Buying a house in Tasmania

Navigating a Tasmanian real estate contract, here's are a few handy tips!

      Not getting a building inspection is like playing Russian roulette with your life savings!

I get people ringing every month with sad stories about how they brought a house without getting a building inspection, it's got major issues, and can I come and have a look!

 

The Tasmanian Real Estate Defect Limit

Keep the defect limit on the contract to a minimum of around 1% or no greater than $10,000

It was 1% on every contract prior to May 2017 and still can be 1% or a $ figure.

The problem with a high defect limit let's say $20000 is that if I find defects and you get quotes to repair that come back and say $18000, are you going to be happy to wear that $18000 because it's less than the defect limit. Plus getting quotes for repairs generally costs more money plus very hard to organise!

 

Get a good lawyer or conveyancer: 

If you do it yourself and make a mistake, you could suffer a loss as a result and will be unable to get financial compensation.

Get insurance:

The buyer becomes liable for damages to the property once contracts are exchanged. I've seen a house that was unoccupied and someone broke in and lit a fire on the timber floor after the contract was signed.

Make sure you have the building inspection clause and the 3-day cooling-off period, In the contract:

Plus a minimum of 7-10 days period to get the building inspection done. (Christmas time longer, 21 days)

Don’t use a real estate recommended Building inspector!

Would you buy a car from a used car salesman and get it checkout by his mechanic or your own!

Get a fully licensed and insured local building inspector and research him:

You're about to spend your life savings.

Check to see if he is a licensed builder with the Department of Justice Tasmania

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Ask to see a copy of his PI insurance

Because without PI insurance a building inspector can't certify the defects if there is a problem.

 

Try to line up the building inspector early

To take advantage of the 3-day cooling-off period.

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