Buying Property Checklist

✓ Is a planning or building permit required prior to starting the works?

✓ Give tradespeople a scope of works specification including preferred materials, otherwise shortcuts are likely

✓ Should a certificate of compliance be issued on completion?

✓ Do the tradespeople have insurance including public liability insurance? Sight the insurance policy

✓ Do not complete any works that can only be performed by licensed tradespeople

✓ Before beginning works check if any asbestos will be interfered with

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✓ Always seek independent accounting, financial and legal advice before buying

✓ What is the quantity of stock, how current is it and how will it be valued?

✓ What disclosure statements must the vendor provide to you and the franchisor if applicable?

✓ What restraints will there be on the seller?

✓ Does the proposed use comply with statutory requirements and your intent?

✓ Intellectual property; identify business names, copyrights, patents, trademarks, trade names, software and databases

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✓ Can the property manager provide you with a written comparison on rental values in the market?

✓ Will the property manager be using a database to check the credentials of the tenant?

✓ Will the property manager be giving out the key without accompanying a prospective tenant to inspect the property?

✓ Is their sufficient smoke detector alarms and are they operating?

✓ If a pool or spa is on the property does it comply with regulations in regards to fencing?

✓ Insist on a pet clause and increased bond if tenant has pets; meet the pet

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✓ Look for a builder who offers a structural guarantee to protect your investment

✓ Use a contract that complies with the legislation of your jurisdiction e.g. one provided by a peak industry body

✓ Ensure you have an accurate building contract, plans and specifications. All important documents should form part of the contract

✓ Choose your own building surveyor (not the builders) to ensure independence

✓ Make sure the builder has confirmed the site is suitable for the proposed work and has obtained foundation data and a soil report

✓ Be careful of builders changing the specification to a lower quality material, fixture or fitting

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✓ Minimalist strategies both internally and externally; remove all clutter

✓ Real estate web portal advertising; how low will your listing fall during sales period?

✓ Once property has been listed for sale check input of real estate web portal advertising. Your property should appear on all logical searches

✓ The highest amount of buyer inspections occurs in the first few weeks of the marketing campaign. It is important that the property is not overpriced

✓ Auction method should only be used in a high demand location, buoyant markets, a property that has scarce and unique features

✓ Keep your valuables out of sight during buyer inspections

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✓ Become familiar with the relevant real estate advertising web portals and register so that you can receive email alerts

✓ Check with lender regarding minimum floor area requirements if buying an apartment

✓ Check what concessions apply in your situation e.g. stamp duty, first home owner grants, pensioner concession etc

✓ Always register your interest on a property via email to the selling agent. This will ensure it doesn’t sell without you being notified

✓ Do your figures taking into account legal costs, stamp duty, pest and building inspections, lender’s mortgage insurance and bank application fees etc

✓ See an accountant or financial planner to discuss which entity the property will be purchased in. e.g. personal name/s, trust, SMSF, company

Sound preparation will lead to a successful outcome!

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