In NSW it can take home buyers around 6 months to find their ideal property. They spend many hours looking for listings and investigating suburbs yet once they find their dream home they usually spend less than one hour inspecting it before making an offer.
Given the short amount of time that buyers are able to spend viewing a property, it’s no surprise that they often uncover problems after they move in. This issue is often seen when no pre-purchase building and pest inspection was performed.
Both buyers and agents can be misled by vendors that disguise property defects in order to maximise sale price and fast track a sale. Full transparency is always advisable. If property defects are identified during a building a pest inspection, the purchase can be delayed or even fall through which can be frustrating for agents.
When it comes to real estate in Australia however, vendors do not have to disclose defects that they are aware of. The old saying of “Buyer Beware” is applicable to all property buyers. When you consider the repair costs for building defects, you realise a pre-purchase building and pest inspection is a wise investment.
What are the defects that can impact a property’s value that Agents and Buyers should be on the lookout for? We’ve compiled a list of the top 5 issues to be aware of and they are:
Water leaks can be costly to repair. Freshly painted ceilings can hide the signs of a leaking roof. An inspection of the roof void can help to highlight this problem as water stains are usually visible.
Seeing mould or rising damp in a property is usually a sign of damp issues. These can also be hidden with a fresh coat of paint. Homes with damp issues usually have a musty smell, so use your sense of smell to uncover this one. Watch out for strategically placed room deodorises and candles that may be used to mask odours.
Damage to timber decks and balconies
Outdoor timber decks and stairs are exposed to the elements and need to be properly maintained otherwise they are prone to rot, termites and borers. A fresh coat of paint can cover a variety of issues so it’s important to ask the age of the timber and how it’s been maintained then take a close look for damage.
Some issues that can be difficult to spot if you’re not a builder are structural defects. These can appear in a variety of different forms, it might be a sagging roof, or sloping floor and even large cracks in walls. These may be totally innocent and your pre-purchase building inspection will provide the information you need to make an informed decision.
Drug Manufacture or Use
An alarming issue in Australia is the growing number of properties that have Methamphetamine (meth) residue. This is a form of contamination and poses a variety of health risks to residents. With around 7,000 meth labs operating in residential areas today, it’s a growing risk for home buyers. The chemical residue from the meth vapour (that occurs during manufacture or consumption) can seep into soft furnishing, carpets and even walls and ceilings, leaving residents exposed for many years after contamination.
The clean-up bill can range from $10,000 to $150,000, there have even been cases where properties have been demolished. When a property has been a rental, owners may not be aware of the contamination or chose to sell the property rather than incur the clean-up costs. So it’s important for buyers to perform due diligence in order to protect themselves. Special Meth testing is now offered by BPI Sydney South to home buyers, this testing is recommended to buyers who are not fully aware of the history of a property.
Invest in a Building Inspection
With the Median house price in the Sutherland Shire well over one million dollars, real estate is a significant investment and one that requires due diligence to ensure you maximise your investment and don’t get caught with a property that requires expensive improvements.
The small investment in a professional building and property inspection is well worth it when you consider the peace of mind and detailed information it provides. To organise a building and property inspection contact Cameron on 0439 282 236 or click here for to contact us.