Arnold
CibbuanoProperty Buying Tips - Building and Pest Inspectio
May 30th 2006 01:15
Building and Pest Inspections:
The legal responsibility of vendors to disclose information about the property is very relaxed. For this reason, it pays to get any prospective property purchase inspected by a professional before you commit to buying. The cost of a thorough inspection is going to vary depending on the type of property, the size and location. Whatever the cost, it is money well invested. In the best case scenario, a professional property inspection will give piece of mind and can potential save you from a disastrous situation of committing to a financial bottomless pit of restorations and fixes.
An additional layer of protection is to ask the vendor specific questions about the property. If you can prove that the vendor provided misguiding information about the property you will have a legal leg to stand on if down the track you find that your new investment has significant problems. Of course, the best prevention is cure. Fixing a property dispute after it changes hands is still a costly process. Lawyers and legal proceedings are costly financially and time-wise. Furthermore, even if you can prove the vendor to be in the wrong, it is no guarantee that you’ll be compensated. A vendor involved in shady practices will likely ensure any personal assets are well protected from legal litigation. Thus, if you can avoid a post purchase dispute, do so. The best way is to employ pre-purchasing independent professional reports to assess the condition of the property.
Some questions which you should ask the vendor for written confirmation of include,
1. Are there any structural, piping, pest or fixtures problems?
2. Are there any shared facilities with neighbours and what the current arrangements are. This includes things like easements, awnings, driveways, yard spaces, fencing etc.
3. Is the house in a risk area? Is there a greater potential for flooding, bushfires, industrial noise. Things like flight paths and urban traffic should also be considered. Inspection times are often arranged when urban noise is at its lowest. Review existing flight paths, arterial traffic routes and train lines and the location of your property.
4. Are there any outstanding financial debts on the house? There may be GST or land taxes owing at the time of sale which will be passed onto the new owner.
5. What recent additions or renovations have been made to the property and have these been conducted with full council approval.
6. Are there any restrictions or listings applicable to the property. Heritage listed properties have to adhere to regulations when it comes to subsequent modifications such that they are in keeping with the heritage of the property. This puts restrictions on future additions and renovation plans you may have for the property. Moreover, the renovation approval process can be far more time consuming.
The legal responsibility of vendors to disclose information about the property is very relaxed. For this reason, it pays to get any prospective property purchase inspected by a professional before you commit to buying. The cost of a thorough inspection is going to vary depending on the type of property, the size and location. Whatever the cost, it is money well invested. In the best case scenario, a professional property inspection will give piece of mind and can potential save you from a disastrous situation of committing to a financial bottomless pit of restorations and fixes.
An additional layer of protection is to ask the vendor specific questions about the property. If you can prove that the vendor provided misguiding information about the property you will have a legal leg to stand on if down the track you find that your new investment has significant problems. Of course, the best prevention is cure. Fixing a property dispute after it changes hands is still a costly process. Lawyers and legal proceedings are costly financially and time-wise. Furthermore, even if you can prove the vendor to be in the wrong, it is no guarantee that you’ll be compensated. A vendor involved in shady practices will likely ensure any personal assets are well protected from legal litigation. Thus, if you can avoid a post purchase dispute, do so. The best way is to employ pre-purchasing independent professional reports to assess the condition of the property.
Some questions which you should ask the vendor for written confirmation of include,
1. Are there any structural, piping, pest or fixtures problems?
2. Are there any shared facilities with neighbours and what the current arrangements are. This includes things like easements, awnings, driveways, yard spaces, fencing etc.
3. Is the house in a risk area? Is there a greater potential for flooding, bushfires, industrial noise. Things like flight paths and urban traffic should also be considered. Inspection times are often arranged when urban noise is at its lowest. Review existing flight paths, arterial traffic routes and train lines and the location of your property.
4. Are there any outstanding financial debts on the house? There may be GST or land taxes owing at the time of sale which will be passed onto the new owner.
5. What recent additions or renovations have been made to the property and have these been conducted with full council approval.
6. Are there any restrictions or listings applicable to the property. Heritage listed properties have to adhere to regulations when it comes to subsequent modifications such that they are in keeping with the heritage of the property. This puts restrictions on future additions and renovation plans you may have for the property. Moreover, the renovation approval process can be far more time consuming.
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