4 things to watch out for when buying a home
Exercise caution when purchasing your next property.
Queensland is gaining recognition as one of Australia's most economically viable growth regions for property investment, with affordable real estate and strong-performing areas like the Sunshine Coast and Gold Coast attracting buyers priced out of more expensive markets such as Sydney and Melbourne.
However, potential buyers should exercise caution, as purchasing property in Queensland comes with certain risks that, if overlooked, could turn a seemingly perfect home into a financial burden. While common issues like household pests and structural damage are well-known, addressing the following concerns with appropriate solutions is crucial:
1. Termite Infestations:
Issue: Queensland is notorious for termite problems.
Solution: Conduct thorough building and pest inspections, ideally with professional assistance, to detect and address termite infestations early.
2. Proximity to Construction Sites:
Issue: Brisbane and southeast Queensland are experiencing a surge in construction approvals, potentially leading to noise and debris near new homes.
Solution: Investigate the proximity of upcoming projects before purchasing, checking local council websites and researching on your own to avoid surprises.
3. Flood Resistance:
Issue: Queensland has faced challenges with flooding, especially after events like Cyclone Debbie.
Solution: Prioritise assessing a property's ability to withstand adverse weather conditions, including flooding. Inspect the property during poor weather and research its history with respect to flooding.
4. Noisy Neighbors:
Issue: Queensland's popularity attracts tourists and international students, leading to potential noise disturbances.
Solution: Visit the property at different times of the day to assess potential noise disturbances. Consider having conversations with neighbors or consulting local authorities if noise issues persist.
In addition to these concerns, hidden costs associated with older homes should be addressed:
Solution: Thoroughly inspect every aspect of the property, including structures like retaining walls. Do not hesitate to ask questions about potential repair costs and maintenance needs.
Taking a meticulous approach to property inspections and addressing potential issues ensures that the chosen property becomes a sound investment or a comfortable home without unexpected future regrets.
Matthew Tembo is a Brisbane-based buyers agent helping young Australian families and professionals acquire property. Whether you’re a first home buyer or investor, Matt can help you find and secure the right home to reach your goals.
