With spring a popular season for house-hunting, many would-be buyers are hoping to capitalise on the current market conditions.
Rob Westwood from First National Westwood Real Estate says there are five things to look out for when researching a property:
■ Houses that have been sold multiple times over a short period. This could signal a problem with the house or location.
■ Easements that could affect what buyers would like to do with the property, such as installing a pool or extending. Check the plans carefully or seek legal advice.
■ Overhead wires or stormwater drains and easements that could impact the value of the property and prove restrictive or prohibitive.
■ Zoning and regulations – houses in areas susceptible to ‘forces of nature’, such as flood or fire, can add to the cost of insurance.
■ Location – the high side of the street is often more valuable. Check if the property is under a flight path or in a heavy traffic area.
“People get very excited when they find a home they fall in love with but it’s important to stay level-headed,” Mr Westwood said.
“Local amenities and services are also important to research. This includes the property’s proximity to schools, shops, health and welfare centres and recreational facilities.” He suggests using the internet and local council to find out what properties in the area are worth, and for information on planning, zoning and regulation. Discussing the property with its neighbours and real estate agents may also prove beneficial.
