Essential to-dos before buying a home
WHEN it comes to buying a home there are the somewhat easy (and definitely exciting) steps of choosing a location, identifying a suburb and finding an ideal house and the more difficult (and probably boring) steps of paperwork and inspections.
But it is the paperwork and inspections that are very important when it comes to choosing a home.
Carrying out searches and organising inspections before you buy a home will reveal a property’s history and any defects, which in the long term, could save you money.
>> READ MORE: IS YOUR POOL, SPA OR WADING POOL SAFE?
In this monthly tip, we look at these (less exciting) steps to buying a home to ensure when you find an ideal house in the suburb you desire it is safe and sound.
1. Pre-purchase building inspections and termite inspection
A pre-purchase building inspection and termite inspection should always be done before finalising the purchase of a home.
The pre-purchase building inspection is a visual appraisal by a licensed residential building inspector of the condition of a property. It highlights existing defects or areas of concern but keep in mind, it is not a warranty against future defects.
It is recommended you be present when the inspection is being conducted. Understand the scope of the inspection and make sure any questions you have are answered by the inspector prior to purchase.
Following the inspection, for any areas of a home that are of particular concern, you may want to get a more detailed report from an appropriate expert.
A termite inspection requires a licensed pest controller to conduct a visual inspection of accessible areas of the home for evidence of active termites and/or termite damage.
The inspector should also tell you if the property is in an area where there is a risk of termite attack and what (if any) termite management system has been used and where you can find the system’s maintenance requirements.
>> READ MORE: HOW TO MOVE FROM RENTING TO BUYING
2. Search for insurance on an existing home
Home warranty insurance is a protection for homeowners by providing cover in situations where:
- the contractor fails to complete the work
- the work is defective, or
- subsidence occurs.
You can check to see if a home has cover under the Queensland Home Warranty Insurance Scheme by doing a search before you buy.
Generally, the cover lasts for six years and six months from the date when the premium was paid, although it can be extended if the construction of the property took longer than six months.
If a property has cover, it may help you with any defects that develop after you buy.
To conduct a search for insurance, you can place a request yourself but generally, your solicitor will organise all relevant searches on the home you’re looking at buying for you.
>> READ MORE: GUIDE TO RENTING WITH PETS
3. Buying an owner-built property
If the home you are looking at is an owner-built property, there are a few things that need to be considered.
Notification of owner builder work is placed on a property title for seven years after an owner-builder permit is issued.
The owner must provide you with a ‘notice of owner-builder work’ before you sign the contract of sale if the property is sold within six years of the owner-builder work being completed. The QBCC recommends you seek independent legal advice if you don’t receive a notice.
