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PROPERTY
When purchasing property,
John McGrath says it's important to identify any
hidden problems upfront so you avoid unnecessary costs down the track.
BEHIND THE
SCENES
The excitement of buying a new home
or investment property can be quickly
diminished through the discovery of hidden
problems that you hadn't noticed during
your inspection. This is why it's critically
important to always get a pest and building
report before you buy ­ even on brand new
properties.
A national survey commissioned by
St George Bank found 55% of Australian
homebuyers discovered problems with their
new homes after moving in. Here is a list
of the top 10 problems buyers identified,
according to the survey:
1. Plumbing problems ­ 28%
2. Poor TV reception ­ 23%
3. Bad mobile-phone coverage ­ 20%
4. Noisy neighbours ­ 19%
5. Cracks in the walls or floors ­ 18%
6. High-speed Internet not available ­ 16%
7. Parking on the street is difficult ­ 10%
8. Rising damp ­ 8%
9. Future developments in the area ­ 8%
10. Insufficient parking onsite ­ 8%
ON THE LOOKOUT
When inspecting a prospective new home
or investment, you should always be on the
lookout for obvious defects. If you identify
any major problems, it might be best to
give that property a miss. At the very least
you'll save yourself the cost of a building
report and possibly avoid costly and time-
consuming rectification work.
Take note of the following during
inspection time:
· Check the power board in the electricity
box. If it's relatively new (especially if it
has a circuit breaker), that's good. If the
board is in original condition, it could
indicate that the home is due for rewiring.
· Sagging floors (check near fireplaces)
or moving floorboards can indicate
problems with the stumps or bearers.
· Are the walls flat, straight and free
of cracks? If not, the foundations
might be shifting.
· Dark stains around the skirting
boards can indicate rising damp.
That's not necessarily a deal breaker,
but you need to get it checked out.
· Turn on a tap in the bathroom and check
the water pressure (hot and cold). If it's
weak, there might be problems with
the plumbing.
· Is the roofline sagging? The trusses or the
entire roof might need replacing.
· Stains on the ceilings or rafters indicate
there is a leak in the roof.
· Is the underfloor area well ventilated and
free of signs of termites?
John McGrath is Chief
Executive of McGrath
Estate Agents.