What Buyers Look for When Inspecting Investment Properties

ApartmentsApartment developers need to make sure that their properties are free from building defects, even if it is just as small as commercial door hinges.

That is because most buyers check for fault construction work for units. Clients may ask agents if the property has undergone a thorough building inspection. In some cases, buyers would hire a third-party inspector to be extra sure.

Building Bond

If you have projects in New South Wales, for instance, the state’s recent rule on a building bond serves as another reason for keeping apartments free from defects.

The bond is payable to the Department of Fair Trading, and it should be equal to 2 per cent of the contract value. This will be returned after two years if an independent inspector finds no building defects.

Otherwise, property developers need to use the bond and spend it on rectifying the construction flaws. The bond applies to residential buildings with at least four storeys. The bond also covers buildings with a commercial component. New South Wales imposed this for all contracts signed by the start of 2018.

Buyers’ Checklist

While buyers may find no fault on your building projects, other factors such as floor plans can make or break a deal. Some design experts said that a good layout involves a decent amount of space that separates the living room and sleeping quarters.

Natural light serves as another reason for buyers to consider buying a unit. The position of windows will be important in the flow of sunlight inside, so consider this aspect instead of focusing on skylights for interior spaces.

Understanding what buyers look for when planning to buy an apartment is important to boost the chances of a sale. Whether or not a regulation requires you to pay a building bond, the law still requires developers to sell units without any structural problems.