Disclaimer : Articles in this blog are just personal opinion of the author or authors. It may or may not be correct. Pls do your own due diligence and pls seek professional advice according to your own personal circumstances.
Our favorite Ramesh and Suresh again.
Ramesh and Suresh migrated on the same day from singapore to sydney.
Both have 1 wife and 2 kids. Both earn the same.
Suresh has been proactive, bought his first property sooner and has other investment properties also.
Ramesh is lazy and busy. Google uncle told him that there is going to be a change in government and property prices are going to fall by 40%.
He waited and waited. Last sunday he got a shock of his life as neither the government changed nor property prices fall by 40%.
So from monday onwards, he has been cursing google uncle and has become very active.
After lunch on thursday, while having 7-11 one dollar coffee, Ramesh told Suresh that he has finally decided to buy his first place and
will go for some open homes and inspections on saturday. He asked Suresh what all should he consider while inspecting the property as he will
only have 30 minutes to view it. He asked Suresh to provide him a handy checklist.
Suresh smiled and in his mind was thinking “Why don’t you ask your google uncle now”.
But being a good human being he verbally told the following points to Ramesh.
Here it goes……
- Check the walls for cracks, patches, wetness, mould etc etc. Anything unusual.
- Check the floors for similar stuff, walk stiff.
- Check ceilings for similar stuff Like walls.
- Check bathroom thoroughly. Taps, leaks, wetness, patches, cracks etc, flush toilet and see of any block. Check for mould.
- Kitchen, check appliances, taps, leaks, patches, mould etc.
- Go out and check backyard, pergola, presence of rubbish near home.
- Check external walls for cracks, patches, wetness etc
- See whether drainage are all fine, any water logging near peoperty or in block etc
- Overall we will get a feeling how good is the property. Whether it’s been maintained well or not.
- Check whether the property has been rented anytime before or not
- If single storey then gutters and roofs
- Check garages and laundry
- Check wardrobes cupboards etc as well
- If you want to subdivide in future, call the council to check whether it is currently allowed or any indication that it will be allowed in future.
- Same applies for granny flat potential.
- Check fencing, whether it requires any repairs or replacement. Talk to neighbours and see whether they are willing to pay half of the expenditure.
- Spend 500 dollars and get the professional building and pest inspection done in the subsequent cooling off stage. 500 dollars is nothing compared to 1 million house.
- If if you have to get that done for 2 or 3 houses, it is minimal investment to find out any issues in future.
- Check for trees in the backyward, there have been horror stories of people spending 50000 in getting the trees removed. Some of the trees are prohibited so you may have to check the council.
- Don’t assume things and dont assume that you can get it removed on your own. It is illegal to do it in Australia.
- Ball mark figure to get kitchen renovated is 25000, bathrooms renos 10000 each. So consider that in your purchase.
- Check the driveway for cracks. It will cost around 6000 to get a new driveway.
- Check the grass, whether it needs replacement, it will cost around 5000 to get it replaced.
- Check the alarm system, get the alarm codes and working manual of it.
- In 90% of the cases, keys of the house has to be replaced when you plan to buy and move in. Consider 1000 towards locksmith cost to replace all door and windows locks.
- If the house has a swimming pool, then I will put another checklist for next week. Please stay tuned for the post as it is a topic on its own.
- Check whether the shower tiles needs regrouting and silicone. A house more than 7 years will definitely need it. Consider 1000 for such costs.
- Check the vanities of the bathroom, put 1000 to replace them.
- Hot water system, pls check how old is it and whether it needs replacement.
- Check whether the kitchen is electric or gas. If electric, you may want gas in it. Check whether the street has gas pipeline. To get the gas from pipeline to inside the house is approx 4000.
- Ball mark to replace flooring is 5000 per floor. You can get laminate flooring done.
- Most of the houses more than 10 years old, will need shower screen replacement. Put 1000 aside per screen aside.
- Check whether there is outdoor kitchen, any repair or enhancement required there.
- Check whether the garage floor is concrete, you may want to do epoxy flooring in it, 1000 for it.
- Solar panels. Put 5000 aside for it. This will be without battery, add 10000 for battery.
- Check the window locks, whether the windows can be closed.
- This point is just to make it to 35 as it looks good.
In the end, do as your wife says. If you find the house which does not have any of above issues, pls do ring me and let me know, as I have yet to see such a house.