During a recent property search with some clients, it occurred to us that there are many people out there giving property advice. Very few of them have any accountability or genuine expertise.
Without a doubt, friends, relatives and acquaintances want the absolute best for you. However, they’ve probably only purchased one or two properties in their entire life. As Buyer’s Agent’s we purchase around 6 houses per month, every month, of every year. Just as you’d see a doctor for medical advice or a finance expert for financial advice, it’s wise to see a buyer’s agent when making the biggest investment of your lifetime.
We know what questions to ask about the property and we know when to refer people on to building, legal or other experts to minimise any risks.
During a recent purchase, whilst conducting our due diligence, we discovered that a building extension on a property our clients wanted to purchase wasn’t council approved.
Due to our experience, we know the risks involved with purchasing a property without approval. However, as it was a legal issue, we recommended our clients seek the advice of their legal representative. In this case their solicitor advised them not to proceed with the purchase.
If the council hasn’t approved an extension, a potential purchaser has a few options. The buyer can try to get a Building Certificate, however, in this case we knew the home owner had been trying to get one and was unsuccessful, so it was likely the new owner would also be unsuccessful. Alternatively, a purchaser can continue with the transaction and try to negotiate a discount or they can just take a risk. According to Newcastle City Council, “When building works are undertaken without approval, this is sent to our compliance team to investigate further once we are made aware of the works being completed. The actions that are taken are highly variable and assessed on a case by case basis. There is no set framework that works for each possible scenario.”
Our clients didn’t go ahead with the purchase. The team at Property Solutions 101 kept looking for a property that passed all of our due diligence and found them their perfect home.
Remember, the selling agent’s objective is to sell the property at the highest possible price for their client.
As Buyer’s Agent’s, our objective is to look after the best interests of our client – the buyer.
Our key message is:
When making any property purchase, only listen to those experts working in your best interests.
To find out how we can help you make a reliable purchase please contact us on 02 4047 2121 or fill out the online enquiry form here https://propertysolutions101.com.au/contact/
