When deciding where to live, it’s easy to be wowed by the house of your dreams without knowing what you’re getting yourself into.
There is a lot of things that go into a great investment that might be hiding under the surface of your prospective premises, but with a little research you can make sure that you aren’t buying more than you bargained for.
Pest infestations can range from disruptive to dangerous, and can lead to a lot of unsuspected problems for you and your new purchase. Getting a termite inspection can help you make sure that you aren’t in for a very unpleasant surprise further down the road. From hollowing out your timber to grouping into flying swarms, these disruptively common creatures cause millions of dollars in structural damage in Victoria alone each year, which can mean big problems if left to their own devices.
CSIRO have stated in the past that one in every three houses will have termite infestation problems at some stage in its existence, and as insurance companies are usually unwilling to pay out for structural damage caused by termites, you could find yourself on your own when trying to get out of this predicament. Luckily, pest control is a simple and effective process that won’t break the bank, and can save you from some big problems down the line.
Though your three story townhouse may seem picture perfect on the outside, there is a lot to go wrong in any large inhabited structure. Use over time can lead to wear and tear in pipes and wiring can mean much larger investments than you would have initially paid. In more dire circumstances, problems with structural integrity can be difficult to fix, and can quickly deteriorate if not addressed.
Getting lawyers involved in your purchasing process can be a tricky process for people new to the buying market, but it may be necessary when finding out what you are getting yourself into when buying property.
Section 32, or a vendor’s statement, is a document detailing the specifics of the property you are purchasing, including such important matters as what you are allowed to build on the land, and whether or not you are going to have mortgaging issues moving forward.
A lawyer can be incredibly helpful when trying to accurately decipher this information, and can stop you from making a purchasing decision you will regret.
Lawyers can also be helpful when trying to find easements within the property, areas that are being used for a specific purpose by outside companies or individuals. These areas, usually pipes travelling under the property that are not under the jurisdiction of the owner, will have special restrictions placed on them, and will likely cause issues for buyers hoping to build on those areas.
The Potential Problems of Electricity and Plumbing
When buying a plot of land, it can be difficult to determine how ideal it is when you decide to build something. Not every plot of land will have adequate access to the mains water supply, and it is quite common for properties to have insufficient power depending on whether or not they have had things built on them in recent times. Getting a building inspector in should settle any concerns you have, and assure you as to whether or not this is the investment for you.
Be Aware of Your Surroundings
Your new home may very well be a flower among weeds, and there is a lot that can go wrong off-property that can greatly detriment your overall property owning experience. Being in close proximity to processing plants or other less-than ideal areas can be an issue that not only affects your experience while staying there, but also the likelihood of reselling this property in the future. A house may be perfect by itself, just make sure that it is in a location you are willing to put your assets.