When your heart is set on a home, it can be difficult to be objective about certain things. But no matter how much you love a property, don’t overlook these issues!
- On-going water-proofing issues: Water-proofing issues should be dealt with by acquiring a strata report and conducting a building inspection to ensure that those issues can be fixed at an adequate cost.
- Significant termite infestation and damage: Similar to water-proofing issues, while minor termite damage can be controlled, major damage is difficult to repair. Also ensure that if there is minor damage, upon repair, install termite prevention.
- Illegal non-council approved work: Don’t ignore construction that has been made without council permission/approval. Inquiring into why the construction was denied and whether regulations have changed since might make it easier to determine if buying the property will be problematic down the line.
- Location: If you are buying a property as an investment, then give more value to the location than how beautiful the property is. If it is in the wrong location, then leasing it will be much more difficult.
- Expired commercial leases: If you are purchasing a commercial property, then it is important to check the quality of leases – make sure the business that’s leasing the property is viable and will stay in the premises in the long term.