Are you looking for an investment property in Brisbane but don’t know where to start? Here are some tips for buying your first investment property in a “Buyer’s Market”: how to identify potential issues in your prospective investment property, how sellers might cover up problems, and how to fix major issues.
When considering your first investment property, Brisbane buyers are advised to buy smart and look beyond the cosmetic fixups and cheap renovations your former owner may have employed for a quick sale.
Here are some things you might want to keep an eye out for when inspecting a new investment property, and what you can do to fix them.
1. Sagging Roof Lines, Significant Cracking and Jammed Doors or Windows
Sagging roof lines, cracking in your ceiling or walls, and doors or windows that just won’t close properly are probably one of the key indicators that there is a major issue with the foundations of your potential investment property.
Uneven caulking or gap filler around your windows or doors may just be signs of a shoddy renovation. However, it could also signify a cover-up and there may be major foundation issues.
A roof should be arrow straight, so if these things are present in your investment property, it may be a sign of poor roof framing. Rusted roofing can be easily covered up with paint, so it’s important to check the underside of your roof before purchasing.
While roof framing or rusty roofing can be fixed, it can be quite costly and add thousands of dollars to your renovation budget. It’s also not something that can be fixed overnight. Often, the house will need to be empty before the framing can be replaced, which will impact on how soon you can start profiting from your investment property.
If you suspect your investment property may have roof framing issues, arrange an inspection with a structural engineer.
2. Rot, Mould or Water Leaks
Rot, mould, and water leaks may seem like issues that can be easily fixed. However, left untreated, they can cause major structural damage as the wood framing and support beams decay. It’s also easy to cover up with paint, so what began as a small issue can turn into a major problem.
When purchasing a new property, look for cracks in the ceiling, old water patches, and soft or spongy areas in the flooring. If the problem exists in the flooring, it can be covered up easily by a rug, so if you walk through a house before purchase, you should check under rugs where possible.
If left to spread, mould can cause your tenants to become very ill very quickly, so it’s best to fix this problem as soon as possible.
3. Electrical issues
Electrical issues can be a little bit more difficult for sellers to hide or cover up. Sometimes fixing the issue can be easy, sometimes it can be a sign of a larger issue, such as home handyman wiring. Some indicators are:
- Flickering lights
- Loose outlets
- Burning smell
- Defective burnt outlets
DIY electrical work can be extremely dangerous, so consult a qualified electrician and arrange for a thorough house inspection to determine any major issues.
Considering purchasing an investment property? Brisbane buyers rely on Action Property Inspections for professional pre-purchase inspections. Book yours today!