Six things to double check when buying
There’s a great old carpentry proverb that goes ‘measure twice, cut once’, and it’s a saying that in many ways also applies to buying property.
After all, you want to be very sure of what you’re doing long before you sign on the dotted line, commit your hard earned money, and take out a decent sized loan.
But what exactly should you be ‘measuring twice’ when it comes to purchasing a property? Here are six things to double check when buying.
Zoning
Right now, the suburb and street you’re purchasing in may be a relaxed haven of peace and quiet. But what about the future?
Could the zoning allow for development that will change the suburb? Is there planned development that may significantly alter the population and demographics? Or is there infrastructure pending which will make the suburb busier and less laid back?
The zoning of an area, along with proposed infrastructure and developments, are all things you should be abreast of before purchasing a property.
Restrictions
You might have big plans for a renovation or even a knock down and rebuild, but what if there are restrictions that make gaining approval for those alterations hard, if not impossible?
Some properties, streets and suburbs have restrictions as to what you can do. These might include heritage declarations, height restrictions, dwelling number restrictions and more.
Title
The title deed is the document that outlines key information about the property and its ownership, including any issues relating to easements, covenants and other restrictions.
For example, an easement may allow other people to use your property to access their own, while a covenant might mean you are unable to build on a part of your land for environmental or other reasons.
Building issues
When you’re making a large financial commitment such as buying a property it’s essential you understand the actual condition of the property you’re buying.
Do ensure you have the property assessed by a qualified building inspector who can help you determine any current or potential issues with the property, such as rising damp, wood rot, mould, and other obvious building defects.
Pest problems
In addition to a building inspection, you should also have the property assessed for pests, such as rodents, ants, termites, borers and more.
As small as they might be, pests can cause a whole lot of damage behind the scenes and the price tag can quickly add up.
Natural risks
Is the property in a flood prone area? What about bushfires? Or is the region likely to be impacted by cyclones?
Natural risks can have a whole host of implications for a property including increased insurance costs, risk of damage, previous damage, and more.
