When you take out a Geelong home loan, it’s important that your new house isn’t hiding any nasty, expensive surprises that will add serious stress to managing your mortgage.
And that means it’s wise to do your real-estate homework carefully before you purchase. Investing in a professional building inspection to check over the property before you put in a bid can save you thousands of dollars. In fact, the results of an inspection might stop you even raising your hand at auction because you know the property’s got all the hall marks of a money pit.
At Konnect Financial Services, we’ve a passion for matching people to the right Geelong home loans. We recognise that being forewarned about hidden surprises means prospective home owners can make sensible financial decisions based on correct information when seeking a loan. And we reckon organising a building inspection before you purchase is a great tip for home buyers and real-estate investors.
Simply following that one tip could save you from the severe financial stress of juggling a massive and unexpected repair bill and mortgage repayments after your home’s hidden problems surface.
The Association of Building Consultants strongly encourages people to have a clear understanding of their potential purchase’s condition before buying. A key part of that understanding includes a reasonable estimate for potential repairs, which will have an impact on the size of the mortgage and its management.
Don’t be fooled by a home’s slick makeover that can hide evidence of cracks, leaks, pest damage and even structural issues. The association says a building inspection, complete with written report, helps uncover potential problems so you know whether investing in the property is a sound decision.
For example, if the property you’re keen on has ceiling and wall cracks, this could mean there’s movement in the footings. Bubbles and warping in plaster can be a clue that you have a problem with moisture or a leak while a musty smell in the air could mean a serious salt damp issue.
You can see more advice from the Association of Building Consultants on our Facebook page in the post titled Prevent a Nasty Property Surprise. It’s well worth a read.
Konnect Financial Services has been helping people access Geelong home loans for years. Once you’ve found a home that ticks all your boxes, including its condition and potential repairs, contact us to get the loans process started.