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How to avoid buying a dud property

With Sydneysiders growing increasingly nervous about defective properties, here are some top tips for how to avoid buying a lemon.

A third Sydney apartment block has been rendered unliveable in the space of twelve months after major defects were discovered in the buildings.

With the owners of these properties essentially left high and dry by the builders and government, how will you make sure you won’t live to regret your property purchase?

CEO of the Owners Corporation Network Karen Stiles tells Merrick Watts she has three essential tips for those looking to avoid potentially defective buildings.

“First: don’t buy off the plan. It is fraught with danger.

“Second: don’t buy in a building that’s more than three stories high because it does not have last resort insurance if the builder dies, disappears or goes bankrupt.

“The third thing is don’t buy in a building less than ten years old, because you’ve got a good chance by ten years of any problems having been sorted out.”

Click PLAY below to hear her tips in full

 

MERRICK WATTS
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