7 Hidden Costs of Home Ownership.

Date: August 28, 2014
Author: admin
Posted in: News

With house prices in Australia constantly rising it can be tempting to jump at the chance to nab what appears to be a great buy, even if the property needs a few repairs. Depending on your budget, and how much needs to be done, it can be financially worthwhile to do so. However, purchasing a property that hasn’t been inspected can mean huge costs for hidden repair issues you haven’t budgeted for. If you’re really serious about buying a property, a few simple checks can go a long way and be the difference between buying your dream home and a total nightmare.

Most commonly properties are inspected by a professional after the buyer has contracted to purchase the property. Depending on what type of inspection you’re having done, however, it can be ideal to ask the seller for pre-inspection before submitting your offer. You can also do a rough inspection of the property yourself during the house-hunting process by looking out for the following:

Water stains

Check for brown stains, bubbling paint and dampness on walls, as this indicates water damage. Pay particular attention to the shower, sink and bath and rooms next to and/or underneath the bathroom.
Water damage on the ceiling below a bathroom can be indicative of water leakage under the shower or bath or from the pipes in between the upstairs floor and downstairs ceiling, which is an even bigger job to repair.

Sagging roof/ceiling

Buildings must conform to the Building Codes and Standards of Australia. If you purchase a home or commercial building that is not up to scratch with these standards, you will be responsible for doing so.

For example, a sagging ceiling is a serious warning sign. The ceiling itself may collapse, causing extensive damage to the property and making it a safety hazard. Similarly, a sagging roof would require immediate repair to avoid damage to the property.

Cracked walls and floors

Some movement of the foundations is to be expected in most parts of Australia, so slight hairline cracks in the walls and floors are not uncommon. However, deeper and more noticeable cracks and gaps in the walls and floors indicate that there is more happening in the foundations than a small amount of movement. Depending on the severity of the issue this could be a sign that the home may be structurally unsound and therefore probably not worth the risk or the cost of repair.

Mould

You might think that mould is as harmless as spot of dirt or dust and can just be washed away. This, however, this is not the case. Aside from the fact that mould is a health risk and needs to be addressed immediately by mould removal professionals, it often is a symptom of a more serious underlying problem such as dampness.

Poor drainage

If you happen to be inspecting the property on a wet day, make sure that take a look at the drains around the house as well as the grassy areas in the garden. If the water is building up and causing large puddles it may be due to bad drainage, which can cause damage to the foundations of the home, which can in turn cause sinking and structural damage.

Rotting wood on windows/door frames

An easy way to test for rotting wood is to tug firmly at the frames or try to stick your nail into the wood. If the wood gives way or crumbles it is a sign of a number of issues including dampness or termites.

Rotting wood can have serious security, health and structural implications for the property.

Pests

There is only so far a can of bug killer will help you – pests can be very difficult to remove and require professional assistance. Keep a look out in kitchen crevices and cupboards in particular for signs of pests or pest excrement, or contact one of our fellow Telstra finalists, Forensic Pest Management about a termite or pest inspection and/or control options.

At Warlows Legal, we cover all your conveyancing needs. We know the value of solid legal guidance at a time of great financial weight. Our aim is to lift the weight from your shoulders so you can stress less and concentrate on making the right decisions for your future.

As a buyer or a seller, we’ll facilitate a clear legal path through tax issues, estate planning, asset, planning restrictions and strata laws.

The Warlows Legal conveyancing team consists of a comprehensive team of property lawyers with extensive Sydney and Melbourne conveyancing experience. Benefit from our local knowledge and enjoy the security of a reliable conveyancing partner reaching all suburbs of Sydney and Melbourne.

Our difference is in our expertise. We offer consistent, accurate, comprehensive, time-efficient, professional conveyancing services at competitive rates.

 

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