Top tips to inspect properties when buying your first home

Buying your first home is an exciting milestone, but it requires careful consideration of many factors. One of the most critical steps in the process is conducting a thorough property inspection. For first time home buyers in Windsor, understanding what to look for during an inspection can save thousands of dollars and prevent future headaches.

Understanding Your Financial Position Before Inspections

Before you start attending property inspections, it's essential to understand your borrowing capacity and get pre-approved for your first Home Loan. This process involves reviewing your financial situation, including bank statements and determining your loan amount potential. Many first time home buyer programs and first time home buyer schemes are available to assist you, including the Home Guarantee Scheme and first home owner grants (FHOG).

Knowing your budget helps you focus on properties within your price range and consider additional costs like stamp duty, lenders mortgage insurance (LMI), and inspection fees. Working with fundfin gives you access to Home Loan options from banks and lenders across Australia, ensuring you secure appropriate interest rate options for your circumstances.

Exterior Inspection Checklist

When inspecting a property's exterior, focus on these key areas:

1. Roof and Gutters: Look for missing tiles, rust, or sagging gutters that could indicate water damage
2. Foundation and Walls: Check for cracks, dampness, or structural issues
3. Drainage: Ensure water flows away from the building properly
4. Fencing and Boundaries: Verify property lines and fence conditions
5. Driveways and Paths: Look for cracks or uneven surfaces that may require repair

Interior Assessment Points

Inside the property, pay attention to these crucial elements:

• Electrical Systems: Test light switches, power points, and check the switchboard
• Plumbing: Turn on taps, flush toilets, and look for water pressure issues
• Walls and Ceilings: Identify cracks, water stains, or structural concerns
• Flooring: Check for wear, damage, or squeaking that might indicate subfloor problems
• Windows and Doors: Ensure they open, close, and lock properly
• Ventilation: Look for adequate airflow and check exhaust fans

Professional Building Inspections

While your initial walkthrough is valuable, consider hiring a qualified building inspector for properties you're seriously considering. Professional inspections can uncover hidden issues that might affect your loan to value ratio (LVR) or require significant repair costs after purchase.

The property market in Windsor can move quickly, so having a professional inspection completed promptly is important. Factor inspection costs into your buying budget alongside other expenses like stamp duty and loan establishment fees.

Questions to Ask During Inspections

Prepare relevant questions for real estate agents or current owners:

1. What renovations or repairs have been completed recently?
2. Are there any known issues with plumbing, electrical, or structural elements?
3. What are the average utility costs?
4. Have there been any insurance claims on the property?
5. Are council approvals current for any modifications?

Timing Your Inspections

Inspect properties at different times of day when possible. Morning inspections reveal natural light patterns, while evening visits show artificial lighting and neighbourhood activity levels. Weekend inspections help you understand local noise levels and community atmosphere.

Documentation and Follow-up

Take detailed notes and photos during inspections (with permission). This documentation helps when comparing multiple properties and discussing findings with your mortgage broker. If issues are identified, factor repair costs into your overall budget and loan application considerations.

Fundfin's streamlined application process includes reviewing your complete financial situation and helping you access banks and lenders nationwide to find suitable interest rate options. Whether you're considering variable interest rate or fixed interest rate packages, professional guidance ensures you make informed decisions about your first investment property or family home.

Remember that some lenders offer interest rate discounts for first home buyers, and various benefits packages may apply to your situation. Understanding these options helps maximise your borrowing capacity while minimising overall costs.

Thorough property inspections protect your investment and ensure you're making sound financial decisions when applying for a home loan. Take time to assess each property carefully, consider professional inspections for serious contenders, and maintain realistic expectations about property conditions within your budget range.

Call one of our team or book an appointment at a time that works for you to discuss your home loan options and start your property buying journey with confidence.