Are you thinking, current uncertainty in the real estate market may be a great time to score a property for a bargain? Stop! Before you sign along that dotted line, take a closer look at your prospective dream home, because things may not be as they seem.

I am not saying that any property you find is likely to be a lemon.

However, it pays to be mindful as any major problems with a property you might be eyeing could cost you thousands of dollars to fix, not to mention the stress of watching your perfect purchase turn into a disaster.

Avoid the heartache and financial stress by keeping an eye on these five potential danger areas when conducting your pre-purchase inspections. 

Structure

If your potential purchase has any structural damage, you’d be wise to abandon ship.

This is by far the largest cash guzzler, but thankfully structural movement or base shifting generally have some clearly identifiable signs.

Check the interior walls for any cracks or breaks and don’t forget to inspect the brickwork on the outside of the house. If you spot anything that raises your suspicions, ask your building inspector to take a close look.

Plumbing

Poor plumbing is especially common in older houses and can be a significant cost to bear. Test the water pressure by checking the taps in the kitchen, bathroom and laundry.

Don’t forget to check the pipes outside the house for rust or leaks. Finally, be sure to ask about the age of the hot water system and when it was last serviced.

Electrical

Electrical or wiring problems are especially dangerous due to the increased risk of fire. Older properties are more susceptible to electrical problems although they can still occur in newer homes, especially when DIY maintenance or renovation work has been undertaken.

Blackened areas around power points are a tell-tale sign of faulty wiring. 

Pests

With one in three properties affected by pest-related problems, this is something home buyers and investors need to be aware of. Mousetraps or poisons placed throughout the property can provide a clear indication of rodent activity.

Termites, however, can be a little tricker to find. Inspect the floors and walls for signs of warping or hollow-sounding beams as this could be a sign of termite damage. If you are serious about buying a property it is very important to discuss your concerns with your building inspector.

Roofing

Cracked or shifting roof tiles could lead to major problems in the future, so it pays to ferret out any issues right away.

Calling in the help of a builder or roof tiler is the best way to determine the health and stability of the roof, but there are also a few things you can do yourself. Check all gutters to ensure they aren’t rusted or broken, and if possible, check the insulation too.

Remember, these tips are a good starting point for spotting basic warning signs, but if you are serious about buying a property, a professional building and pest inspection is a must!

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This article via Which Investment Property does not constitute advice; readers should seek independent and personalised counsel from a trusted adviser that specialises in property, a tax accountant and property design specialist.