Obviously I don’t need to overstate the importance of a thorough property inspection when you are looking to purchase a property – it goes without saying right? But while most people are focused on how many bedrooms and bathrooms a property has, what condition the kitchen is in, or how big the spaces are generally (all important things, obviously!), there are three major things that are often overlooked, and they’re all outside. And while internal concerns are important, it’s the exterior that is often forgotten when people are inspecting property.
Image source: Domain
3 things often overlooked at a property inspection
1. Overall appearance – Firstly, when inspecting a property, you need to consider its street appeal. Have a look at the appearance from the outside and ask yourself a couple of questions. Does it have any appeal? Do you even like it? Will it appeal to others who will either rent or buy it from you once you have carried out the renovation? It sounds obvious but street appeal is key when purchasing a property for investment purposes.
Image source: The School Of Renovating
2. Surrounding properties – The house you are looking to purchase may itself be fabulous, but that’s almost irrelevant if it’s surrounded by less-than- ideal homes or neighbours. Neighbours, in particular, are something you cannot change – you have no control over the appearance of their property, what animals they own or how many cars they choose to park in their yard. You also have no control over how noisy or inappropriate they may be. I tend to go with my gut on this one – if you look at the surrounding properties and you cringe, prospective buyers, valuers and renters will do exactly the same.
Image source: Donna Homes Blog
3. Access – An often overlooked renovation aspect, but one that has the potential to wreak havoc on your budget is the property’s access. Access will determine how far away trades will need to park their cars and where the skip bin can be located. If it’s an apartment you need to consider on which storey it is located as travelling up flights of stairs or even elevator access can be problematic. Ultimately, access will greatly affect your renovation budget and thus your profit at the end.