They say that home is where the heart is. And it’s true that we spend so much of our time, money and emotions in our homes. So it can be hard to truly look at them and think that something could be wrong.
But when you’re selling your home, or looking to rent it out as an investment, any faults or flaws can cost you money.
That’s why it’s a good idea to have a building and pest inspection done before you list your home.
If any problems are uncovered, they can be dealt with there and then; if there aren’t any problems, you’ll be able to show potential buyers or renters the inspection results.
This will potentially help you get more value from your property.
Pesky pests
There are a number of common pests in Australia that can affect homes and cause problems for homeowners.
The ones most likely to cause trouble are cockroaches, rodents, and bedbugs. Destructive termites are also a serious issue in some areas of Australia, mainly in coastal areas and especially up north.
Cockroaches and rodents carry disease, get into and ruin food supplies, and leave droppings behind, making homes unsanitary. They are particularly dangerous to children and pets, though adults can also become sick from contact with these animals or their faeces.
Bedbugs aren’t likely to carry disease, but their bites are painful and itchy, and their life cycle makes it extremely difficult to remove them from a home. Like fleas or lice, their eggs are basically impervious to chemicals.
This means that a home must be treated multiple times; the first treatment will kill any adults and nymphs that are currently present; the second treatment is designed to kill any eggs that have hatched into nymphs before they can become breeding adults.
Each of these pests can be difficult to manage on your own, and often require professional treatment to eliminate the problem.
Demonstrating that your home is clear of them can make it possible to sell your home for a higher price.
If you’re renting your place out, on the other hand, you’ll know if the pests entered the property before or after your new tenants.
Building inspections
Many buyers will want their own inspector to survey the building before they place a bid, but you can sometimes skip that process by having your own inspection completed.
You can also have a building inspection completed before you even consider listing your home for sale.
Building inspectors look for all sorts of faults in a home, from major structural damage to leaking pipes.
Once any problems are identified, you can make a decision about whether it’s better to disclose the issue and lower the selling price on your home, or fix the problem before you sell the house.
Which solution is right for you depends on the specific damage and the cost of repair.
The one thing you should absolutely not do, as you prepare your home for sale, is to take the ‘she’ll be right’ approach.
There’s nothing worse than having a potential buyer uncover something you should have known about. This immediately makes the buyer wonder what else you don’t know about – or worse, aren’t telling them about.
Final word
Whether you’re looking to sell, or simply looking to get in new tenants, knowing that your property is in tip-top shape can help you maximise the return on your investment, and make smart decisions about repairs and pricing.
If you’d like to find out more about this topic, or others that may help increase the value of your property, then get in touch – we’d love to help out.
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Author: Pat Casey – Managing Director & Financial Planner Sydney – Assure Wealth
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Disclaimer: The information provided on this website has been provided as general advice only. We have not considered your financial circumstances, needs or objectives and you should seek the assistance of your Walker Lane Pty Ltd Adviser before you make any decision regarding any products mentioned in this communication. Whilst all care has been taken in the preparation of this material, no warranty is given in respect of the information provided and accordingly neither Walker Lane nor its related entities, employees or agents shall be liable on any ground whatsoever with respect to decisions or actions taken as a result of you acting upon such information.
Assure Wealth Pty Ltd ABN 31 965 466 780 Corporate Authorised Representative no. 1244817, Patrick Casey Sub-Authorised Representative no. 1244748 of Walker Lane Pty Ltd ABN 70 626 199 826, an AFSL holder No 509305.
