Real estate is one of most sought-after modes of investment nowadays and for good reason. Although this type of investment takes time and requires a deep understanding of the property market, investing in properties provides high capital growth and income security over time.
The property market is even more interesting when you live in Australia. According to an article published by Foreign Policy, Australian real estate has been a sure thing in investment with sharp yearly increases as a norm. Even with downturns, the market will surely bounce back without issue.
That is the reason why property investors like you need to start investing more in Australian real estate. The risk is lower compared to other markets, so you’ll surely get your money’s worth one way or another. However, you do have to make sure that you’re investing in a good-quality property. No matter how good the investment climate in our country is, if the property you’re looking to buy is not good, then you would not get high investment returns.
Faults you need to watch out for when looking to invest in buildings
If you’re looking around to see properties you’d like to invest in, it’s wise to have an inspection done before you lock-in your purchase. In an ideal world, people selling properties will always provide full details on the property you’re purchasing. However, those faults might scare away buyers from the investment. To make sure that you are seeing the full picture on your next building purchase, here are some faults you need to watch out for when thinking of investing in buildings.
Roofing damages or installation issues
You might be surprised to know that roofing issues are some of the top problems that building investors face after purchasing a property. With heaps of elements to check out in buildings, people often neglect to take a good look at the state of a building’s roof.
There are a lot of things that could go wrong in roofs. Some of these include leaks, improperly installed roofs and flashings, ponding water, punctures, and issues with ventilation. These issues will not just cost you money, they might also threaten the safety and security of the people who will be using the building that you’re looking to buy. To be on the safe side, always check your roofing before finalising your purchase.
Timber pest infestation
Whether you’re looking to invest in residential apartments, commercial buildings, or single-family homes, one of the things to look into is the timber pest control on the property. Pests like termites, wood decay fungi, and borers can compromise the structural integrity of your property. Additionally, these can also pose health risks to the people who will be using the property. With the help of a good timber pest inspection team, you should look to see if there are active pests in your new investment property and if there is evidence of damage due to these pests.
One thing you should also consider when purchasing a building is its subfloor space. There are heaps of subfloor installation mistakes that could end up costing you a lot of money in the long run. Some of these are improper spacing, improper nailing, foregoing subfloor solvent-based glues, and hammering edges of your floor. You should have an inspection team come in and check the subfloor space, as these mistakes can damage the evenness and crush the wood fibres of your subfloor.
Interior and exterior structural cracks
While people usually ignore cracks in building interiors and exteriors, professionals know that these can lead to damages if left unchecked for an extended period. If you are looking to buy properties that are relatively aged, hairline cracks may be unavoidable. However, there’s a huge difference between hairline cracks on a façade and structural cracks.
Hairline cracks can be repaired easily; structural cracks are another story. You will need the help of professional building inspectors in assessing the situation and handling the repairs for you when it comes to structural cracks. Otherwise, the structural integrity of the building you’re looking to purchase could be compromised.
No matter how much you try to prevent them, some accidents are unavoidable. However, there is a way to assess the probability of having disasters like fires in buildings you’re looking to own. Have your team look around and see if the sprinkler heads are working. These should be placed strategically to be effective during accidental fires. Additionally, check for faulty electrical wirings. While you’re at it, look into the design and installation of the safety systems and equipment.
Water damage like leaks, roof pools, and the like should be checked for when looking to buy any property. This is one of the critical areas to assess before you think about purchasing a property. Water damage might seem like a simple problem to solve, but the health hazards that come with it are not.
Apart from physically damaging your property, water damage can lead to the growth of bacteria, fungi, mycobacteria, and actinomycytes. This type of building fault will not only cost you in terms of repairs, but can even cost your health or the heath of your tenants as well. To prevent these issues from happening, make sure that the property you are looking to buy does not have extensive water damage.
Let EBI help you invest on worthy properties now!
Exceptional Building Inspections is one of the premier inspection companies in Australia. We promise a thorough building inspection at an affordable price, and we guarantee that we will give you the best value for your money. We spend almost twice the time in inspecting properties compared to our competitors, giving you the assurance that we take the quality of our work seriously.
If you want to make sure that the property you want is worth its price structural-wise, we are the best company to approach. As we always say, our inspection is your protection. Contact Robert Taylor now and see how we can help you decide on your next property investment.