This article demonstrates that homeowners and buyers can avoid costly surprises by being better informed. This confirms the adage that prevention is better than cure.
This spring, when homebuyers are trying to find the property of their dreams, they may neglect to check some important things before submitting an offer. Current owners may be planning routine maintenance, but sometimes neglecting important work, which could have significant financial consequences later.
A new survey reveals that a quarter (25%) of Melbourne homeowners say they have experienced significant problems within five years of buying their property. Of these, 7% faced damage ranging from $1,500 to $5,000, and 5% had to repair more than $10,000. These data indicate that potential buyers are uninformed when it comes time to ask questions and check certain things when buying a new property.
It’s essential to inspect a home and its surroundings for potential problems, whether you’re shopping for a new home or planning renovations, being aware of what needs to be checked will help you better prepare yourself and potentially fix pre-existing problems before they become more important and costlier.
In Melbourne, four in ten (40%) say they would do things differently if they could start their home buying experience again. Of these, 18% would have used a building inspections company in Melbourne and 17% would have been more attentive when assessing potential damage or risk factors.
Before buying their property, almost half (45%) of Melbourne homeowners looked for information or inquired about the risks of sewer backup or water infiltration. The survey results also showed that property buyers would benefit from more research and background checks prior to purchase:
- Only one-third (35%) verified whether the property is in a flood zone, near a large freshwater body or on former wetlands.
- One-third (32%) inquired about previous damage or insurance claims arising from floods or fires.
- A quarter of homeowners (26%) checked for complaints, class actions or lawsuits against the contractor who built their property.
- One in five (20%) owners have researched how urban development in the area could affect their property.
Before engaging in the purchase of a new home or project, potential buyers and homeowners should conduct research and consult an expert to conduct an inspection or assessment of the property prior to purchase, maintenance work or renovations.
Guide for future buyers
When planning to buy a property, be sure to look beyond the layout and design. Look for potential external factors and be on the lookout for the surroundings when you are on site to avoid surprises afterwards.