An open home inspection is a chance for the seller to flaunt their homes by maximising its appeal.Therefore investors need to know how to look past the facade and make the most out of this opportunity.
Making detailed notes
Even after creating a shortlist, investors could be looking at more than 20 properties before making a decision. Therefore, it is important for investors to keep a record of all the properties they have seen and make detailed notes that could save them hundreds down the line.
Janet Spencer, managing director at Buyers Solutions, recalls a buyer who used an excel spread sheet on his iPad to note the physical attributes of the property that he has seen such as whether it offers a double garage or a single garage.
Are there wardrobes in the bedrooms or will you have to pay to have them put in?
Also important is to consider the ongoing costs of running the property.
As a part of our selection criteria, we look at how much the owners corporation fee is if it is an apartment, Ms Spencer says. We also see if there are any major works coming up or maintenance that will be at a cost that you will have to fund in the next year or two.
I really like to look at the “heating and cooling, what type of hot water service the property’s got and whether it’s insulated,” she continues.
Tools to take to the inspection
While admitting that pulling out a tape measure could reveal that you are eager to buy the property, Ms Spencer says she prefers to show her hand to the selling agent than to buy the wrong property.
If investors would prefer to keep their cards close to their chest, another technique is to pace it.
“You don’t need to get a tape measure out to get an idea. An average person’s stride is roughly a metre,” Ms Spencer says.
After taking these considerations into account, and much more, investors should seek the advice of a building and pest inspector to take a further look beyond the surface.
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