Open for Inspection – buyer checklist
Buying a house is usually the most expensive purchase in a person’s life. But in a competitive market, it’s also important to move fast: you don’t want to miss out on that perfect property because you were slow off the mark.
To speed the process and make it easy to remember and compare different properties, here’s Mortgage Broker Melbourne’s handy checklist of things to look for and ask about when inspecting properties.
Outside: “Curb appeal”
- Trees: Examine large trees near the house as the roots can cause damage to foundations and plumbing.
- Fences: Check the condition. Replacing fences can be expensive and might require negotiations with neighbours.
- Drainage: Look for water damage or soggy parts of the yard. Also check that there’s sub-floor ventilation; older places can develop damp and mould.
- Sheds and easements: Find out if outbuildings have council approval (especially newer additions). The easement is where services like water, gas and sewage flow underground. They can require access in the future, so knowing that they are accessible is important.
- Walls and foundations: Inspect for major cracks in external walls, brickwork and driveways that might indicate poor foundations. Peeling paint in small areas might indicate damp, and holes or decay might mean there are termites.
- Roof: Look for broken tiles and rust. Do the gutters look in good condition?
Inside: “Good bones”
- Walls and ceilings: Check for water stains, mould or cracks. Look behind furniture and in cupboards!
- Floors: Look for warping and unevenness, and check for bouncy floorboards (especially in corners). Look under rugs.
- Doors and windows: Try opening and closing everything; sticking can indicate structural issues.
- Lights and switches: Do the lights flicker? Very old wiring can be dangerous.
- Plumbing: Test taps, toilets and showers, and look under sinks for leaks or mould.
- Hot water system: Check the age and find out if it’s large enough for the property. Cold showers are the worst!
- Air con and heating: Does it work? Turn it on and find out.
- Appliances: Turn on ovens and other appliances.
- Ventilation: Test that fans work in the bathroom and kitchen.
The agent or seller
You might not always get a straight answer, but it’s worth asking the agent questions such as:
- Why is the vendor selling?
- How urgent is the sale and how long are the settlement terms?
- If it’s an auction, will the seller accept an early offer?
- Is there an independent inspection report available?
- Is the paperwork, including title and ‘Section 32’ (Vendor’s Statement) available?
What’s next?
If you’re interested in the property, here are some important next steps:
Register interest: Let the selling agent know that you want to be kept informed about the property.
Pre-approval: Mortgage Broker Melbourne can help you find the best loan for your circumstances and arrange pre-approval. This makes buying a property much easier and less stressful.
Expert inspection: Various services are available where a builder or architect inspects the place for significant issues such as damp, pests, asbestos, wiring and more. It’s well worth having an inspection done, and agents are usually happy to grant access for this.
Legal advice: If you’re still serious about purchasing, make sure you get a solicitor or conveyancer to review the contract and other documents. They can also help with final settlement if you’re successful in purchasing the property.
Talk to us
Get in touch with us and talk to an expert home-loan broker. We’ll help you get your finances in order, and find you a home loan that matches your budget, income and needs.
We can also explain all of the ins and outs of buying a property, bidding, making an offer and landing your ideal home. Our service is 100% free for you, although any home loan you get will incur the usual lender fees and charges.
Drop us a line and take the hassle and stress out of purchasing a property.
Contact Mortgage Broker Melbourne today.
Marc has been a professional lender for 28 years. After beginning his career in 1990 with a UK Building Society, he moved to Australia where he held several different retail banking roles. In 1999 it became clear to him that a mortgage broker would eventually become an obvious choice for someone looking for a home loan so he took the plunge and became an independent broker. He hasn’t looked back since!