For Buyers
7 min read
The Hidden Facts About A Property to Know Before Buying
Buying a house is a big move. Real estate is a competitive industry, and if you take your time reviewing a property, you may miss the chance to secure it, as there are always other buyers out there.
But it is still important to inspect each property closely, seek legal advice, and get a property report before you make any offers, because a house is not a product that can easily be refunded, and the law tends not to favour buyers who want to pull out of an agreement. Whether your looking to buy a home to move into, or your interested in a property’s development potential, due diligence is a vital step.
In this blog post, we’re taking a look at some key details that you’ll want to check which may not be immediately apparent.
What to look for
Borers, mice, and termites: All these pests tend to gnaw holes into the timber of a property, which can be hidden out of sight in the dark corners of a house. Both borers and termites leave debris of dust which can be hard to spot if a house is heavily decorated and furnished. If you’re interested in an older home, hiring a property inspector to search for hidden structural issues can save you a lot in the long run, or keep you from purchasing a home you’d rather not buy.
Poor ventilation: Good looking properties can be poorly ventilated due to several factors such as improper installation of insulation, a faulty ventilation system, or poorly made upgrades to an old building. Poor ventilation means poor air quality, and this can be hazardous to your health if mould is allowed to grow out of sight.
Poor ventilation commonly occurs when attempts are made to upgrade the insulation in very old houses (built in 19th century) which possess no or few vents, as these houses were designed to rely on a fireplace as a central heating system, feeding off the air in the whole house. This is why it’s so important for upgrades to older homes to be made carefully, especially in New Zealand, where the climate can become quite damp anywhere across the country.
Electrical faults: You should be sure to look out specifically for outdated or poorly installed electrical systems in a pre-purchase inspection, as these can be costly to repair. And repairing them will be necessary—if wires deteriorate, they can quickly become a major fire hazard.
A property report, the land information memorandum (LIM), and the property title record are all important pieces of documentation that you should look into getting your hands on, so you’re not caught off guard by anything, and so you know the property fits in with you’re looking for.
A property report reveals in depth information about the property you’re interested in; it’s sales history, current valuation, building design & layout, neighbourhood facts (safety, demographics), and other valuable info.
A land information memorandum (LIM) report provides a summary of information on the property’s geographical vulnerabilities, rates, potential natural hazards, and any public planning/work projects that concerned the property.
Property title records reveal who the owner of the property is, and the legal rights and restrictions registered against them. You can order a property title record through the Land Information New Zealand website, or directly from Relab.
Again, outside of these documents, the best way to find hidden damage or hazards like those outlined earlier is to hire a professional inspector. Given the potential long-term costs of overlooking damage/hazards, it is worth every cent to hire a property inspector to examine your house, and to do your homework with property reports and titles. Depending on the size of your property, it usually costs no more than a few hundred dollars for property inspection.
Relab is New Zealand’s go-to place for collecting in-depth property information. When you’re interested in a property, speed matters—you need to do your due diligence, but you need to do it fast. That’s where we come in. We can help you track down all the property documents and information you need in one place, without needing to chase your local council or use multiple tools and websites. You can find out more about a property and even order a title online; access a free trial here and try all Relab’s features free for 14 days.
Buying a new home? These articles may be useful:
Your home buyers wish list; Are you prepared for your next open home?
How do you work out what a house is worth?
But it is still important to inspect each property closely, seek legal advice, and get a property report before you make any offers, because a house is not a product that can easily be refunded, and the law tends not to favour buyers who want to pull out of an agreement. Whether your looking to buy a home to move into, or your interested in a property’s development potential, due diligence is a vital step.
In this blog post, we’re taking a look at some key details that you’ll want to check which may not be immediately apparent.
What to look for
Borers, mice, and termites: All these pests tend to gnaw holes into the timber of a property, which can be hidden out of sight in the dark corners of a house. Both borers and termites leave debris of dust which can be hard to spot if a house is heavily decorated and furnished. If you’re interested in an older home, hiring a property inspector to search for hidden structural issues can save you a lot in the long run, or keep you from purchasing a home you’d rather not buy.
Poor ventilation: Good looking properties can be poorly ventilated due to several factors such as improper installation of insulation, a faulty ventilation system, or poorly made upgrades to an old building. Poor ventilation means poor air quality, and this can be hazardous to your health if mould is allowed to grow out of sight.
Poor ventilation commonly occurs when attempts are made to upgrade the insulation in very old houses (built in 19th century) which possess no or few vents, as these houses were designed to rely on a fireplace as a central heating system, feeding off the air in the whole house. This is why it’s so important for upgrades to older homes to be made carefully, especially in New Zealand, where the climate can become quite damp anywhere across the country.
Electrical faults: You should be sure to look out specifically for outdated or poorly installed electrical systems in a pre-purchase inspection, as these can be costly to repair. And repairing them will be necessary—if wires deteriorate, they can quickly become a major fire hazard.
Where you should look
A property report, the land information memorandum (LIM), and the property title record are all important pieces of documentation that you should look into getting your hands on, so you’re not caught off guard by anything, and so you know the property fits in with you’re looking for.
A property report reveals in depth information about the property you’re interested in; it’s sales history, current valuation, building design & layout, neighbourhood facts (safety, demographics), and other valuable info.
A land information memorandum (LIM) report provides a summary of information on the property’s geographical vulnerabilities, rates, potential natural hazards, and any public planning/work projects that concerned the property.
Property title records reveal who the owner of the property is, and the legal rights and restrictions registered against them. You can order a property title record through the Land Information New Zealand website, or directly from Relab.
Again, outside of these documents, the best way to find hidden damage or hazards like those outlined earlier is to hire a professional inspector. Given the potential long-term costs of overlooking damage/hazards, it is worth every cent to hire a property inspector to examine your house, and to do your homework with property reports and titles. Depending on the size of your property, it usually costs no more than a few hundred dollars for property inspection.
Need a detailed overview of a property?
Relab is New Zealand’s go-to place for collecting in-depth property information. When you’re interested in a property, speed matters—you need to do your due diligence, but you need to do it fast. That’s where we come in. We can help you track down all the property documents and information you need in one place, without needing to chase your local council or use multiple tools and websites. You can find out more about a property and even order a title online; access a free trial here and try all Relab’s features free for 14 days.
Buying a new home? These articles may be useful:
Your home buyers wish list; Are you prepared for your next open home?
How do you work out what a house is worth?