how the lim report can help you buy the right home
TRANSCRIPT
How the Lim Report can Help You Buy the Right Home
There is a lot to know when buying a home and if you don’t make sure that you know most of it then you
are leaving yourself open to possible fraud or loss of some kind. When it comes to home buying, the Land
Information Memorandum or Lim Report is your friend. It is important to go over the home carefully to
ensure that it lines up with this report and that everything that has been done meets with council approval.
It is possible that in some instances renovations or additions of some kind were done without the
necessary permits and approvals. If you purchase a home where this is the case, you will be liable for the
cost of pulling the offending part down or seeing that it is redone according to the right specifications. This
can add quite a lot to the purchase price and is not what you want when you have to make those loan
repayments every month.
In fact, if it is not done you may be issued with a fine and have to pay the cost to have it pulled down even
though you have not agreed to allow that. That is the kind of stress you can do without. With just a little
research online you can find many similar hints and tips about buying a home that are worth their weight
in gold.
It is important to carefully study any first home buyers’ guide that you can find so that you become familiar
with all the many facets of home buying, right from what size home to buy and which suburb is the best
through to the different kinds of home loans available and the benefits and bad points of each one.
Of course, just because you find something on the property that is not on the Lim report doesn’t mean
you cannot go ahead with the purchase. The owner is responsible for any upgrade required whether they
were the ones to have the work done or not. What you should do is make it a condition of your purchase
that the structure is remedied first. If you become the owner without such a condition then you will be
responsible for the structure – and any costs involved.
It may not need to be demolished; it may only need to be upgraded or a Safe and Sanitary Certificate
may be sought if the structure has in fact been done properly – but it will have to be inspected by the
appropriate building or council inspectors first.