Why Should FIFO Workers Master Property Inspections First

As a Queensland FIFO worker, buying a home presents unique challenges. Your work schedule means you might have limited time for property inspections, making each viewing count. Understanding what to look for during these inspections can save you thousands of dollars and help secure the right property for your financial situation.

Understanding Your Position as a FIFO First Home Buyer

Before diving into property inspections, it's crucial to understand your borrowing capacity and get pre-approved for your first Home Loan. FIFO workers often have strong income levels, but lenders view your employment differently. Having your finances sorted through first time home buyer schemes and understanding your loan amount options gives you confidence during inspections.

The Home Guarantee Scheme and first home owner grants (FHOG) available in Queensland can significantly impact your purchasing power. These programs may reduce your need for lenders mortgage insurance (LMI) or help with stamp duty costs, affecting which properties fall within your budget.

Exterior Inspection Checklist

When you arrive at a property, start your inspection outside. Look for these key indicators:

1. Roof condition - Check for missing or damaged tiles, sagging gutters, or rust on metal roofing
2. Foundation issues - Look for cracks in walls, uneven surfaces, or signs of subsidence
3. Drainage - Ensure water flows away from the house and check for pooling areas
4. Pest evidence - Look for termite damage, especially around timber structures
5. Paint and exterior walls - Peeling paint might indicate moisture issues or maintenance neglect

These exterior elements can reveal expensive problems that might affect your loan to value ratio (LVR) calculations or require immediate repairs after settlement.

Interior Inspection Priorities

Once inside, focus on major systems and structural elements that could impact your investment. FIFO workers need properties that require minimal maintenance during work rotations.

Plumbing and Electrical Systems
Test all taps, check water pressure, and look for signs of leaks or water damage. Electrical systems should have modern switchboards and adequate power points. Outdated systems might require costly upgrades that affect your overall loan amount.

Structural Elements
Check walls, ceilings, and floors for cracks, sagging, or uneven surfaces. Open and close all doors and windows - they should operate smoothly without sticking.

Kitchen and Bathrooms
These rooms are expensive to renovate. Look for functional appliances, adequate storage, and signs of water damage around sinks, showers, and toilets.

Questions to Ask During Inspections

Don't hesitate to ask the real estate agent specific questions:

• What's the average utility costs?
• Are there any known issues with the property?
• What maintenance has been completed recently?
• Are there any planned developments in the area?
• What's included in the sale?

These answers help you understand the total cost of ownership and whether the property fits your FIFO lifestyle.

Timing Your Inspections Strategically

As a FIFO worker, you'll likely inspect multiple properties during your time off. Plan your inspections efficiently:

• Schedule inspections in the same area on the same day
• Allow adequate time at each property - don't rush
• Visit properties at different times if possible to assess noise levels and neighbourhood activity
• Consider bringing a trusted friend or family member for a second opinion

Understanding the Property Market Context

Queensland's property market varies significantly between regions. Research comparable sales in the area and understand whether you're looking in a growth area or established suburb. This knowledge helps you assess whether the asking price aligns with market value and your borrowing capacity.

Consider the property's potential for capital growth, especially if you're thinking about investment loan options in the future. Many FIFO workers eventually build property portfolios, so your first investment property choice matters.

Making Informed Decisions

After completing inspections, review your findings against your pre-approved loan conditions. Consider whether any issues discovered might affect your variable interest rate or fixed interest rate options, or require additional funds beyond your planned loan amount.

Remember that first time home buyer programs often have specific property requirements. Ensure any property you're considering meets these criteria to access available benefits and packages.

Property inspections are your opportunity to make informed decisions about one of life's biggest purchases. Take your time, ask questions, and trust your instincts. The right property for your FIFO lifestyle and financial goals is out there.

Call one of our team or book an appointment at a time that works for you to discuss your first home buyer options and how we can support your property purchase journey.