A LIM report can be particularly important if you want to carry out alterations or additions to the property or to subdivide the property. It might also alert you to an illegally installed solid fuel burner. Even if it was correctly installed, if there was no permit (now called a consent) obtained, the house insurance is likely to be invalidated if the burner causes a fire.
A LIM will also inform you if a compliance certificate been issued for existing alterations or construction work.
A LIM may show areas prone to flooding or zones where heavy rain may pond. A property may be listed for sale during dry weather, when these issues would not otherwise be noticeable to you.
A LIM may also provide early warning of road widening or proposed new arterial routes likely to be built near the property, which may affect its future value.
You should always compare the information on the LIM with what is physically at the property. For instance, if there is a recent carport or other structure on the property but no reference on the LIM to a consent being issued for it, you should discuss this with your property lawyer.
If you are borrowing money to purchase the property, your lender will often require you to obtain a LIM and (depending on the information contained in the report) may impose new terms and conditions on the loan. This could result in additional expenses.