Buying a house is a hectic time. Usually, you only have ten or fifteen minutes at the open home to look through the property and make a decision to make an offer. Here are some tips for you to think about that might not cross your mind when you’re caught up in a bidding war or deciding whether or not you want to buy a property: The seller is required to give you the property in the same condition it was in when you first inspected it, subject to fair wear and tear. This means you should take note of any existing damage so you know what was there from the beginning.
- The seller is required to give you the property in the same condition it was in when you first inspected it, subject to fair wear and tear. This means you should take note of any existing damage so you know what was there from the beginning.
- You need to do a final inspection of the property to check on its condition as close to settlement as possible. Usually, people do this on the morning of settlement. That is why the above is so important as this is your opportunity to check that no significant damage has occurred before you settle. Once settlement occurs, any problems at the property become your problems.
- Keep a look out for potentially unapproved works. Tell-tale signs are things like obvious extensions that have been closed in to make enclosed rooms, swimming pools and other structures that look different to the main house in age or condition. Remember, once settlement occurs, any illegal building work becomes your problem.
- Your finance pre-approval is just the start. Your lender will want to value the property to make sure you are not paying too much for it so that if they need to sell because you don’t pay your mortgage they will get their money back. Make sure you are speaking with your broker throughout the whole process, as finance approval is sometimes what takes the longest in a property purchase.
There are lots of things to think about when buying a property that might slip your mind in the hustle and bustle of house hunting.
If you have any questions you’d like answered before you hit the open-home circuit, call us for an obligation free chat on 02 4704 9991.