Surfers Paradise Blog

When investing, it is essential that you choose the right property from the outset to reduce any day-to-day challenges during the management process of the tenant and property, but more importantly, to minimise any unknown and unexpected repair costs once you officially become the owner.

Following is a snapshot revealing five (5) common little unknown potential cover-ups of what you need to be aware of when purchasing your next property.

1. Illegal building constructions

This relates to building works, such as additions or alterations to a property without building approvals or a valid final certificate. These can include extensions, removing load-bearing walls, constructing decks, jetties, garages, carports, granny flats, pergolas, and the like. A property that is considered substandard, illegal in construction, unsanitary, unsafe, or unfit for human habitation can have serious consequences. Estimated costs to repair: up to $100,000+

2. Cracking

Some cracking that appears within a property, such as driveways, ceilings, walls, etc., can be considered normal wear and tear.  However, all cracks need to be taken seriously, especially ones in external house foundations and walls.  Large cracks (greater than 2mm in width); cracks that run diagonally across the wall; cracks on the interior finish in the same vicinity as cracks on the house's exterior should be a red flag concern. Estimated costs to repair: up to $50,000+.

3. Termites and timber rot

A property can have prior termite infestations that have been treated or potentially be infested.  While some termite damage is visible to the naked eye, much of it tends to be hidden deep inside a home’s wood components. Estimated costs to repair: up to $20,000+

4. Roof problems

It is not everyday practice for a buyer to get up on the roof when inspecting a property. However, cracked tiles, rust appearing on metal, or cracked pointing and bedding can lead to serious issues or the complete replacement of the roof. Estimated costs to repair: up to $20,000+

5. Rotten weatherboards and windows

Any paint peeling, cracks, holes, uneven surfaces, or splits in external wooden structures should be a high alert. Estimated costs to repair: up to $10,000+

It is highly recommended that before purchasing any property that you ensure that you invest in the services of a professional building inspector, pest-control company and appoint a reputable lawyer to manage the sale transaction.

For such a small outlay, it can save you thousands.