 Property inspections a must
Get a pre-purchase inspection. That's the plea from building advisory group Archicentre.
As many first home buyers rush out to purchase a home whilst the boost to the first home buyer grant is still available in full, the advisory group is concerned many are either forgetting to get a property inspection or simply deciding they cannot afford one.
According to Archicentre, around 35% of homes can
have defects, many of which are expensive to fix. Minor faults occur in
plenty of homes but if the problem is major, you'll need to find the
funds to cover repairs while also facing the unfortunate fact that you
may have paid more for your home than it's really worth.
The latest government figures show that in February
2009 first home buyers were borrowing an average of $280,600 to fund
their purchase. That's a massive increase of $52,700 on the average
loan in 2008.
This can leave many with little cash left over for other things like inspections and repairs.
Homes
often appear to be in top condition, particularly at sale time, but
with so much at stake it pays to adopt a 'buyer beware' approach. And
that means carrying out a pre-purchase building and pest inspection.
As
a guide, you can expect to pay around $400 for a building inspection
and about $300 for a pest inspection.
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