Loan Essentials
September 2024
When you’ve been scrolling through marketing photos of a property and you finally set foot in it at an inspection, it can be easy to get swept up in the moment.
Home stylists can be very clever at making you fall in love with a property. It’s their job to help you imagine yourself living there, or to imagine your ideal tenants in the property.
However, before you pounce on that dream slice of real estate you’ve been eyeing off, here are some key questions to ask yourself.
Are clever staging tactics trying to hide anything?
Most properties are staged to sell nowadays, as vendors know they can often get top dollar for houses and units that are beautifully presented at inspection. Try to look past the cosmetics for faults and defects that could prove costly to repair later.
Is a rug cleverly disguising uneven floors? Is a pot plant hiding cracks in a wall?
Has wide-angle photography made the living room or bedrooms look bigger in the marketing photos than they actually are?
Is the lighting covering up the fact that the property feels more like a cave?
Remember, the contemporary furniture, art and décor won’t be staying once the property is yours, so don’t fall for those kinds of distractions.
What renovations or modifications have been done?
It’s always smart to ask about any previous renovations. This can give you a clearer picture of the property’s true value, and who knows, it might spark ideas for your own future projects. Plus, if you’re thinking of making changes later on, asking about past work can help reveal any council restrictions or subdivision limitations that could impact your plans.
Why are they selling, and what price are they hoping for?
Asking why the owners are selling—and how long the property has been on the market for—can give you valuable insight, especially if they’re in a rush to sell. This, paired with finding out the price they’re expecting, can help you assess if the property fits your budget and gives you the upper hand in negotiations. The more you know, the better you can shape your offer.
What’s happening up top?
A leaky roof or water damage can be costly to fix. Signs there could be a problem include mould on the roof, roof rot, missing or buckling tiles, damaged flashing, wavy cornices, and damp patches on ceilings or walls.
Have a good look at the roof from outside the property. Check the roof gutters for rust, and make sure the downpipes run to the storm water drains.
Inside, assess the ceilings for sagging. An easy tip is to shine a torch across the ceilings, which should show up any deflections and defects.
Again, get a professional building inspection to be on the safe side.
What’s the plumbing like?
Don’t be afraid to turn on the taps and flush the toilets during the open inspection. You’ll want to listen for hammer issues and check the hot water is working.
Also, ask how old the hot water system is and when it was last serviced.
What’s the property’s orientation?
Orientation is really important because it affects how much natural light the property will get at different times of the year. North or northeast facing properties often get the most sunlight.
If the ceiling lights are ablaze during the inspection and it’s a sunny day, the house may lack natural light and you may be in for a pretty dark winter.
Have you done enough preliminary research?
You should always do some digging to understand more about the suburb before buying.
How is the area performing? What is the capital growth like?
How are comparative sales tracking and is the listed price fair?
What’s the lifestyle offering like nearby and is there access to amenities? Are there any planned developments or zoning changes that could impact your purchase?
Ready for a spring purchase?
We’d love to line up the finance you need to get into your own home or to buy an investment property this spring.
Chat to us and we’ll get the ball rolling with pre-approval today.
