5 February 2008
Archicentre, the building advisory service of the Royal Australian Institute of Architects today said home buyers mortgage stress can be increased considerably by purchasing faulty properties
 David Hallett |
Archicentre's pre-purchase home inspection figures show that at least one in three homes sold have a range of problems that could add thousands of dollars to the cost of a property, especially if the faults discovered involved structural, plumbing, electrical, termites or illegal building. General Manager of Archicentre David Hallett said, "Buying a home is a complex exercise and if people purchased a lemon with major faults it could lead to a major personal and financial crisis". Mr Hallett said that often the decision not to carry out a property inspection can make a major financial and social impact on buyers who in some cases run into serious debt problems. Often the unbudgeted repairs or maintenance are added to the mortgage compounding the affordability problem with a $30,000 repair cost turning into $50,000 over the life of a normal loan. |
"In the current booming housing market Archicentre is receiving an increase in calls from concerned home buyers after they have already signed the contract of sale."
Archicentre inspectors say that the new DIY products that fill gaps and cracks are perfect weapons of mass deception which can help dress up properties'.
"Typical warning signs for 'Lemons' include the use of gap filling products, wall panelling, strategically placed furniture, pot plants or rugs and newly painted surfaces.
Archicentre carries out over 20,000 pre-purchase inspections and design concepts for home buyers annually on property valued at $7 billion."
Archicentre 2008 statistics compiled from pre-purchase home inspection figures
|
Damp |
Framing |
Illegal Building |
Stump Faults |
Timber Rot |
Cracking |
Electrical |
Roofing |
Water Supply |
|
|
NSW |
43% |
22% |
27% |
17% |
33% |
38% |
28% |
35% |
8% |
|
VIC |
32% |
20% |
30% |
31% |
45% |
41% |
34% |
53% |
15% |
|
QLD |
31% |
16% |
22% |
22% |
33% |
20% |
21% |
31% |
8% |
|
SA |
46% |
15% |
34% |
5% |
35% |
47% |
31% |
37% |
8% |
|
WA |
31% |
16% |
21% |
11% |
20% |
37% |
19% |
30% |
12% |
|
TAS |
25% |
9% |
34% |
13% |
22% |
44% |
25% |
40% |
10% |
www.archicentre.com.au
Commercial Inspections;
Building Status Reports; House Inspections; New Homes; Home Renovation; Home
Improvements; Design Concepts;
New Housing Reports; Pest Inspections; Pre-Purchase Inspections; Building Progress
Reports.
Media Enquiries:
David Hallett General Manager Archicentre (03) 9819 4577 Mobile: 0439 439 115
Ron Smith Corporate
Media Communications (03) 9818 5700 Mobile: 0417 329 201