PHOTO: Property buyers are told to do their due diligence, but even the most careful can end up with a home that’s riddled with problems.
In summary, property buyers in Tasmania often have to make an offer on a property before they can have it inspected for potential defects, which can lead to unpleasant surprises. Building inspectors are calling for industry regulation and licensing for those conducting pre-purchase inspections. Several individuals have shared their experiences of buying properties with undisclosed problems.
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One buyer, Faye, made a verbal offer of $1.7 million on a designer house but later discovered significant structural issues, including rotted-out timbers. The real estate agent downplayed the inspector’s report and suggested that a handyman could handle the repairs. Faye expressed her disappointment with the lack of ethics displayed by real estate agents and emphasized the need for accountability in the industry.
- In short: Property buyers are told to do their due diligence, but even the most careful can end up with a home that’s riddled with problems.
- What’s next? Building inspectors want the industry regulated and those undertaking pre-purchase inspections to be licensed.
Janet, another buyer, purchased her dream home only to find out later that two-thirds of the building on the property were illegal. Despite checking with the local council before the purchase, she received a letter weeks later stating that four of the buildings did not have permits. Janet felt betrayed, believing she had acted in good faith and deserved more transparency from the council.
Jade, who bought a house based on a five-star inspection report, discovered significant issues after moving in, such as leaking ceilings, windows, and a balcony that could potentially collapse. The repairs cost her an additional $400,000. She faced challenges in holding the inspector accountable due to contract clauses relieving them of responsibility for defects not noted in their report.
The building inspection report shows floor is rotting under a bathroom.()
Forensic engineer Michael O’Halloran raised concerns about building inspectors providing superficial reports that miss crucial faults. He suspected collusion between inspectors and real estate agents to downplay or defer assessment of serious structural issues until after the sale. Despite bringing these concerns to the Minister for Workplace Safety and Consumer Affairs, he felt that his efforts were met with only lip service and no meaningful intervention took place.
“All my enthusiasm for that property has gone down the gurgler, I’m afraid,” she said.
Overall, these experiences highlight the need for stronger regulations and accountability in the real estate industry in Tasmania to protect buyers from purchasing properties with hidden defects.
SOURCE: ABC
https://propertynoise.co.nz/au/tech-billionaires-new-trophy-home-bargain/