Tips for when you’re making a big investment
Buzzing with excitement, you may have found the perfect location for your dream home or perhaps you’ve found the ideal house to purchase. It’s an ideal size, within your budget and you even have a ‘good feeling’ about this one. It’s also near that favourite place you love to visit….how convenient! Though this is undoubtably an exciting time, we encourage you to be mindful of the following points before you make such a big investment.
When you are building a property…
- Before commencing the build, it’s important that the builder confirms all plans and specifications.
- We recommend having a Contract Review inspection carried out by an experienced professional. They can guide you during this initial process to ensure you’re aware of what you’re signing up for and to remove any confusion between the builder and owner. This is also a great resource to use when trying to understand your responsibilities as the owner. It will also indicate other important details such as costs and length of project time.
Top Tips When Building a Property:
- Make certain of all aspects of the build before entering a contract as changes or variations can prove to be a costly exercise.
- When choosing a builder, base it on the type of relationship you can have with the main contact/supervisor once the contract has been signed and use that as a deciding factor. Quite often once the contract is signed you become a number and have no contact, so finding a builder or supervisor who has great communication and prides themselves on their relationships is generally a great choice.
- Research, Research, Research! Ensure you carry out your research about the builder, including how they communicate as well as their reputation within the industry. Social media research, building forums and word of mouth are great ways to find the builder that is the perfect for you and your future property.
When you are buying a property…
- Ensure the building is structurally sound and has no major defects. This is a good opportunity to hire an experienced third-party inspection service to go over the property.
- Know the property’s history. It’s important to be informed about any previous renovation works completed on the property.
Top Tips When Looking to Buy a Property:
- Market research is key! Reviewing the properties and sale prices in the area can be a handy tool to have up your sleeve when comparing.
- Attend some auctions, speak with some real estate agents and monitor auction results over a period of time.
- Complete your due diligence regarding legal and finance matters.
- Identifying any structural defects and minor maintenance issues is crucial! We strongly urge you to engage an experienced Inspector to carry out a Pre-Purchase House Inspection to discover any faults.
If you’re uncertain with any of the above terms or are simply unsure what your next move is before your investment, it’s always a good idea to call in the experts.