The real estate market has seen its fair share of fluctuation over the years. On top of that, Australia continues to see a decline in homeownership with every generation. As Millennials and older Gen Zs look for properties on the market that are more affordable, it’s no wonder some would try to capitalise on that by selling their lot for a low price but have the repair costs go above and beyond.
Although that can result in cool and inspiring fixer-upper tales of breathing new life into broken-down properties, sometimes there’s still a substantial difference between a great deal worth the trouble and a major scam. Here are some things to look for when checking out land and homes.
Make sure you see the place in person
That applies to houses, lots, apartments, you name it. What’s worse than being tricked into buying a dump is being scammed out of money for something that was never there. House and land packages are in adequate quantity, so there are tons of people who can post pictures online, pretending to be a seller of a plot of land. Any legitimate broker, company, or individual seller would be open to real-time visits so you can check out the area and the property itself. Even in projects still under development, you should be able to have a site to check out.
If you hear anything about not being able to go and having to rely on photos they provide, it would be best to back out of that. A good steal would be promoted well, and developers would be even happier to oblige those willing to visit and be one more step to sealing the deal.
Check the development company’s history
Has the development company of the space you’re eyeing had reputable feedback that you can check? Have they finished any projects that now have occupancy? These can give you a better idea of what you’re dealing with. If they check the right boxes, then you can confidently go ahead and be happy with the great prices you’re getting. Otherwise, you’re risking some shady things if you go with a deal with someone who can’t provide papers, information, and the like.
Get a new inspection done
One might think extensive damage would be apparent, but it can be covered up, especially if visitors are expected. Make sure you get a thorough assessment of the place, even if you have to hire professional home inspectors to come through. It’s worth the investment anyway, especially if you’re getting a fantastic deal on the property. It’s even better to snatch up a house that could use some work but has an upfront seller rather than a seemingly pristine one that may surprise you with sudden leaks, mould, or foundational damage.
Make sure you have these in mind when shopping for a house or land with a smaller budget in mind. Though there are great prices to be found out there, there are also a lot of bad seeds sprinkled around trying to take advantage of thrifty buyers.