The Ultimate Tool For The First Homeowner

Whether you are a first home buyer or a seasoned property expert, purchasing a home, especially one that is off-the-plan, will present to you multiple challenges. Be it negotiating a price, choosing which level the apartment is on, or choosing the colour scheme of the finishes, the pressure can sometimes be overwhelming. 

The main fear with purchases off-the-plan is that the final product is not what you were promised, and these realisations are more often than not discovered during the final inspection. It is here, at the pre-settlement inspection, that novice buyers find the most intimidating; the excitement of seeing your apartment in the flesh, coupled with inexperience and limited technical know-how, leads to many signing off on the unit without proper consideration. 
 

"Almost 85% of strata-titled property owners who haven’t done a proper inspection have experienced defects in their homes."

“Buyers need to ensure they get detailed specifications of all finishes and fittings documented in their sale contracts,” said Adam Warden, Director of Pre-Settlement Reports, “this includes retaining photos of all colour schemes and materials agreed in that same contract.”

“They should also ensure that they get dimensioned floor-plans to avoid any problems with ‘shrinking’ apartments.”

Pre-Settlement Reports is designed to do the inspection for you, making sure that you, the buyer, have the knowledge, advice, support, and experience, to both inspect the property properly as well giving you the confidence to engage with the developer and builders should anything be under question.

“The report is a detailed written account of the property’s condition, including photos where required performed by an experienced and qualified inspector,” said Warden.

Using Pre-Settlement Reports can prevent horror stories of the past:

- major layout changes

- ‘shrinking’ apartments

- wrong/inferior fittings and finishes

- dodgy shortcuts

- or serious negligence

“We’ve had clients that were promised reverse cycled air conditioners, only to find out six months later, when Summer arrived, that they were only heaters,” continued Warden.

For a first-home buyer, it is down to luck, as you not only have to spot current deficiencies, but also predict if any faults will occur down the line.

“Whilst we have seen small, but important things such as missing smoke alarms and doors that don’t lock, we also have to check the quality of the workmanship to ensure that in two months time tiles don't start lifting and cracking or that cornices don't fall off.”

If something is wrong with your apartment, the experienced inspectors will be able to identify the defects and issues, document them and stand by them if any disagreement takes place. Having a detailed, factual and objective report that the buyer can share with his/her solicitor as well as the developer and builder, makes the process of remediation very simple and straightforward. Pre-Settlement Reports even offer a service to review the defect remediation on the buyers’ behalf.

“If something was wrong, our expert report would enable the buyers to approach the developer/builders with remediation during the warranty period.”

“Should there be any argument, the buyer will have our expert report as a fall back to count on be it through through arbitration or through court.”

Details of your apartments’ finishes, colours, fixtures and appliances should all be laid out in your ‘schedule of finishes’ located in your contract. Reporting defects, issues or inconsistencies within your apartment whilst the builders are still on site will save you a lot of time and anguish, and may, in certain circumstances, save you significant financial outlays in the future.

Pre-Settlement Reports are available to inspect your apartment, before you sign off, all over Australia. 

Get more market insights and tips for buying off the plan apartments here.