Video Transcription:
Hi guys. So, one of the fears that I see on a regular basis is fear of inspecting a property. It's amazing how I oftentimes I have people ask me to come along ... friends and that ... come along to view a property they're looking at buying. And this is more for the homeowners type things, but I see it in everything to be fair. The interesting thing is, is people go and inspect but what they do is they think because this is someone's home that they shouldn't open drawers, closed drawers, check that doors lock and things like that. And it's amazing how when you look at some people, they go in and they go, oh yeah and it's almost like the emotions are ruling them. I walk in there and I'm going through doors, I'm making sure they all slide, I'm making sure they all work.
I'm making sure I am checking things. I'm thinking about, all right, where does the sunrise? Where does the sunset? What are the neighbours, what's the neighbourhood like? So, I'll walk outside, I'll go for a walk around. So invariably I'm doing all sorts of things. And, I go methodically. So, I have a checklist and I go through them methodically. Sometimes I don't take the checklist along, depending on what it is. But, certainly if it's a first viewing, I can just go along. But what I would generally do in the first viewing, I'll start externally and then I'll work to internally and then basically I'll go away and I'll work cash flows and things like that. But it's a very ... and I won't go into that in this thing, but what I've ... I mean there's other videos you watch too about that, but the lesson here is this, if you go to inspect a property, inspect it. Don't just come from the emotional side of things, which is, oh what a lovely open window looking out onto the beautiful garden with all those roses, oh they're fantastic.
It's like what? Even if this is going to be home, which okay, great, you can have those emotions. You still have to have the logic and the logic is, what's it going to cost to get this into prime, livable, so I enjoy it, you know? And, that's the big question. And then the next question is, is there potential to expand it, add rooms, extend balconies, whatever, and looking at that side of things. So, I had one where basically the kitchen went out, but then the roof was down like that and I'm like well why couldn't you just lift up the roof? So you had all this non-usable area. And in fact it was really weird because they had a cutting, chopping board on there.
And so I had to chop ... I would have to lean back to chop, it was ridiculous. But, and maybe that was short enough that it was fine, but the reality is I'd be looking to actually open that up, expand it, so you've got a full roof right, all the way across. So I'm going through and looking through stuff like this and it comes with experience. So, my suggestion would be if you get a chance to go look at stuff, go and look at it. Now obviously if you're looking at a new build, it's slightly different. What I tend to do with the new build is I get into a lot more of the detail. So I look at, for instance, the electric sockets and I look around the electric sockets. How have they been painted, have they been painted correctly, have the things been put on, are there any nicks in the wall?
Speaker 1:
I look at the light fittings, and all this other stuff. I open doors, close doors, I think about ... I go, how good are they? Do they have, for instance, two points that are fixed or three points that are fixed. Do they have the fire safety, the automatic close things, all this sort of stuff. Now a lot of stuff should have that already. But you find ... especially with say a renovation, sometimes you'll have the old style when actually really probably should have the new style. I would love to say that building rates and all these things are always adhere to, but the number of times where I've seen places complete and then you end up finding out that actually the developer was supposed to do that and they didn't, but then the council missed it out and still signed it off.
And so therefore, the developer didn't bother doing it and now you own it and it's three years later, and that developer's nowhere to be seen. I've seen that happen too many times. So I just don't take the chances now. Now, certainly with newer buildings and better developers, you can get that. But I do find there are a lot of developers out there who try and ... and I'm not just talking about proper developers that are building sites and things like that. I'm talking about people who buy and renovate and do things. There's lots and lots of opportunity to cost you money if you're not careful. So really get in there and inspect the property. Take a bit of time. And I always say, look go back a second time. First time, play your emotions a bit, check out any major things.
Second time, go in there with a fine tooth comb and really go through it. And if you haven't got a checklist, you can download it online. In fact, there's hundreds of checklists but just work room by room, external to internal, room by room and top to bottom. And if you do that methodically, then you should pick up all the little things and problems and issues. And things like how many electricity sockets. All these silly little things, they count because these days you have so many bloody electrical things. The last thing you want is one electrical socket and you got to have a four Decker or an eight decker, it's a pain in the bum. So yeah, so go through methodically and don't be afraid to inspect the property. Don't be afraid to open those cupboards and drawers and things like that and make sure they work.
Yeah. Ask them what the furniture is doing. Is it staying? Is it going? Especially some stuff that looks like it's attached, but may not be attached because if stuff is staying make sure you itemise that. Yeah. Anyway, you guys, so don't be afraid to inspect your property, okay? Realistically, when these people leave and you move into the property you're never going to see them again, so you don't have to build ... become best friends. This is by and large still an investment for you, so you still got to consider that and how that affects you, All right, guys have a great day. Live with passion, and subscribe, comment. I'm happy to answer any questions. See you later. Bye.
