AVOID A FIRST HOME BUYERS NIGHTMARE 

One of the key issues to consider when buying a property for the first time is to properly inspect the home before making a decision to purchase according to Corrado Cusma, Managing Director of OrangeTee Real Estate.

Mr Cusma said that the latest ABS figures show that home loans being taken out by first home buyers to purchase established houses are at near record levels.
“In Western Australia, OrangeTee is finding that first home buyers in some areas of Perth are now accounting for more than 25% of our buyers.
“If you are considering buying an established home before the Federal Governments enhanced first home owners grant ends later this year, then one important rule in real estate is to carefully inspect the property before you make a decision to buy.
“You could save thousands of dollars in potential expenses and a financial headache if you carefully inspect the property you are buying instead of making an emotional decision based on buying a home to meet the Federal Governments deadline.
“Unfortunately, many people make an emotional decision when buying a property and tend to overlook issues that might cause them financial grief in the future.
“For example, if they do not include a termite inspection report as part of the offer and acceptance document, they could have to spend thousands of dollars on repairs if the purchase the home and it is infested with white ants.
“Maintenance issues are another key consideration when buying an older home. Fixing a simple electrical plug outlet can cost the homebuyer more than $150.00 Even a home that is more than ten years old requires careful inspection before you make a property purchase.
“As a purchaser you are entitled to, and should take advantage of, a pre-settlement or final inspection of the property before you make the final payment and take occupation of the property.
“The ideal time to do the pre-settlement inspection is immediately before the settlement, however this is usually not very practical.  It is usually done the day before the settlement.  This way if there is a problem there is some time to sort out the problem before settlement.  If you have some concerns that something may go missing or damage is done between the inspection and settlement then you have no alternative than to re-inspect just before settlement takes place,” he said.
Mr Cusma said that when first home buyers are making the final inspection of the property, they should include the following items:
* Check power points
* Electric & gas hotplates
* Electric/ Gas ovens
* Check pool pump and equipment there are working
* Dishwasher working
* Remote controls for garage doors and security gates are there and work
* Check reticulation working
* Water pressure in taps