It’s not hard to make sure your property has every chance of being a winner.
Something you don’t want as a property investor is a nasty surprise. Issues like leaking rooves, rising damp and termite damage are potentially unexpected money-pits that you want to avoid. Here are a few simple hints to help you avoid unnecessary stress.
Many companies offer services to inspect your potential purchase before you lay out significant amounts of money. For around $500 you can receive a detailed report which will cover everything from scratched floorboards to crumbling foundations. For a similar price, you can also get, amongst other reports;
- Pest inspections to make sure you don’t have termites or any other nasties,
- Body corporate reports to make sure there aren’t any major works planned, and that the finances of your new body corporate are in order,
- Property valuation reports to make sure you’re not paying considerably more than your property is worth.
By spending a relatively small sum (in most cases, less than 1% of the purchase price of your property) you can arm yourself with information that’s critical to your success. You’ll go a long way to insuring yourself against those nasty surprises. You may even find that the reports give you some good bargaining power!
So when you’re serious about a property, make sure you get the right people to inspect it.
The one thing it will definitely buy you is peace of mind. And isn’t that why you’re investing in the first place?