What should you check when inspecting a property?

Taking out a home loan is no small matter. You may be dealing with hundreds of thousands of dollars and a decades-long financial commitment. This can be true in the current environment: across the five main capital cities, the median home value was more than $700,000 at the end of January¹. But on the flipside, you could be using it to buy into not only a fantastic home, but an investment in your future.

That's why you may need to make sure everything is as excellent as possible before you commit. One of the surest ways to make sure a property is ship shape is to conduct an official inspection. But what exactly should you be looking for?

Water pressure

This can be an important factor whether you're buying a home or renting one. Consider checking the taps, the toilet and especially the shower. Is the water pressure to your liking? Then tick it off. If not, you might have to engage a plumber or ask the vendor/landlord to make some changes so it suits you.

This could cost you, so take it all under careful consideration. 

Consider household moisture

One of the keys to keeping a home isn't just turning on a heater or air pump – it's keeping a home dry. When you inspect a property, have a close look for evidence of moisture. Do the walls and ceilings have stains that betray dampness?

A fresh coat of paint in a suspicious area could also be a sign of someone trying to cover up damp or mould. Watch out for these and determine if it's a fixable problem or even something you can use to negotiate a price down.

Moisture can get everywhere; lifting up carpets to check floorboards, looking around hot water systems and checking up on windowsills will all be useful in this part of the process.

Prepare for pests

The Western Australian government says that a pest inspection can end up saving you thousands when buying a property. Termites can be attracted to damp areas and may be very expensive to remove. A thorough close-up conducted by a professional can give you peace of mind about a home - or identify where the vendor needs to put in work before you sign on the dotted line.

This can also help you out when you're preparing to take out that all-important home and contents insurance.

Have you got the power?

A recent report from McCrindle found that a sound number of power points was one of the most important lifestyle features for Australian tenants. It's something you may want to determine when you have a look around – does the bedroom have enough points for how you like to live?

Additionally, are the ports in good condition? Will you have to have a tangle of cords in certain areas? Think about the little practicalities like this early on to save yourself some stress and potentially some electricians' bills too. 

Use a professional

An architect, surveyor or a builder can all provide the necessary expertise.

While your own observation skills can come in handy, sometimes the watchful eye of a licensed professional can give you peace of mind when inspecting the home you want to buy or rent. An architect, surveyor or a builder can all provide the necessary expertise to look at the bricks and mortar of a home, giving you the full picture on its condition and durability.

If significant problems are found, it's yet another issue that can be resolved by the vendor, or that can be used as a bargaining chip to bring down the sale price. Don't forget, you may likely have to dip into your home loan or savings account to fix problems at some point. 

This isn't an exhaustive list of what to check, but some practical issues that every Australian should keep in mind when looking at a home. Renting, buying, investing - they're all endeavours which may require significant financial planning, so try to take every precaution you can. 

Source:

¹ CoreLogic

² NSW Government Fair Trading

³ Government of Western Australia Chamber of Commerce

⁴ Government of Western Australia Chamber of Commerce

⁵ mccrindle