How to make the most out of an open for inspection
Coming prepared, and using your time wisely, are crucial when inspecting a property you are interested in buying.
It's easy to get distracted by fancy furniture, pretty cushions and chatty real estate agents, but that could easily result in you missing some crucial facts about the property.
The priority should be checking things that you can't see or determine in the online ad, like orientation and sunlight, ceiling heights, the slope of the block, inside cupboards and kitchen appliances (such as oven and rangehoods), draughts from gaps under doors and air vents, paint finishes on woodwork like skirting boards, behind and under furniture, underneath the house, inside sheds and garages, and discovering if there are any dodgy smells, noises and neighbours!
Plan ahead so you arrive on time and find a parking spot nearby; then you can productively use the full inspection time. You can always chat to the agent, and check our the neighbours and surrounding streets, after you complete checking the priority items in your inspection.
Bring a tape measure, to check if your furniture will fit, and make notes in your phone as you go regarding measurements, queries and issues to follow up later, so you don't forget anything. If you see damage, take a photo for future reference if you wish - the vendor won't fix it though (regardless of what the agent says) due to the buyer beware principle = you buy the property as is.
In a competitive property market, highly sought after properties can sell quickly, so it's important to come prepared in case things move quickly. Ensure your finance pre-approval is valid and ready (unless you are paying 100% cash = no mortgage), have your lawyer/conveyancer lined up and ready to review the contract + vendor statement/section 32, and select a building and pest inspector, in case you need to engage them quickly. Ensure you already know everything you need to know about public transport, local schools, parks and shops. If the property was built in the last six years, research the builder to check if they are reputable and licensed (the name of the builder will appear on the building permit in the contract).
And maintain a poker face: there's no need to tell your life story to the vendor's real estate agent, or any tenants or vendors that you encounter. You don't need to give away your budget, or your game plan - take a strategic, agile and savvy approach, and you're much more likely to succeed with buying the property for the price, and on the terms, you prefer.
Note: the above is general information and should not be considered as legal advice.
Have you seen our earlier sister blog? Top three tips when inspecting a property.
Photo via Freepik