When we broker a home loan, mortgage brokers in our Perth office always like to remind our customers to do what is known as “due diligence” in every facet of buying their home. Due diligence means assembling enough information to ensure that you know exactly what you are getting and that you are getting as much value for your money as possible.
One of the most important things you can do when buying a home is to make sure that you know even the tiniest flaw or blemish in the property you are purchasing. Whether it is for investment purposes or to live in, you can’t afford to purchase a home that needs a series of costly repairs down the road.
If a hidden major problem makes it through the inspection process, it can cost thousands of dollars and cost you even more in financial stress and heartaches.
So, to avoid such problems, here are some inspections you can make on your own and double check with the inspectors later.
Structural damage can be more costly than any other kind, especially if your property is older. If there is structural damage, just walk away and let someone else take the risk. You can make a basic check on this aspect by assessing the brickwork and the interior walls for any cracks or breaks. Keep in mind that even a small crack can be indicative of a large problem.
This can be repaired before purchasing or you can use any problems to negotiate a price concession. First, see if the water pressure is enough in the bathroom, laundry and kitchen. Inspect all pipes for leaks, including those on the outside of the house. Find out how old the hot water system is and how long it has been since its last servicing.
This can be the most dangerous because faulty wiring can lead to fires. An old property with DIY renovation is where you will most often find electrical problems, wherein the most obvious sign is blackened areas around wiring, especially at power points.
When You Need a Loan
Consult the experts at Purely Finance. Our mortgage brokers have extensive experience brokering home loans and investment loans in Perth and surrounding areas. Call (08) 9472 9766 for more information.