Archicentre

Up to seventy five per cent of thousands of people buying a property each week in Australia are flying blind on their financial future as they sign up for the largest financial commitment of their lives, Archicentre the building advisory service of the Australian Institute of Architects said today.

Some home buyers are spending hundreds of thousands, or millions of dollars and committing themselves to a life time of work without the most basic of checks on a property.

Archicentre State Manager Queensland, Ian Agnew said, the bottom line question anyone putting their hand up at an auction should ask is "Do I really know the condition of the home I am buying?"

"If the answer is no they should tread carefully and limit the risk to their bank balance."

Mr Agnew said, despite the current market being balanced in favour of the buyer, the vast majority of properties are purchased without any independent inspection.

"The financial reality of having purchased a LEMON can kick in dramatically when people move in and discover a range of issues in their new home which can include the need to restump the property, deal with termites, structural faults or expensive plumbing or wiring replacement as an urgent safety issue."

"On past experience Archicentre carries out many property inspections for home buyers after they have signed the contracts on their new home."

Mr Agnew said, "Caught in tight financial positions, the usual approach to funding repairs is to extend the mortgage, which in turn can add tens of thousands of dollars to the cost of repairs when interest is added."

Archicentre is increasingly being requested to carry out property inspections where offers have been made subject to an independent inspection ensuring the property is in good condition.

"Out of sight areas of homes for sale such as under the floor or in roof cavities, which can hide expensive faults, are difficult for home buyers to inspect."