23 May 2008

Online Auctions and Drive By Valuations On A Par

BUYER BEWARE

Online auctions and drive buy valuations have one thing in common, they ultimately can leave buyers at severe financial and legal risk if they have not had the property professionally checked for faults.

Robert Caulfield

Robert Caulfield, Managing Director of Archicentre, the building advisory service of the Royal Australian Institute of Architects, said that with online auctions becoming more popular and with interest rate pressures building on home buyers there is an increasing need for consumer awareness in home buying. "Buyer Beware is more relevant than ever before with new internet technology being used in auctions. "Some people will play Russian roulette with their life savings and bid for property without even seeing it beforehand. "It is only after they move in and find expensive faults with their new home, the cost of not having the home professionally inspected with an independent report becomes apparent." Mr Caulfield said that the introduction of technology into the property auction sector could out-strip the intent and effectiveness of current consumer protection legislation.

"Buyers need to be fully informed about every aspect of the property they are purchasing. Otherwise, they will end up spending large sums of money on repairs to faults, and having to redesign their properties to suit the most basic functional needs.

People who are investing in such an expensive item as property need to be 100% certain that they are getting what they are paying for and avoid unbudgeted repairs or maintenance bills which can add to financial stress, Mr Caulfield said.

www.archicentre.com.au
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