Open homes and spotting red flags

What it is

The open home is the first and cheapest piece of due diligence you will do. Before you pay for a LIM or a building report, you can rule properties in or out by looking carefully, asking the right questions and reading the documents the agent has already prepared.

Why it matters

The serious money in a purchase goes into reports. If you can spot the unconsented deck, the cross-lease flats plan that does not match the house, or the sunset clause in the new-build terms before you order anything, you spend that money on the right property instead.

How we handle it

We give you a short list of what to check and photograph at the open home, and we read the agent's title and LIM pack for free before you make an offer. That pre-offer review tells you whether the property is worth the full due diligence spend and, if it is, which conditions to put in your offer.

Common traps

• Relying on the seller's building report. It was commissioned by someone with an interest in the sale.
• Assessing value from the CV. Council valuations are not market valuations.
• Missing the obvious: a tiled shower, a converted garage, a deck over a certain height, all of which need consent.