Hi all. Hope you guys can help. I am new to this discussions and in the investing phase. [
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I am in the process of purchasing my first house and thinking of putting in an offer for it. There are a few things that need to be fixed before buying the property i want; that is a bit of the fence is damaged and a wall needs to be sealed up(from previous airconditioner).The question that im trying to ask is before you put an offer towards a house what should i check for that should be noted to the agent regarding the house that the owners have to fix. Besides the one mentioned above is there anything else that is important to check that i might not know of.
Would like other peoples opinion on what they would check for. []Any possible answer will hope to give me an idea on what to look for before i place an offer toward the house.
Thanks
John
Newbie [
]I would recommend getting both a building inspection and termite inspection done, and make these a condition of the sale. You should nominate the inspector, not the selling agent. I know the standard Real Estate Institute contracts in WA have inspections as a standard condition.
There are building inspectors who are builders, or those that are engineers. I contacted the local council to get a list of those in the area. The council’s building dept was also very helpful in advising on what streets had subsidence problems and the best building construction (in the area I bought in, brick veneer was preferable to double brick).
Though it cost more ($500) I opted to get an engineer to look at the place. I went with him while he did it. I found it most educational and would recommend this to anyone planning to make several purchases.
If you notice any problems yourself, you can make your offer conditional on the vendor fixing them before sale. For example a property I’m currently buying had been reduced in price, represented good value compared to similar properties and had satisfactory cashflow ($92 000, $160pw, with tenant, 3br, close to town) so I accepted the vendor’s price on the condition that they replace the gutters (which had leaks) and install a deadlock on the front door. The vendor accepted this. So, yes, you can make the sale subject to repairs/improvements.
Peter
Thanks for the great advice pete. [
] Will try the building inspection and termite inspection and make that a condition of sale. Your advice has given me a general idea what to do.
I agree with the statement that ” If you notice any problems yourself, you can make your offer conditional on the vendor fixing them before sale.” Otherwise get them to drop the price. Will do that for sure.Thanks again[
]John
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