With the property market slowing, it’s a buyers market and vendors need to ensure there are no issues with their property that could stop a sale. In our experience there are six main property issues that stop a property sale, these are:
1. Termites. You would be surprised at the number of homes in Southern Sydney that contain termite damage and provided the termite activity isn’t active its not a major concern for some buyers. However, in these uncertain times, any type of termite activity can stop a sale so it’s vital to repair any damage prior to list.
2. Ground water/drainage/flooding problems. Lack of sufficient drainage and groundwater can affect a home’s foundation which can be costly to repair. I believe that the majority of foundation problems are the direct result of drainage problems with footings and foundations. Water problems generally lead to problems with mould also.
3. Leaking Roofs. While not always costly to repair many buyers are put off when they hear a roof is leaking, especially if they don’t have any building experience and extensive damage has been caused to the ceiling.
4. Mould. One of the problems that can delay a sale of a home is mould and/or conditions that have led to the growth of mould such as groundwater issues, inadequate ventilation, or long term plumbing leaks. It’s a good idea to rectify these issues and repair damage prior to listing.
5. Non-disclosure. Nothing scares a buyer more than the realisation that a vendor or agent has deceived them or withheld information.
6. DIY Renovations. The popularity of home renovation programs and seen an increase in the number of home handymen doing renovations. While a new bathroom or kitchen may look great on the surface if a building inspection uncovers that the work is faulty and requires repair this can scare a potential buyer as it raises a level of uncertainty regarding all workmanship.
Home buying is an emotional process and it’s not unusual for an older home to contain some issues. The change in market conditions provides buyers with less competition so they are more selective than they might have been 12 months ago. In order to avoid delays it’s vital for vendors to organise a pre-sale property inspection, then they are aware of any issues that may be lurking within their home.
BPI Southern Sydney perform pre-sale building inspections and encourage vendors and agents to attend the inspection so they understand what the issues are and how they can be remedied. If you would like to know more, please call Cameron on 0439282236.