How to get a property evaluated by professional experts before purchasing?

Hi guys,

How do I get a property evaluated before purchasing. Who should I contact ?

- Would like to know from expert their opinion if the right price for the property and if it is a good property to purchase.

- Also would like to check with Engineer / Builder if the property is structurally good, has any issues or anything that I need to be aware of. how to do this and who to contact.

Thank you

 

Thank you rolf

What is pest and build ? I would need this done before purchase

 

Is it something like this ?

pest and build - Google Search

 

Do you mean valued?
If so you could use your own valuer or could rely on the banks valuers - but they would need a contract of sale with a price to value.

 

With respect, you should not be making offers on or attempting to buy a property, unless you already know these things. Otherwise, a good buyers agent as @Rolf Latham has said, (who will charge you a fee for service) and who is familiar with the area you are purchasing in, will be able to assist you I'm sure.

 

Thank you guys for the replies..

Will the listing agent allow for all these inspections by pest and build and the buyers agent outside of the open ?

 

Some good advice there.
You seem to be at the beginning of your journey so I would take a step back and do some education on the steps you take in making a purchase.
There is no rush to make a purchase, learn as much as you can and then apply that knowledge and you will reduce your risk of making a bad purchase or not being able to complete a purchase

1. if buying in NSW you need to learn how offers are made, how cooling off works, how to juggle finance and building and pests during the buying process.
2. If you are buying interstate then the rules will be different again - never assume they are the same as your home state
3. See a broker and talk about your borrowing capacity
4. See a lawyer who handles property transactions and understand how the contracts work and your rights in purchasing
5. Possibly see a Buyers Agent who can help you with your first and your education process
6. Learn how to spot a good buy by knowing the market in an area. After awhile of comparing sold and current listings you will be able to tell if something is a better buy than others
7. Lean about property managers (fees), body corporates, land tax, strata fees, landlord insurance and how they will all affect your cash flow
8. If you want to renovate on top of all that then you need to understand how to estimate the cost of the works, if Council would require a building permit, how to manage to the trades and work
9. Once all you know all that then you can make an offer (after having your lawyer review the contract)

 

Most bank websites etc have homebuyer guides. Read those first. Your danger is not asking the right questions or using the right words.

 

Yes absolutely. The agent will likely send their assistant. But that's what they need to do to get the property sold.

 

One more question - who would help in evaluating the area features such as flood risk and other such aspects ?

 

What do you mean by evaluating?

 

This should be a part of your normal due diligence done by yourself. Otherwise out-source it to your BA, or solicitor who will charge you for it.

 

But you cant outsource decision making.

Mortgage brokers know about loans, but you decide what features are important. Inspectors tell you what is wrong with a house, but you decide whether this is acceptable. The solicitor can explain what a flood plan says, but you decide whethet to take the risk of 1 in 50 years, 1 in 100 years, whatever.

 

Based on your questions you appear very green in property, which is totally fine because your in the right place.

Can I just ask though. What professionals have you spoken to to date? If a mortgage broker/bank isn’t on that list then that’s where you need to. I would highly recommend a broker as a lot of them will have contacts to the other professionals you need.

 

Often the MB is a good first step to gauge your capacity and ability to obtain finance and how much.

Then this can arm you with tools to find a property. A BA can help but for a first property is a lot of extra $$ you may not have. But may help for an IP out of area etc.

Then when you find a property you want some help to ensure you do it well and are protected. Solicitor to review contract BEFORE you sign. Also P&B and other inspections to ensure its sound BEFORE you sign or as a "subject to clause". Lawyers will likely recommend "subject to" clauses and advise on this. Never sign a thing without advice !!

Post purchase consider tax advice and learning all about the tax process. The ATO, PC and even sources like our PAS TV can all help.

Example - First home buyer grants, duty concessions, stamp duty, taxes like land tax and so on......

 

Thank you guys for the replies. All very useful in learning process as to where to look and what to look.

 

Hi guys,

At what stage in the process should I ask for the Pest and Build check permission from the listing agent ? Could I do it as the very first step even before I make any ofger for it ?

 

It is $550 inc. GST normally and it gives you some understanding of what the condition & the problem that the property may have.

 

How is that possible to bring in B&P inspector which usually not cheap during the inspection / open house before the auction?

..and if you lost the bidding process, then you will still also pay for the B&P ?
which is of course not tax deductible.