First Home Buyers Beware! How the Housing Industry Plays the Game

Buying your first home can be a nerve-racking experienceA veritable cocktail of high hopes and utter trepidation, making the decision to buy your first home and committing to such a sizeable purchase is a huge investment and a serious milestone.

So, it’s a given that you’ll be experiencing a range of emotions. This is a new house – a place which will be your permanent place of residence for many years to come and potentially the rest of your life. Outside of marriage or having children, few things could be considered a bigger commitment than this.

So no one would blame you getting swept up in all the intensity and emotional chaos that comes with making such a huge decision …. and this is where things often start to go a little pear-shaped. You see, among all the excitement, you may not realise what you’re up against here.

More Than 50% of New Homes Fail Our Inspections

Let that sink in. Inspections apply as much to brand new structures as they do to old ones, especially since many building contracts are awarded to the building team with the lowest bid. New homes are often failed due to structural faults, failure to comply with building codes and all manner of other issues, so don’t always be fooled by the dazzling packaging!

Unfortunately the housing industry is not all sunshine and rainbows .… and when you get into the nitty gritty, the reality is that at the end of the day the real estate system is in fact heavily stacked against you. There’s a LOT more to it than saving for a deposit and hoping beyond all hope that your offer gets accepted.

While it may seem like a fair and balanced process on the face of it, everyone involved has a vested interest and is ultimately just doing what they need to do to get their slice of the pie. That smiling real estate agent with the firm handshake and friendly banter? They might be contender for the nicest person in the world … but it’s far more likely that they are simply trained in the psychology of sales and acting solely on the best interests of the vendor and themselves. After all, it’s a very delicious pie they’re after.

So when it comes down to it, you need to make sure that you’re looking out for number one! What you truly want when it comes to buying a home is for everything to go as smoothly as it possibly can. No unforeseen costs, no dishonest sellers, no shady real estate agents, and most importantly – you absolutely do not want any hidden defects in your newly purchased home.

If, God forbid, things did not go as smoothly as you might have initially hoped … well, let’s just say that a couple of Panadol are not going to suffice. No one would think you crazy for being at least a little bit paranoid, because when you look at the numbers and do the math, everything starts to add up.

All the costs associated with stamp duty, finance fees, vendor advocates, legal services and other fees, there’s a very good chance that you’ll end up paying far more than the true worth of the property. And I think we can safely assume that this is something you’d like to avoid at all costs.

Why You Should Never Skip a Building Inspection

First home buyers often get swept away by the opportunity of owning their ‘dream home’ and end up signing on the dotted line with enthusiasm and the best of intentions … however, getting caught up in the whirlwind intensity of it all could potentially lead to a serious oversight: The indisputable need for a housing inspection.

Houses are complex pieces of work. Without an inspection, there is every chance that you’ll come to find that your seemingly pristine abode has in fact been hiding irreparable damage right under your nose the entire time – completely invisible to the untrained eye, but as real as the massive cost required to fix it.

All is not lost though. Ensuring that you have a house inspection will give you a completely objective and unbiased report, giving you the information needed to make a sound decision that isn’t clouded by your emotions.

When it comes down to it, an experienced and independent building inspector is the only party that remains well and truly impartial in the home buying process. An inspection gives you an honest appraisal of the property that cuts through the buttered-up sales pitch offered by an agent and provides you with an accurate and detailed summary of the structure’s condition and its present and future repair and maintenance costs.

What’s more, the report you receive from an inspection could even give you the bargaining power you need to knock thousands of dollars off the asking price during negotiations and save you a ton of money. It may also be the only thing that protects you from making a dud investment and gives you the chance to turn away before it’s too late.

At the end of the day, we just want to save you as much stress and unforeseen repair costs as we possibly can because we’re on your side until the very end.

  • Mike

 

By | 2018-07-09T13:57:01+00:00 June 27th, 2018|Blog|0 Comments

About the Author:

Mike Heathcote
Mike Heathcote is the founder of Building Masters Inspections and a veteran builder with decades of experience. Utilising his decades of industry knowledge, Mike has set up a Building Inspection service that is catered towards providing expert opinion on the true condition of buildings and helping house buyers find their perfect home Melbourne wide.

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