoticed.

For example, if an inspection identifies a major structural issue, the purchaser can negotiate a better price or choose to walk away from the purchase entirely.

Also, identifying issues early can prevent the need for expensive repairs down the line.

4. Protect against legal issues

Buying a property is a significant investment, and it’s important to protect that investment against any potential legal issues. Building inspections can help property purchasers identify any issues that might result in legal disputes down the line.

For example, if an inspection reveals that the property has been built without the necessary permits, the purchaser can avoid any legal headaches by choosing to walk away from the purchase.

5. Ensure a smoother buying process

Buying a property can be a complex and stressful process, and building inspections can help ensure a smoother buying process. By identifying any issues early, the purchaser can avoid any surprises or last-minute negotiations that can delay the closing process.

Also, having an inspection done can provide the purchaser with peace of mind, knowing that they are making an informed decision about their purchase.

6. Negotiate a better price

Building inspections can provide property purchasers with valuable leverage in negotiations. If an inspection identifies any issues with the property, the purchaser can use this information to negotiate a better price with the seller.

This can result in significant savings on the purchase price, which can be particularly valuable for purchasers who are working with a limited budget.

7. Identify potential renovations opportunities

Building inspections can also identify potential renovation opportunities for property purchasers.

For example, if an inspection reveals that the property has an unfinished room, the purchaser might choose to finish the space and add value to the property. By identifying these opportunities early, the purchaser can factor them into their overall investment strategy and make an informed decision about the property.

A building inspection is an essential step for any property purchaser in Australia. By identifying issues early, ensuring safety and liveable conditions, saving money in the long run, protecting against legal issues, ensuring a smoother buying process, negotiating a better price, and identifying potential renovation opportunities, building inspections can provide property purchasers with valuable peace of mind.

If you would like a building inspection please call Cheyne on 0438 439 388. Cheyne will give you a free quote before engaging his inspection services. If you choose to proceed Cheyne will step you through the process with honest communication, care factor, and will deliver a comprehensive easy to understand report.