ResiConnect is a unique residential property house offering investors a highly disciplined and analytical approach to selecting an investment property which aims to meet their diverse needs and expectations. Investment recommendations are derived firstly through extensive research highlighting specific suburbs and then identifying quality product within those catchments.

ResiConnect offers complete transaction servicing and total asset management of the property during its investment lifecycle.

Research is undertaken which considers investor requirements and investment location. Preferred locations are realised through various modelling techniques and analytics. ResiConnect sources product and provides recommendations to its investor distribution base. The team partners with the investor in all facets of the acquisition and in addition offers the investor the option of a comprehensive asset management service. ResiConnect Asset Management is more than simply property management – it incorporates facility, lifecycle and risk analysis.

Our ultimate objective is to gain optimum financial upside for our investors by fully utilising the ResiConnect resources, which include our people, diagnostics, systems, processes and procedures.

The experience of buying an investment property can be both exciting and rewarding – if you know the process, have undertaken the feasibilities and have the right partner. Don’t settle for just any agent, and do not underestimate the process involved in making this important investment decision.

ResiConnect”s objective is servicing you and most importantly ensuring the investment meets your expectations!

understand the benefits an agent should offer.

your home is likely to be your most valuable asset, so professional expertise and assistance with the sale is worthwhile. for this reason, most home sellers engage a real-estate agent.

working with an agent should offer you the following advantages:

• access to market appraisal data,

• advice on the most appropriate method of sale (e.g. auction or private treaty),

• the development and implementation of a marketing plan,

• advice on how to present your home to the public,

• access to a large numbers of buyers,

• screening of potential buyers,

• assistance when negotiating the best price, and

• effective administration of all legal and financial requirements.

build a list of possible agents.

you should meet with several real estate agents before electing your representative/s.

to find out which agents operate in your area, use our find an agent feature. also check through local newspapers for agents actively promoting houses within your area, ask neighbours to refer you to local agents and watch out for sale signs and make a note of the listing agent/s.

ask the right questions.

meeting with agents is similar to conducting job interviews. the agent wants to work for you, and you want to select the best candidate for the job. therefore, prepare a list of questions to ask of all the agents you meet.

questions to ask prospective agents include:

• for how long have you been a real-estate agent?

• how familiar are you with the suburb in which our home is located?

• how many homes have you sold in our suburb over the past 12 months?

• how did you arrive at the price you suggest we could sell our house for?

• what marketing plan would you envisage using for our house?

• will you provide weekly sales progress reports?

• do you place importance on high ethical standards?

other items you may like to review include the quality of the promotional material and the presentation of the salesperson. you could also ask for the contact details of recent clients, and then refer to these people for further insight into the agent’s operations.

enlist an agent’s services.

once you have decided on the agent you wish to have represent you, a written agreement should be drawn up. this will contain an estimate of the total fees, charges and expenses you can expect to pay when your home is sold.

you will need to:

exchange contracts

if buying privately (i.e. not at auction), your lawyer or conveyancer will check the details of the contract of sale prepared by the vendor’s representative. this contract should detail the:

• price,

• settlement date (the day on which you agree to pay the full purchase price and take possession of the property),

• chattels (movable possessions which may be included in the sale),

• special conditions (e.g. conditional on a loan, sale of an existing property, satisfactory property inspection or perhaps on-going work on the property you want the vendor to complete prior to settlement).

your legal advisor is responsible for checking the details of the contract, ensuring it contains nothing detrimental to the purchase or intended use of the property, e.g. zoning conditions or title restrictions.

the contract is signed once all inspections are satisfactorily completed and the exact finance is approved in writing. each party signs their own copy of the contract of sale, which has been prepared in duplicate. the vendor keeps the copy you have signed and you retain the copy they have signed. this process is referred to as the ‘exchange of contracts’.

once all parties have signed a contract, it cannot be altered or changed. however, there may be unforeseen changes of circumstance which affect either party to a contract, between signing and settlement, that may require a change to be made to the contract. provided all parties agree, there is no reason why changes cannot be made.

take note of the cooling-off period

the ‘cooling-off period’ refers to a period of time during which the buyer may cancel the contract. the cooling-off period is not available for properties purchased at auction. this period commences immediately after the exchange of contracts and lasts for a defined amount of time that varies from state to state, so check with your legal adviser.

in western australia there is no cooling-off period.

the cooling-off period has been put in place to allow buyers to make an offer and quickly sign a contract before seeking legal advice, undertaking a property inspection and receiving financial approval. this period ensures you are not ‘gazumped’ – which would involve another offer being received and accepted by the vendor following verbal agreement to sell to you.

continue the conveyancing

even after you and the vendor have exchanged contracts, the conveyancing process continues. your legal advisor will now take the time to make more thorough inquiries to the relevant authorities, e.g. local council, the water authority, etc.

in all states, paper-work for the transfer of land, notice of sale and requisitions must also be prepared. further to this, your representative is responsible for ensuring all rates and taxes are paid when the property is transferred to you.

other expenses include paying for rate, planning and other certificates from local government, as well as title searches and registration fees both on the transfer of land and on your mortgage at state government level.

once the final contract is completed it is sent to the vendor to be signed. this document should be returned to you at settlement (when you take possession of the property). close to the settlement, you should receive a settlement statement, detailing the final amount owing, including adjustments for taxes and rates.

finalise your loan

if you have already arranged provisional finance, you will now need to contact your lender and tell them that you have made an offer on a home. the lender will then arrange for a valuation of the property, and if it meets their requirements, will process your loan and arrange for the necessary money to be available by settlement.

if you have not yet investigated your home loan options – get cracking! choosing the right home loan can be a daunting task, especially when you are time restrained. for information on the loan approval process .

settle

the settlement date is the day on which you finalise payment and assume possession of the property. in legal terms, settlement is the completion of the property transaction.

your legal representative should arrange the settlement date, time and location and will inform the mortgagee (lender of funds). generally, settlement takes place some four to six weeks following the exchange of contracts.

on settlement day the balance of the purchase price is paid and the title deeds (legal documents stating property ownership) are handed over. if you purchase the property without financial assistance, the transfer of title to the property will be given to you or your legal representative. otherwise the lender will receive the transfer document and title deed. finally, the keys are handed over.

organise insurance

immediately following settlement ensure you take out a cover note insuring both the property and any movable possessions included in the sale (e.g. the oven). it may well be worth taking out this cover note even earlier, i.e. as soon as you sign you first contract. this will ensure that the property is fully covered should the vendor’s insurance be either inadequate or unpaid.

financial institutions lending you money will require the property be insured. most insurance policies will provide for either replacement or market value. a replacement policy will give you ‘new for old’, whilst indemnity insurance will give you ‘old for old’.

the key to successful moving is to start planning early. break your tasks into ‘bite-size’ fragments by assigning them to these schedules:

eight weeks before the move

• decide whether you will use a professional mover or move everything yourself.

• set the date for your move. consider timing your move to coincide with ‘off-peak’ moving periods. generally mondays, fridays and first and last days of each month are the busiest times for professional movers and truck rental.

• if using a mover, obtain estimates from at least three professional moving companies as well as recommendations from friends before making your selection.

• if moving yourself, obtain estimates for the hire of removal trucks, etc. make a booking to hire your selected vehicle/s for the moving day/s.

• sketch a floor plan of your new home. photocopy this plan and then draft onto it the layout for your furniture. will everything fit? perhaps some furniture may need to be sold or given away.

• start using up food from your freezer to save it spoiling during the move.

• clean out clutter. perhaps hold a garage sale or donate items to charity.

• start developing a list of all the people who will need to learn of your new address. as mail is received, check that the sender is on your list of people to inform. this will include friends, relatives, banks, any subscriptions or catalogues, etc.

six weeks before the move

• discuss the moving details with your mover, including all costs and insurance cover. when you are completely satisfied with the details, book the mover for the day of the move. also collect as many packing boxes as the moving company is willing to provide.

• if you are moving yourself, start collecting boxes. you could gather used boxes from supermarkets or friends but make sure these can withstand the rigours of moving. alternatively buy or hire sturdy moving boxes from professional moving companies.

• develop an inventory of all your possessions. this will come in handy not only for organising your move, but also as a record of your assets for insurance purposes.

• arrange for the transfer of your children’s school records to their new school.

• send out furniture or drapes, etc. to be cleaned.

• start notifying others of your forthcoming change in address. this is especially important for any businesses you may deal with as it can often take time to update your address on their systems. why not produce a moving notice and photocopy this for distribution?

• fill in a form at the post office to have your mail redirected. you should elect to have your mail forwarded to this new address for at least two months following your move.

four weeks before the move

• if you need to organise storage, do this now.

• using your inventory list, start organising how you will pack your possessions. how many boxes will you need? which items should be packed last and unpacked first?

• if you have pets, consider how these will be moved. perhaps ask your vet to recommend companies who specialise in the safe transport of pets.

• arrange for final readings of your services, e.g. gas, water and electricity, to be performed just prior to your move. also organise for these services to be connected in your new home prior to your arrival.

• make sure that your telephone is connected at both your new and old addresses during the move. this will allow for communication between the two places should this be necessary. alternatively, borrow two mobile phones if you don’t have them.

• if you are going to need temporary accommodation, make the necessary hotel/motel bookings.

three weeks before the move

• gather together all the packing materials you will need. this includes:

  • packing tape

  • bubble wrap

  • styrofoam ‘beads’

  • old newspapers

  • scissors

  • utility knife

  • packing string

  • rope

  • labels

  • marker pens

  • hand truck and/or dolly

  • plenty of boxes

• start packing the items that you will not need over the next few weeks, e.g. extra linen or spare crockery.

 two weeks before the move

• transfer all your bank accounts to new branch locations.

• cancel all deliveries, e.g. newspaper, milk.

• check on the arrangements for the new telephone service and other connections.

• consider storing jewellery and valuables, including certain legal documents, at your bank during the move. alternatively, set these aside to carry with you on the day of the move.

• ensure your possessions will be fully insured during the move. if not, arrange for extra insurance cover.

• contact the council where you are going to reside to find out about garbage pick-up, local regulations and other information.

 one week before the move

• return all library books and rented videos. also don’t forget to collect any dry-cleaning, shoes from the repairer or lay-bys.

• if necessary, arrange a babysitter for the day of the move.

• tidy up the garden and outside area.

• arrange for new locks to be installed on the house you are moving into.

• defrost your refrigerator and freezer.

• finalise all packing. number each box and take notes on their contents. also, keep items from different rooms in separate boxes.

• keep in mind that heavier items deserve smaller boxes.

• mark any items that should be handled with care.

• pack bags of clothing and toiletries to take with you rather than send with the mover.

• have the carpet steam cleaned.

• also put together a box of items which could be useful for the day of the move. this might include such items as scissors, a utility knife, paper plates and towels, toilet paper, drinks, cups, soap, bandaids, headache tablets, tea towels, rubbish bags and small toys for children.

moving day

• remove all remaining food from your refrigerator and freezer.

• clean out cupboards, sweep the floors and ensure the house is tidy for its next inhabitant.

• double check rooms, cupboards, drawers, shelves, outdoor areas and the garage to make sure you’ve taken everything.

• turn off all services, including the mains switch and taps.

• lock all windows and doors securely.

• leave the old house keys with the real estate agent for collection by the new inhabitant.

• check to see if all the services are on and appliances are working in your new home.

• check off each box as it comes off the truck.

• register for voting in the new electorate.

• visit your new post office to see whether they are holding any mail for you.

if you are buying a strata title unit, you should be careful to check the amounts of strata levies and fees associated with this type of title (see section strata title below).

ask yourself the following questions:

• is the car-space registered on the title and is it a lock-up garage or a carport? (do not assume that unit numbers correspond to car spaces or garage numbers)

• is there a car space for your visitors?

• is the unit near reliable transport?

• does it have an internal laundry?

• does it have it’s own balcony?

• does the block have adequate security?

• what are the building’s regulations? (this depends on the title under which the unit is owned)

information to consider before purchasing:

company title

with company title unit owners are actually shareholders in a private company. buying a certain number of shares entitles the shareholder to exclusive possession of a particular unit and a car space.

the shareholders in the company vote to decide company rules governing occupation, including rights to lease, sell or transfer shareholdings.

warning! you normally have to have the company’s approval to alter the occupancy of a company title unit and lending institutions are more reluctant to lend for this sort of property.

strata title

strata title is the most common title in unit ownership. briefly, strata acts in each state make possible the subdivision of the airspace above the surface of the land, a certificate of title to part or parts of a building. this enables the purchaser to buy the actual space enclosed by the unit and then deal with the unit as a normal owner of property.

the individual owners in a block of strata title units must form an owners’ corporation which controls the general administration and any funding of common property. an executive committee of the owners’ corporation is elected annually from the current unit owners. the owners’ corporation has the duty to establish two funds – an administrative and a sinking fund – made up of the owners’ contributions.

as a unit owner you must contribute towards the costs associated with common areas e.g. lighting of entrances and hallways, gardening, maintenance, etc. your costs will increase considerably if your units house facilities such as lifts, swimming pools and saunas.

a prospective buyer should read the standard by-laws and any alterations and additions that may have been made by the owners’ corporation (i.e. keeping pets).

getting information from the owners’ corporation records

it is important that you inspect the books and records of the owners’ corporation before buying. sometimes your solicitor will arrange this for you. there are companies that specialise in inspecting the books and they know what to look for.

if you are a buyer you can ask the owner to give you written permission to write to the secretary of the owners’ corporation and ask the secretary to let you look at the records. the owners’ corporation must let you look at all the records and should make arrangements with you to do this for a fee.

the inspection will show the history of maintenance on the building and provide an insight into complaints lodged by other owners. more importantly it may show plans for future spending.

you can also gain access to the owners’ corporation records in nsw by using a section 109 certificate. other states have different names for these certificates.

normally these certificates will give information about the strata scheme including:

• the names and addresses of the executive members and the managing agent (if there is one)

• levies paid by the owners

• any outstanding levies

• the address where you can view the records and financial statements

• any special by-laws made by the owners’ corporation in the past 2 years.

if a levy is outstanding before the certificate is given and it is not shown on the certificate, you are not responsible for the payment. make sure you keep your documentation.

 Advantages and Disadvantages

The main advantage to buying ‘off the plan’ is the considerable saving you can make on Stamp Duty.

The law requires Stamp Duty be paid on the value of the property at the time of signing the purchase agreement (contract). By buying ‘off the plan’ you often enter into a contract before construction commences and therefore need only pay stamp duty on the value of the vacant land.

Also, in a rising market property market, it is possible for the value of your asset to increase between the period of signing the contract and moving in. So, buying off the plan can offer significant savings compared to buying an existing building.

One further advantage to buying ‘off the plan’ is that you will eventually move into a brand new property. You may even have been able to select the fittings (e.g. lights, carpet and dishwasher) for your home.

And finally, buying ‘off the plan’ can offer you extra time to save your money for future mortgage repayments. A deposit will be required when you sign the contract, however the balance should not be required until construction is completed. This can take many months to several years, during which time you can grow your savings.

Disadvantages include the possibility of the market price falling between the time you sign the contract and move in. Under this scenario you would have paid more Stamp Duty for the land upon signing the contract than you would have needed to had you bought the land at the later date. You do however still stand to make Stamp Duty savings on the building itself.

The main disadvantage for many people however is the delay that exists between signing the contract and moving into their new apartment/townhouse. This lag can take many months to several years. Often people do not want to, or simply cannot, wait this long.

Also, it can be very difficult to visualise exactly how your property is going to look when buying ‘off the plan’. Some people prefer to see the finished product before committing to a property purchase. Therefore, if you do decide to buy ‘off the plan’ it is vital you choose your townhouse/apartment with care, as explained in the following section.

Please note:

An off the plan purchase agreement under the NSW Duties Act 1997 means an agreement for the sale or transfer of dutiable property, being land on which a residence is to be erected or developed before completion of the sale or transfer.

In NSW Section 49A of the Duties Act provides that in relation to an “off the plan” purchase duty is payable on either:
a) completion of the agreement, or
b) on the assignment of the whole or any part of the purchaser’s interest under the agreement, or
c) on the expiration of 12 months after the date of the agreement, whichever first occurs.

Duty must be paid within three months of this date to avoid penalties.

In NSW duty is payable on the property agreed to be transferred. Under an “off the plan” purchase agreement, the property agreed to be transferred is the completed dwelling and duty is payable on the value of such dwelling. The consideration would normally reflect such value.

How to Choose a Townhouse/Unit

1. Firstly, visit the location of the subdivision and determine whether the location meets your criteria. Finding a location that suits your lifestyle is also very important. Often one of the most important factors to buyers is their distance from work. Perhaps you need to be located close to specific amenities. Look through the following list and note down those factors that are important to you.

Travel time

• Work place close

• Access to public transport

• Family/friends nearby

• Shopping facilities

• Medical facilities

Educational Facilities

• Childcare

• Pre-school

• Primary school

• Secondary school

• University

Recreational Facilities

• Parks

• Sporting facilities (e.g. sports grounds, gyms, tennis courts, pools, etc.)

• Beaches

• Libraries

• Entertainment

Environment

• Appealing streetscape

• Low noise area (away from traffic, flight paths and industry)

• Clean air

2. Next, thoroughly research the proposed development. Usually, the developer will have an on-site display office, so drop in. Look over sketches showing how the apartment/townhouse will look once completed (both inside and out) and how this unit will fit into the overall development. Also inspect any samples of the materials to be used in the construction. Find out your options with regards to materials, fittings, unit layout and overall size.

3. The next step is to inspect the developer’s previous work. You need to be satisfied that the end product will be of the quality you desire. Therefore, ask for the address of several of the developer’s other projects and where possible, arrange to inspect these. Also try to obtain referrals to people who have purchased from the developer. Find out if they are happy with the quality of their home.

4. Is the price reasonable? Research other similar developments nearby and find out the price at which similarly sized units are selling. By this stage you will need to have defined the final finishes you want for your apartment/townhouse (e.g. fittings, carpets, paints, curtains, etc.) so that you are sure of the exact asking price of the property.

5. If after all this research you are keen to pursue purchasing ‘off the plan’ obtain a copy of the purchase contract. Have a solicitor review this document thoroughly. For more information, read our section on contract details when buying ‘off the plan’.

6. Once you and your solicitor are happy with the contract details, and finance has been approved, you are ready to sign this document and pay a holding deposit. Generally this deposit is 10 per cent of the purchase price.

7. Next comes the wait while construction is carried out. Use this time to plan your move and save money for paying the balance of the purchase price. Only after construction is 100% complete and you are satisfied with an inspection of the work should you pay over the balance of your new apartment’s purchase price.

 The Contract Details

When buying an apartment or townhouse ‘off the plan’ it is important that you read the contract carefully and understand its contents. Have a solicitor check over this document for you and explain to you any points you do not grasp. When reviewing this document:

• Check that the specifications and plans meet your requirements and have been drawn up exactly as you expected. It is a good idea to employ your own independent architect or builder to appraise these plans.

• Also look over the building plan and take note of how close your apartment is to common areas such as stairways, entry areas and lifts. You do not want to live too close to these high noise areas, nor do you want to be too far away from the conveniences they provide. 

• Check the completion date. Are there penalties if the developer does not finish construction on time? 

• Add a clause stating that the vendor must advise you of any changes (even minor changes) to the plan. 

• Ensure that warranties as to the standard of the works and the fittings are contained within the contract. 

• Make sure that all fittings are outlined and accurately described. For example, if your apartment is to come with a new dishwasher, the contract should outline the brand and model of this machine. The contract should also state that the developer is responsible for the installation of all basic services (including telephone and television wiring). 

• Check that the developer will insure the property and fittings until the settlement date (the day you take possession of the property). You should also be able to terminate the contract before settlement if the property undergoes structural damage. 

• Review any Body Corporate regulations. Do these suit your lifestyle? For example, are you allowed to keep an animal on your property? 

• Ensure that the contract makes reference to the way in which outgoings will be apportioned between residents (e.g. water, power and electricity services) if your unit is not metered separately to other units in the development. 

• It may also be wise to have the contract permit you to on-sell your property prior to completion. Check with your solicitor and the developer.

in searching for a residential investment property it is important to consider three things:

• look for a consistent streetscape. a mixture of conflicting building styles lowers the desirability of the street.

• the property should be located within easy walking distance of all amenities.

• the street should have potential.

as a business and financial investment decision, it is important to make your purchase in a methodical way:

assess your financial position.

when investing it is important to assess your current financial position. what are your cash reserves and what equity do you have in your present home? look at your long term objectives, for example, will the property be part of your retirement financial plan?

potential changes to your current situation should also be factored in such as the birth of a child or the loss of one income. it is wise to seek advice from an investment adviser or qualified financial planner to help determine goals and strategies.

decide on your strategy.

some properties provide good rental returns but have little potential for capital growth; for some the converse is true. it is more difficult to find the ideal of high yield and high appreciation potential.

it is important decide on your strategy before you start you search.

assess the financial capability of the investment.

you should try to assess the soundness of your investment. study the capital growth history and the potential rental income.

if you are familiar with computer spreadsheets, try to analyse the impact of an interest rate change or a potential vacancy period.

negotiate effectively.

professional negotiation can help ensure that you do not pay too much for a desirable property. negotiation can also include structuring a contract to allow items favourable to the purchaser such as access or installation of tenants.

shop around for finance.

the choice of your loan can be just as important as the choice of property. some lenders have a different (and higher) rate for investment; others have the same rate. some lenders have a package where your entire borrowings are just one big mortgage but with different accounts with different features. in this competitive environment, it pays to shop around. see our list of home loan lenders.

obtain legal advice.

sound legal advice will ensure that the contract is fully examined and approved and that any changes are allowable. a good solicitor should be an integral part of your investment strategy.

obtain professional property management services.

professional property management frees you from dealing with tenant issues and gives you more time to concentrate on your portfolio. your property manager is also up-to-date with changes to the residential tenancies act and is better suited to negotiate on your behalf should the need arise. he is also in a position to obtain credit checks on potential tenants and has access to tradespeople. if you prefer not to meet to your tenants then a managing real estate agent is definitely recommended.

Because you are likely to see many properties, it is a good idea to record your impressions of each house you visit. this will help you to compare houses easily and assist your recollection of property features.

print out copies of our property scorecard and take these with you when viewing properties. make sure your record the property address, date of visit, agent’s details and price range as well as property and location details.

review the vendor’s statement and contract of sale

the vendor is the person offering their property for sale. by law the vendor is required to make a declaration which identifies pertinent facts that consumers should be aware of when looking to buy the vendor’s property.

this declaration is applicable in all states of australia. in victoria it is called the vendor’s statement (or section 32) whilst in nsw it is called the contract of sale.

the declaration must be made available for you to read over upon request from the vendor’s real estate agent. it should contain:

• a copy of the title, showing the boundary measurements of the land, location from the nearest street and any easements or convenants registered on the title.

• planning information, defining what the land can be used/developed for (e.g. residential or commercial purposes)

• details of any existing mortgage on the property, in case you agree to take that mortgage over.

• outgoings, e.g. council rates, water rates, body corporate contributions.

• building restrictions.

• building permits for any building or renovation work carried out in the past seven years. this work will be covered under the housing guarantee fund. therefore, beware of structural alterations made to a house without a building approval.

• any other agreements which the vendor has entered into with others in relation to the property (e.g. regarding fencing or building over easements).

it is in both the vendor’s and the real estate agent’s best interests to provide correct and sufficient information in this statement. if they do not, a purchaser may be able to get out of a contract or sue the vendor.

perform a do-it-yourself inspection

it is difficult to imagine buying a car without checking the motor and taking it for a test drive. unfortunately many people do just this when buying a house, which costs so much more!

it is imperative that you properly inspect any house you intend to purchase so that you know the exact condition of the property. this way you will not be surprised by costly repairs found to be necessary after you take possession.

read over the following lists to find out some of the aspects you should consider when inspecting a property.

inside the house

• check that all the floors are level and that there are not gaps between the floor and skirting boards.

• jump lightly on wood floorboards to assess their stability.

• look for signs of rising damp, including rotting carpet, mould on the walls or ceiling and musty odours.

• check the walls and ceiling for warping and cracks. fresh paint or wallpaper may be hiding problem areas.

• assess whether doors and windows are square. jamming may indicate structural subsidence.

• make sure all light switches work. also check each power point by using a power point tester (these are relatively inexpensive and can be purchased from hardware and electrical stores).

• test the water pressure in both hot and cold taps. ideally, turn on several taps simultaneously.

• partially fill the bath or sink and observe the drainage of this water. sluggish flow could indicate damaged or blocked sewer drains.

outside the house

• inspect fences and gates for stability and rot.

• are there any large trees near the house? the root systems of trees can cause structural subsidence if they are close to the home.

• check that the land’s water runoff drains away from the house.

• inspect all outside walls. are they straight, cracked or rotten?

• the condition of the mortar between the bricks must also be assessed.

• make sure there is adequate sub-floor ventilation.

• check the condition of the eaves. water staining may be an indication of damaged gutters.

• look at the line of the roof to make sure it is straight. are there any broken tiles?

• check the stumps for subsidence, rot, borer or termite attack.

arranging a professional inspection

if you feel you do not have the practical and technical knowledge required to perform an inspection yourself, engage a professional inspector. an inspection costs little relative to what you stand to save.

professional inspectors will examine every accessible part of the home, including the roof space and sub-floor. they will check for poor structure, leaking roofing and guttering, subsiding footings, faulty wiring and plumbing, dampness, rot and many other faults. comprehensive inspections will take 2 to 4 hours.

inspections are not designed to disclose cosmetic deficiencies (e.g. paint chipping in the kitchen). you will need to decide for yourself whether these types of items need attention.

you should be provided a written inspection report following the inspection. this will inform you of any property faults, how bad these are and give you a guide to probable repair costs. inspectors may also be able to give you qualified advice on any home improvement ideas you may have.

armed with this information you can decide whether you wish to purchase the property. and if you do decide to make an offer on the property, you will be in a far better position to negotiate.

building inspectors can be found by:

• asking for referrals from your local master builder’s association, housing industry association, architects’ advisory service or institute of building consultants,

• looking in the yellow pages telephone directory under building inspections and building consultants,

• asking solicitors for names of recognised experts they normally use, and

• asking friends to refer you to professional inspectors who have performed acceptable inspections for them.

inspectors should be able to complete inspections within a day or two of you making the booking. if you cannot afford this time, you may still be able to make an offer to buy if you make it clear in the contract that your offer is made on the condition that a whole house inspection results in a satisfactory report.