Buying an investment property is not always easy, especially if you are about to be a first-time property owner. When purchasing a property, it is important to be aware of a few key things, which are often missed and could cause you issues in the future. Make sure you pay close attention to, research the property you are interested in and keep in mind these four key things before signing the contract:
Documentation is often lengthy and tiring to read but, it is important that you read and understand all the documents in detail, ensure that the essential proof papers are attached and no litigation is attached to property. In this regard, we suggest you engage a Solicitor or Conveyancer who is qualified and experienced to advise you on such complex matters.
- Construction of the Property
Knowing what materials have been used could benefit you in the long-term and save you on future maintenance fees, for example, asbestos removal and termite damage. A Building Inspector will be able to assist you with this. It is also important to check the block of land and the surrounding area, leave no room for nasty surprises and future safety concerns.
- Property Drainage
Ensure that the property has a good drainage infrastructure as this can cause future damage and expense. If you are unsure, organise for a Plumber to inspect the property and also check that the water system is in good condition and meets industry standards.
- Electrical Wiring
It is not uncommon for properties to be riddled with electrical faults or wiring issues. These faults can be serious safety concerns and worse case scenario, lead to fires and safety hazards for your tenants. Another preventative measure is to have the house inspected by an Electrician. The initial cost may be more than you were prepared to spend however, it could save you in the future on insurance claims, code violations and the potential loss of your property.
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