So you’ve fallen in love with your first dream home!
Now it’s time for a reality check; and I’m not talking about the price or even whether one or more buyers are trying to beat you to the same property.
No, it’s time to call in the experts: a builder, roofer and pest inspector to make sure that the dream you wish to call home is everything you believe to be.
There’s nothing worse than being head over heels in love and then discovering the property is going to cost thousands of dollars to fix up.
If you’re a first-time buyer, this stage of the purchase can be a little nerve-wracking, even confusing. So I’ve listed some tips to help you navigate this part of the buying journey.
Contract conditions
Your sales contract must be conditional on the property meeting the requirements of the nominated inspections. You must be able to take a walk with no penalty if the property is structurally unsound or has major issues.
Take no prisoners
It’s not the time for short-cuts. Commission inspections from a qualified builder, roofer and pest inspector. Be on site when they do their work. You’ll learn far more about the property by chatting to them before they deliver a written report.
Standard of reports
When commissioning your inspectors, make sure they have no allegiances to either the agent or the seller, as that would represent a conflict of interest. Secondly, ask that photo evidence be provided in the report if problems are discovered. You should expect a five to 10-page report from each inspection.
Eyes on the prize
The prize is the assurance that your dream home is everything you want it to be. Unless there are significant issues, inspections are not an opportunity to nickel and dime the seller. Many who try, end up losing the property to another buyer.
How to handle problems
If issues arise, ask yourself whether they’re a deal breaker. If not, seek a quote for the required remedial work. You must then decide with your agent whether to seek a price credit. Some owners react badly to such requests, especially for cosmetic rather than structural issues.
No hiding big issues
Your lender will conduct its own appraisal and have copies of the inspection reports. If the property is a bad deal, it’s best to walk away no matter how much you love the place. In most cases, that’s what your bank will do. Don’t be too disappointed. There’s always another perfect home waiting for you.