First home buyer

Discussion in 'Introductions' started by Nathan J, 5th Jul, 2021.

Join Australia's most dynamic and respected property investment community
  1. Nathan J

    Nathan J Well-Known Member

    Joined:
    5th Jul, 2021
    Posts:
    72
    Location:
    4121
    Hello, I'm glad I found this forum, it has so much information. (although its almost overwhelming).

    My wife and I are finally entering the property market in Brisbane after 16 years renting in one house (Landlord kept price super low and we did lots of work to the place).

    Will be keenly watching for tips and advice, specifically with regard to which are good Building Inspectors to use. Some people told us a lot of B & P inspections aren't worth the paper they're written on.

    We do have one specific question about a possible renovation, and I'll post that in the appropriate forum.
     
    Kenjamin likes this.
  2. skater

    skater Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    10,222
    Location:
    Sydney? Gold Coast?
    Welcome
     
  3. Nathan J

    Nathan J Well-Known Member

    Joined:
    5th Jul, 2021
    Posts:
    72
    Location:
    4121
    Thanks! And we bought a house in Rochedale South, unconditional today.
     
    craigc likes this.
  4. Colin Rice

    Colin Rice Mortgage Broker Business Member

    Joined:
    9th Jul, 2015
    Posts:
    3,183
    Location:
    Perth
    Welcome.

    B&P will come with a waiver of no recourse, so yes, important to get someone with a high care factor or it may not be worth much at all and can cost you bigtime.
     
  5. Nathan J

    Nathan J Well-Known Member

    Joined:
    5th Jul, 2021
    Posts:
    72
    Location:
    4121

    Thanks Colin. Our inspector found no major defects, and was a lot more positive about the place in person than in the report (which is obviously formulaic). Particularly pleased that the roof timbers all appear in excellent condition, no evidence of termite activity whatsoever, and only extremely minor evidence of soil movement. The vendors built the place 45 years ago and obviously did a great job.

    re/ the waiver of no recourse, I am reliably informed that an inspector's Professional Indemnity Insurer will concede readily enough with help from a decent lawyer. You simply cannot "terms and conditions" yourself out of major stuff ups.
     
    Colin Rice likes this.
  6. skater

    skater Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    10,222
    Location:
    Sydney? Gold Coast?
    Congratulations!