Property
Property www.echo.net.au/echo-property
Property insider Advice when buying an older home
Charm. People don’t buy an older home, they buy charm. Decades ago homes were built by artisans and the quality
approach to their work showed in the final product. Detailing around the home was often intricate and decorative.
These days homes are built with cost effectiveness and energy efficiency in mind and, while modern homes can be stunning, they rarely have the charm that a lot of older properties do. However with the charm can come a myriad of different problems that could be costly to fix. So before you buy an older, period home you can do a few things to make sure it is charm and not a headache you are buying. Take a close look at the external and internal walls, floorboards, skirting boards and roof. Look out for signs of mould or damp and check for sagging or cracking that could be result of structural problems. If any of these look major you might choose to avoid the property at this point.
It’s also a good idea to check the size of the hot-water systems and check the plumbing is in working order. Flush the toilets, run the taps, listen for noisy pipes and plumbing. However, even if things look (and sound) sweet a building and pest inspection are a must. If repairs are needed, or pests need to be treated, you need to know that is within your budget to affect the repairs. The cost of treating a termite infestation could be as much as $5,000 for the average home. Structural problems can cost a substantial amount to fix.
Why did this law change?
Cheaper building, pest and strata reports Improvements to the laws regulating property agents started on 15 August 2016. To help home buyers access pre-purchase property inspection reports more
Pre-purchase property inspection reports Prospective home buyers had raised concerns about the cost of obtaining pre-purchase
Rural Paradise with Development Potential t 28.12 ha (approx 69.48 acres) t Town water and spring fed dam t Sewer connection available close to boundary t 36kms to Byron Bay t 45kms to GC International Airport
property inspection reports for several years. Following public consultation, the government amended the laws to help prospective buyers access information about key reports. This will enable a prospective buyer to contact the author of a report, if they wish to ask about obtaining a copy. The NSW Government supported this sharing of reports in seeking ways to improve services for consumers through the new collaborative economy (also known as the peer-to-peer or sharing economy). The amended laws take into account the growing trend of businesses using online services to make key prepurchase property inspection reports available at a lower cost than would otherwise be possible.
HAVE ANYTHING TO LET US KNOW ABOUT? Any new faces? Career milestones? Exceptional results? Market observations? Have you had anything quirky or unusual happen to you out in the field? Email propertyinsider@echo.net.au.
32
SUBURB Address BurringbarProperty 88 Burringbar Road For the first time in 31 years, this rural paradise in the Tweed Valley is offered for sale. This private and peaceful property with rolling hills has the convenience of adjoining the village of Burringbar with the site identified for possible future urban development (STCA). Land bank & enjoy the lifestyle or develop & reap the rewards.
cheaply and easily, real estate agents now need to record details about certain reports. This includes pre-purchase building and pest inspection reports, and strata and community scheme reports. When the prospective buyer requests a contract of sale for the residential property, an agent will need to inform the buyer about the reports they have recorded. Buyers may then opt to access an already available report, and negotiate a reduced cost, instead of commissioning their own report.
1 2
5
Auction Sale Sale Wednesday, September 14, 2012, 6.30pml Offers to Purchase View: View Contact SaturdayAgent X.X-X.00pm or Sunday or Monday or Brad Franks 0404 051 111 Tuesday or ....X.X-X.00pm brad.franks@raywhite.com Name Surname XXXX XXX XXX Darren Jones 0402 188 648 name.surname@raywhite.com darren.jones@raywhite.com raywhite.com/123456 0000 0000
Ray White GC South Network 20 September 28, 2016 The Byron Shire Echo
Byron Shire Echo archives: www.echo.net.au/byron-echo