Deciding on on the Home to Buy

 

  • Inspect the property more than once and at various times of the day and week to gauge noise and traffic levels.
  • Investigate whether there are any internal or external cracks in the property.
  • On a rainy day take time to check for leaks.
  • If a carpet is lifting, check the floorboards for any signs of mould, white ants, borers or other pests.
  • Look at the walls and floors outside the bathroom and laundry for signs of rotting wood or water damage. A musty smell may indicate hidden water damage or rising damp.
  • Order a pest and building report. This will give you an expert opinion on any obvious and hidden features and services of the property, as well as any problems, particularly with water ingress, rising damp and white ants. The report should also comment on the general condition of plumbing, wiring and building work and whether it complies with relevant building codes. It may also give you approximate costs to rectify any defects.
  • Ask to see the property depreciation schedule, if available.
  • Have your solicitor or conveyancer review the contract to make sure you’re happy with the penalty interest rates, settlement dates, inclusions (curtains, light fittings, clothes lines etc.) and terms.
  • It is important to realise that you can change a contract on an auction property, provided the vendor’s solicitors have agreed to new terms in advance of auction day. Changing deposit amounts and settlement dates is common.

The information provided in these checklists is not exhaustive. Talk to the Exchange Property team more about purchasing your next property