As the countdown begins for the first home owners grant to wind back from September 30, time is of the essence to pick up a great property. The first home boost reverts to a $10,500 grant from September 30 and back to $7000 from January 1, putting the pressure on buyers to snap something up sooner rather than later to take advantage of the handout.Grants for new homes remain at $21,000 until December 31.

So how can you make a snap decision on whether a home is a go or no? Easy! Keep your head and emotions in check while using this handy list to work out the best way to maximise your time at your open inspections.

FIRST TWO-MINUTE CHECK: THE POSITION, BABY

You can never change the location or position of a property, no matter how hard you renovate. So is the location good? Is the neighbourhood offering reasonable infrastructure and amenity for the price range? And do the living areas face north or south? A north-facing property will always be worth more than one with a living room that faces south and barely catches the sun. East is another great position or aspect – but anything with large picture windows on the western side of a property is a recipe for a super hot property in the summer. If the property is on a slope, it’s better for it to be on the high side of the street rather than the shady (and sometimes wet) lower side.

SECOND TWO-MINUTE CHECK: SIZE, STORAGE AND PARKING SPACES

Not every property is going to be a palace, but there are certain size requirements for easy financing. Most banks require apartments to be at least 50 square metres to give a mortgage. It’s also important that bedrooms are large enough to fit a Queen bed with built-ins. The ratio of land size to house size is important if you plan on renovating the house. If the house takes up most of the land, it can be hard to add value by adding more space as council restrictions could already be exceeded. Ceiling height and natural light are also important to give a property a greater sense of proportion. Secure parking is often a priority for some buyers, with garaging and direct access to the house from a garage highly prized when it comes to re-sale.

THIRD TWO-MINUTE  CHECK: THINK LIKE A BUILDING INSPECTOR

Any sensible buyer will pay an inspector to fully check a property before purchase, but there are some easy ways to rule out whether you will take that next step. Start with the roof and check the guttering and downpipes. If there is rust or broken roofing material, it can be a sign of damage. Dampness is the single most difficult thing to fix, so check the downpipes don’t empty water straight onto the ground. Make sure the outside garden beds aren’t higher than the damp course of the house, or termites and damp could become an issue. Look for bubbling or peeling paint as signs of water damage and hints that the property hasn’t been maintained well. Oh, and take a deep smell – if the owners have been burning oils, they may be trying to cover up musty odours caused by dampness. Take a quick squiz into the electricity meter box and check whether it looks new or old. Ideally you want a safety switch and modern circuits. Anything too old could need rewiring. Once wiring is older than 30 years, it often needs replacing and that’s expensive.

FOURTH TWO-MINUTE  CHECK: FLOORPLAN, KITCHEN AND BATHROOM

Does the property flow well from room to room. Are the living spaces all on one level, and are bathrooms close to the bedrooms? These are features that will stand the test of time and help the property sell well next time it goes on the market. Larger homes that cater for families may want two living areas, while chic inner city houses may need equal-sized bedrooms to achieve good rental returns and resale. Check the kitchens and bathrooms for fittings and fixtures and assess whether you will need to update them to achieve a good sale price in the future. The biggest issue is water damage, so make sure any vanity units and cabinets are in good condition. In the kitchen, check the oven works and that any exhaust fans are vented to the outside rather than recirculated.

FIFTH TWO-MINUTE CHECK: POTENTIAL AND PRICE

There’s no need to be over-critical just because you’re trying to make a decision in a hurry! Look at all problems laterally. The real trick to assessing a bargain quickly is to have done your research so you can quickly make a value-assessment of the price. Onthehouse.com.au offers excellent research packages you can read in advance of your purchase so you can make instant decisions during inspections as to whether the property offers good potential for its asking price. The real issue is what does the property offer in the future? Is there renovation potential? Is the locality in an area of growing demand? And if there are any shortcomings, remember to bring them up to negotiate down the price.

Do your research! 

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