The most important inspections and searches when purchasing a property.

You’ve found your dream home!?You can picture the new curtains, see yourself pottering in the gardens and the idyllic lifestyle now at your fingertips.?Finance is approved and you just want to move in! ?Slow down, there are a few things that really need to be checked before you book the removalist.

Pre-purchase inspections and property searches are vital steps for home buyers. ?Part of this process is incorporated in the conveyancing process, handled by your lawyers, but some is left up to the buyer.

Searches are both for general information (where your utilities are on the property) for adjustments at settlement, such as your rates, water, body corporate fees) but also, to ensure there are no major issues with the property that may affect your decision to purchase.

The last thing a buyer wants when the move into their beautiful new home is to find a “hidden’ issue that could amount to thousands of dollars in repairs, especially if they have stretched the finances (which is very common when purchasing a home).

Firstly, be sure to thoroughly inspect the property yourself.?Open doors, knock on timber - rub the paint, turn switches or taps on and off.?Actively check that everything is in good working order and condition.

Your solicitor or lawyer in every instance will undertake a Title Search, search of the Registered Plan, search for any Easements or Encumbrances and a Land Tax search.???These ensure that the seller is, in fact the legal owner and is entitled to sell the property.?It will also provide the exact boundaries, any covenants or conditions over the land that may stop you from using it the way you wish and lastly, that there are no outstanding amounts payable on the land that could be transferred to you with the ownership. ??

Lawyers also complete a series of searches with the local government, main roads and utilities to confirm the property zoning, flood risk, ensure that your property is not earmarked to become a highway in the near future or any encumbrances over the property held by a utility company.

The searches that fall under buyer responsibility are first and foremost building and pest inspections.?These are standard in contracts for sale.

It is my recommendation, however, that you also consider having a qualified, professional electrician and plumber inspect the property.?All too often, simple wiring or plumbing issues can blow out into very expensive issues, that are not visible during a normal pre-purchase inspection.?A little leak down the back of a cupboard, may not seem like much to the lay person, but a qualified plumber will be able to give you the full story…?it may not be anything more than a leaky washer, then again, it could be a burst pipe in the backyard requiring excavation and major repair works.??

In conclusion, inspections and searches enable buyers to have a clear understanding of the property they are purchasing.?The purchase price can be adjusted to allow for repairs and the owner is entering the contract with their eyes wide open.

If you are considering selling your property, or just have some questions I’d love to chat.

Ryan Barabas of Elever Property Group is a leading professional in the Brisbane Property Market.?For assistance with any matters regarding your property, do not hesitate to contact Ryan on 0439 715 742.

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