What A Buyers Agent Will Look For When Inspecting a Property
If you've ever bought your own property then you'll know that there are so many things you need to look for to make sure you're not buying a lemon or getting ripped off. While purchasing a home or property is supposed to be something that is exciting and rewarding, on the downside if you get stuck with a lemon it could cost you a fortune in time and money to fix.
That's why a professional buyers agents can not only save you from potentially making the biggest mistake in your life, they will also do a very thorough job of inspecting your property and giving you a completely unbiased report detailing everything you need to know to make an informed decision. For example, if you know that there are problems with the house and that the market value is not what the real estate agents are trying to convince you of, then you will have a strong negotiation strategy to approach the seller with if you decided you wanted to purchase the property anyway.
Here's what a professional buyers agent will look at for you when inspecting a property:
On arrival.....
• Check out the area to ensure the home conforms to the other homes in the area
• Ensure the other homes add value to your intended purchase
• Ensure the land is relatively level
• Check that drainage is good and that surrounding homes are not all higher than the home being considered for purchase
• verify that any outside improvements (eg garden sheds, garages, carports, etc) add value
The home....
• Check for safety switch
• Check for fire alarms
• Check hot water system for age and whether it is electric or gas
• Measure bedroom size
• Attributes of each room – Air conditioning, fans, flooring, curtains or blinds
• When the house size is a major factor on the buying price – try to verify the size of the house, were possible – it’s best not to solely rely on an Agents ‘opinion’. We also try to get a floor plan when available
• Check any improvements are approved by Council – where possible
• Investigate evidence of structural damage or faults- were visible
• Check if the roofing is tile, colour bond or asbestos - where possible
• If the property has insulation
• Investigate the condition of fascia-boards, gutters and downpipes
• Check the condition of paintwork, carpets, tiles, plasterwork, in-built wardrobes, wet area
• Look for evidence of a leaking roof, i.e. stains on the ceiling and damp spots, mildew, etc
• Look in laundry, bathroom and kitchen cupboards for water issues
• Check taps for water hammering and leaks
• Check that all the lights and power-points work where possible
• Verify the tiles are solid and not lifting
• Look for evidence of white-ant activity
• Verify all fixtures (such as the air-conditioner, exhaust fans, ceiling fans, etc) are operating where possible
• Note the brand of cook top, oven and dishwasher
• Confirm exactly what is included and excluded in the property, eg dishwasher, remote controls, curtains, blinds, rugs, light-fittings, TV aerial, garden shed, outside cubby house.
• Look at anything that may need maintenance & note it down - where possible
• Take photos of the good, the bad and the ugly for our clients.
• Take photos of up the street and down the street.
• Take note which way the house is facing – and impact this will have on living areas
• Take note of which way the outdoor entertaining area is facing
Some more things Buyers Agents do when Buying Property for clients
If the buyers agent is looking on behalf of a home buyer then they look at how it suits their personal requirements and meets their Property Goals.
If the property is for an investor, they look at the property with different eye’si.e. tenants, investor, the growth potential, how easy it will be to sell in years to come and will it suit a home buyer in the future.
There are even more things that a buyers agent look sat and take into consideration when inspecting properties for their clients - this is just an overview.
Then after all of this, it may be determined that the property simply does not meet the buyers agents expectations for theirclient’s needs and requirements – sometimes they just know you can do better with your money!
14 Reasons to Have a Buyer's Agent Represent You
There are many great reasons why you might want to hand over the purchase of your home or investment property. Here are the top 14.
1. First and foremost: A Buyers Agent never works for the seller.
2. To take the emotional side away for the buyer, so the selling agent can not use this against the buyer to get them to pay more
3. To prevent bad buying decisions made by unrepresented buyers, such as buying properties with easements or encroachments that may adversely affect the property e.g. flood-affected land; adjoining land held for future infrastructure projects; new roads or tunnels; city or water views that can be built-out by unexpected development. All of this is researched by your buyers’ agent as they have access to research and data that is not publicly available. This helps to take the guesswork out of buying property and makes buyers that are represented by a buyers agent a step ahead of others buyers as they well informed buyers and are not ‘buying blind’.
4. To do all the running around - looking, inspecting and researching properties that may suit and ruling out the ones that would have wasted your time. This gives the buyer back their evenings and their weekend family time, as family time is a very precious thing these days.
5. Buyers without a Buyers Agent on their side will often miss out on the good properties because they have to wait until the open house on the weekends or after they finish work to inspect it – only to find that that the property is already under contract.
6. In a rising market, if buyers keep missing out then it takes longer to buy and as the market does not wait for anyone, the buyer ends up paying more and more and in turn this means your mortgage and repayment rise as well.
7. Because your Buyer Agent researches properties every day single day and have done for years, they have developed good relationships with local Selling Agents. We have access to properties as soon as they’re listed for sale and often before they’re advertised. Your Buyers Agents aim is to provide buyers with the first choice of properties that will be in high demand.
8. In a slow market, your buyers’ agent may need to educate the selling agent and the sellers on what the ‘market price’ of the property is. Sellers are usually delusional and behind the market conditions and still want the best price for their property (which is usually well above what it is worth!)
9. To ensure the Buyer never pays more then a property is worth under any market conditions.
10. To purchase the property at the lowest possible price.
11. To ensure the contract conditions and special conditions are in the buyers favour, not the sellers.
12. To ensure the buyer places minimal deposit down, only after the sellers has agreed on the contract and not before.
13. To give you help and guidance after the property is under contract, making sure all conditions on the contract are met on time, liaise with your lending institution and Solicitor, attend building and pest inspections for you - this way you do not have to take time out from your everyday lives to attend to the details
14. Your Buyers Agent should attend the pre settlement inspect as they have the written report and took the photo’s for you when the property was first placed under contract and will know if something is missing or damaged since then.
There is a lot more things your Buyers Agent does when looking after the Buyer but we would be here all day, the above are just the tip of the iceberg!
The 14 Best Reasons outlined above are only some of many reasons to seek out the services of an Accredited Buyer's Agent. The best Buyer's Agents never give their clients any ‘sales talk’ or use manipulative language to get an offer from the client.
Buyers Agency at its purest has an unbreakable alignment with truth. This means pointing out the negative aspects of the property like size, location, noise factors etc. Dropping personal opinion and replacing it with statistical fact. This also means going over all the sold properties that compare well with the property in question
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