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Real Estate Investment Tip - Why Property Reports are essential

Before purchasing a piece of real estate it is so important to examine all aspects of your purchase namely the real estate, building and legal issues. Our property reports has saved our clients much grief, I would like to take this opportunity to cite some examples.

The first report we complete is our Property Evaluation Report, this report examines real estate issues including the true market value of the property. This report has saved our clients much time and disappointment. Under quoting is a common practice amongst selling agents. Through providing our clients with recent and comparable sales results this report identifies if we are a realistic chance of purchasing the property. For our investor clients we examine capital growth prospects and likely rental return.

The next report we complete is our building and pest report. Over the years this report has identified a number of serious building faults which has allowed our clients to avoid the contract and substantial financial loss. Illegal and faulty plumbing, the absence of a brick party wall, termite infestation are a few serious examples of faults we have detected.

The final report that we undertake is our legal report. Our in house lawyer examines the contract and vendors statement before our clients sign. Again this report has the potential to save our clients much heartache. An example of this was the proposed purchase of a block of land near a river for the purpose of building a new dwelling. The selling agents marketing spiel was laced with phrases such as “build your dream home here”. Unfortunately the land was encumbered with an inundation overlay. An inundation overlay restricts what can be built on the land because it may be subject to flooding. Our identification of this overlay saved our client from a potentially disastrous situation.

 

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