Virtually any mortgage broker in the Baldivis, Rockingham and Kwinana area takes the importance of a pre-settlement inspection as self-evident. Whether you are a family looking for a residence or an investor, it is important that you know you are getting what you are paying for.
The last thing we ever want to see for our clients is to see their happiness over securing a home loan turn to dismay when they realise their Kwinana, Rockingham or Baldivis home is a “money pit.” Luckily for you, pre-settlement inspections are a part of any transaction conducted by a qualified mortgage broker.
What is a Pre-Settlement Inspection?
A pre-settlement inspection is just what it sounds like, as provided in the Joint Form of General Conditions that is standard in any real estate transaction. It is designed to allow the buyer to ensure that the property is just as the contract says it is and that all fittings, fixtures and structural elements are satisfactory.
The Investor’s Fatal Flaw
When someone buys a home as a residence, they are usually diligent in following through to make sure everything is “just right” before they move in. Unfortunately, many investors tend to see the inspection as a “rubber stamp” process and don’t really pay a lot of attention. This can end up costing a lot of money later.
The Inspection Process
An investor should have a checklist of items to be inspected. On the outside of the house, make sure that the roof, seals and windows are intact; even a small flaw in any of these areas can have a big impact if not taken care of.
Structural flaws, such as small cracks in the masonry or small cracks in the paint, can become magnified as the home settles further into its foundation. The quality of workmanship in areas such as grouting, tiling and painting should be professional and top-notch.
Make sure doors and windows, including locks, all operate correctly and that all electric wiring and switches function properly. Heating, air conditioning, cupboards, appliances and sinks should all be inspected too.
Common Sense
A home represents a large investment. It is just common sense to make sure you are getting what you pay for. Call (08) 9527 1800 for more information.
