The pitfalls of property investment are many.
Andrew Heaton from Sourceable argues that it’s important to get a high-quality survey. While a retail store is often happy to accept a return on a $10 item of clothing, it’s far more complex with real estate.
And while that’s clear to many in the industry, it isn’t to investors.
Potential issues include (but are not limited to) contaminated land from oil to asbestos, property boundary disputes and flood risks. Most recently, not disclosing accurate information about access to the NBN has also been an issue.
“Under no circumstances,” experts say, “should you purchase a property without having conducted a survey.”
At Jim’s Building Inspections, we offer exceptional advice. And because many things can go wrong, our premium package covers a building inspection report, including building safety hazards, major defects, minor defects, past-related damage, and electrical, plumbing, and gas.
Conclusion
Property investment can be a powerful wealth-building tool, but only when approached with diligence and foresight. Many investors overlook crucial factors such as hidden structural issues, poor location choices, or unexpected maintenance costs. Engaging a qualified building inspector before purchase helps uncover potential risks and ensures informed decisions. With the right due diligence, you can minimise costly surprises and secure a safe, profitable long-term investment.
Faqs
Common pitfalls include overpaying, ignoring hidden defects, poor location choices, and failing to plan for maintenance or tenant issues.
A building inspection reveals structural damage, leaks, or pest infestations that could reduce property value or lead to costly repairs later.
Yes, when done wisely with proper research, inspections, and long-term strategy, it remains a solid way to build wealth.
Check building condition, local market trends, rental yield potential, zoning rules, and future development plans.
Absolutely. Issues such as leaks, dampness, or unsafe wiring can reduce tenant appeal, increase vacancies, and raise maintenance costs.
Ideally, before finalising the sale, any major issues can be negotiated or repaired before settlement.
Low returns, frequent repairs, negative cash flow, or difficulty attracting tenants often signal poor investment choices.
Yes, a detailed property inspection report gives you leverage to request price reductions or have the seller fix issues before purchase.
We provide detailed building inspection reports highlighting risks, helping you make informed, confident property investment decisions.