When buying property make sure you know what you are getting. Always
arrange an independent Pest and Building report. You may also want to arrange a valuation.
Valuations
While real estate agents usually have a good understanding of the local market they are biased in their views on what a
property is worth. Agents are going to be paid if and when the property is sold, so their estimation is always coloured by this incentive.
You can get a valuation from two main sources; professional valuers and database estimates. The
benefits of
independent provider sis that you get a complete and accurate report that has been created specifically for you, and not for a real estate agent or a
vendor.
Statistical Estimates
A
Google search for
property statistical estimates will help you locate providers of this service. Statistical estimates have strengths and weaknesses.
I am of the belief that the statistical estimates are useful in two main ways; the first is in general research into a suburb, and the second is to help assess the value of the average house on the average street in a particular suburb or market.
Beyond these scenarios people still need to hire a valuer to go and inspect the property, along with the building and pest inspectors. The very
nature of statistical estimation means that if a particular house or property is in any way unusual that uniqueness is not identified, and so the estimate could be too high or too low.
Physical inspections by qualified professionals
For a more precise estimate of the value of a
property it is best to contact a
qualified valuer. We recommend you use
www.evaluator.com.au to arrange your valuation, but you could also search
Google or the white pages for alternate providers.
Pest and Building reports
You really do want to know of
there are
problems with the property before you
agree to
buy it. The cost of repairs is often greater than $20,000 for things such as subsidence or termite damage, and the bill can often top $100,000.
The couple of hundred dollars that you spend on these reports has the potential to save you many times that amount in the long run.
We also
recommend www.evaluator.com.au for you to order your pest and building reports.
Think of these reports as a cost of buying like stamp duty or insurance, or even better as an investment into avoiding costly repairs.
If you have any questions you would like to ask about buying
property you are welcome to call us on
02 4365 6556 or
email us.