5 Critical Things To Consider When Inspecting A Property
Buying a property is a huge decision. Do we like the street? Do we have to drive the kids to school or is there a bus? Will this property grow in value over time?
Whether you're a first-time homebuyer or looking for your forever home, there are crucial factors to bear in mind when assessing whether a property is right for you. In this article, we’ll explore five critical aspects that should be at the top of your inspection checklist, which will help you identify the perfect property.
Street Appeal
First impressions matter, and the street appeal of a property can leave a lasting impact on potential buyers. When you arrive for an open house, take note of the overall ambience of the street. Look for tree-lined streets with mature trees, as these can enhance the appeal of the neighbourhood. Houses that exude pride of ownership are typically well-maintained and visually appealing. Notice the visual aesthetics of the property, such as a white picket fence, a landscaped yard, or period features on the facade. Moreover, consider the appearance of the neighbouring houses, as they can also influence your living experience in the area. Street appeal sets the tone for what lies ahead, making it an essential factor to consider. However bear in mind that street appeal can be manufactured, so if the property doesn’t have that wow factor, consider what changes you could make once you purchase the property.
Layout
The layout of a property can significantly impact its functionality and appeal to potential buyers. Older properties often feature sectioned-off areas, such as separate kitchens, living rooms, and dining rooms. However, modern demands have shifted towards open-plan designs, which integrate kitchen, living, and dining spaces. Renovated older properties with open-plan layouts tend to attract more buyer interest. Additionally, consider the bedroom configuration—properties with a master bedroom separated from the kids' bedrooms are particularly desirable for larger families. A layout that maximizes space and flow can greatly enhance the overall appeal of a property.
Orientation & Natural Light
The orientation of a property and the amount of natural light it receives play a crucial role in creating a pleasant living environment. A north-facing rear is highly desirable since it allows for more sunlight to enter the house, especially in areas like the alfresco or open-plan living spaces. If the property does not have a north-facing orientation, look for houses with skylights and large windows that can compensate for the lack of natural light. The presence of abundant natural light can significantly enhance the ambience of the living spaces and positively impact your overall well-being. We’ve had clients walk through almost identical properties on either side of the same street before, and can’t quite put their finger on why one ‘feels’ better than the other. Chances are, they liked the property on the North side of the street more.
Strategic Risks
Before finalizing a property purchase, it's vital to assess potential risks associated with the location and the property itself. Common risks include flood and fire hazards, sociodemographic factors, and structural issues of the property itself. Familiarize yourself with the area's history of flooding, fire risks, and crime rates. Additionally, conduct a thorough inspection of the property to identify any structural problems, such as termite infestations or roofing issues. This is best confirmed through a Building & Pest report, although ensure your inspector is experienced in construction. Weigh these risks against your purchasing criteria and determine if the potential rewards outweigh the hazards.
The Agent
Every real estate Agent has one job – achieve the highest price for their seller. Yet every Agent approaches that job in a slightly different way. Some Agents prefer to guide the property lower to engage more buyers (and hope that competition pushes the price higher), while others prefer to be accurate & transparent. The challenge is knowing how the real estate Agent operates when you’re ready to make your first offer. Because we’ve worked with almost every real estate agent in Newcastle, we rely on that prior experience to inform our decisions when negotiating on behalf of a client, to ensure they aren’t being hoodwinked.
Conclusion
Inspecting a property is a crucial step in the home-buying process that requires careful consideration of a number of factors. By carefully evaluating these critical aspects, you can confidently make informed decisions and find the perfect property that aligns with your needs and preferences. Remember, a thorough inspection is the key to making a sound investment and finding a place you can call home.
If you need help in your purchasing journey, enquire with us here.