Top tips to inspect your first home like a pro

Buying your first home is an exciting milestone, especially for Australian Defence Force members who have access to unique benefits and packages. When you've found that perfect property and you're ready to apply for a home loan, there's one crucial step that can save you thousands of dollars and years of headaches: a thorough property inspection.

As Defence Force personnel, you understand the importance of attention to detail and proper reconnaissance. The same principles apply when inspecting a potential home purchase. Whether you're using the Home Guarantee Scheme, first home owner grants (FHOG), or other first time home buyer programs, knowing what to look for during a property inspection is vital.

Understanding Your Financial Position First

Before diving into property inspections, make sure you understand your borrowing capacity and have considered getting pre-approved for your first home loan. Defence Force members often have access to home loan options from banks and lenders across Australia, including competitive interest rate discounts and reduced lenders mortgage insurance (LMI) requirements.

Consider whether you want a variable interest rate or fixed interest rate, and explore options like an offset account to maximise your financial position. Your loan to value ratio (LVR) will impact your loan amount and whether you need to pay LMI, so factor this into your property search.

External Property Inspection Checklist

Start your inspection on the outside of the property. Here's what to examine:

• Roof condition: Look for missing tiles, rust, or sagging gutters
• External walls: Check for cracks, particularly around windows and doors
• Drainage: Ensure water flows away from the foundation
• Fencing and boundaries: Verify property lines match the contract
• Driveway and paths: Look for major cracks or uneven surfaces
• Garden and landscaping: Consider maintenance requirements and costs

Pay attention to the neighbourhood too. Check parking availability, proximity to schools and shops, and overall street presentation. These factors affect both your lifestyle and the property's future value in the property market.

Internal Property Assessment

Inside the home, focus on structural elements and major systems:

1. Electrical systems: Test light switches and power points throughout the house
2. Plumbing: Turn on taps, check water pressure, and look under sinks for leaks
3. Flooring: Walk on all floor surfaces to identify squeaks, loose boards, or damaged tiles
4. Windows and doors: Ensure they open and close properly, and check locks
5. Heating and cooling: Test air conditioning and heating systems
6. Storage: Assess whether there's adequate storage for your needs

Questions to Ask During the Inspection

Come prepared with questions for the real estate agent or current owner:

• What are the average utility costs?
• Have there been any major repairs or renovations?
• Are there any ongoing maintenance issues?
• What's included in the sale?
• When was the property last painted or had major work done?

Document everything with photos and notes. This information becomes valuable when making your offer or during the application process for your home loan.

Professional Inspection Considerations

While your initial inspection is important, consider hiring a professional building inspector, especially for older properties. The cost of a professional inspection is minimal compared to discovering major structural issues after settlement.

Professional inspectors can identify problems you might miss, including:

• Electrical safety issues
• Plumbing problems hidden behind walls
• Structural concerns
• Pest infestations
• Insulation and ventilation problems

Making the Most of Defence Force Benefits

As a current or former Defence Force member, you have access to banks and lenders nationwide through specialised brokers who understand military life. These professionals can help you access first time home buyer schemes and work through the streamlined application process while you're focusing on property inspections.

Many lenders offer special packages for Defence personnel, including reduced fees and interest rate benefits. When applying for a home loan, having your bank statements and financial documents organised will help speed up the process, especially if you're dealing with deployment schedules or postings.

After the Inspection

Once you've completed your property inspection, review your findings carefully. Consider how any issues might affect:

• Your offer price
• Future maintenance costs
• Your comfort living in the home
• The property's resale potential

If you're also considering investment loan options for your first investment property down the road, think about how this property might perform as a rental if your military career requires relocation.

Remember, no property is perfect, but understanding what you're purchasing helps you make informed decisions. Factor any necessary repairs or improvements into your budget alongside stamp duty and other purchase costs.

A thorough property inspection protects your investment and ensures your first home purchase is a positive experience. Take your time, ask questions, and don't rush this crucial step in the home buying process.

Ready to take the next step in buying your first home? Our team understands the unique needs of Defence Force members and can help you access the right loan products and government schemes. Call one of our team or book an appointment at a time that works for you.