Checklist for Buying Properties

Olly

Olly

Can someone provide a checklist of things to do when buying houses and the same for Strata Units as well please.

I'm information gathering and am putting together my "Bible" of calculators, checklists etc etc to refer to when I need it.

Just by the by - I only discovered this site 1 week ago and I'm amazed at the wealth of info and help here. It's bloody fantastic and so are all of you!!

I'm bursting with heaps of questions and am trying to pace myself so I don't annoy the hell out of everyone. :)

Best of luck to you all in your endevours.

Cheers
Olly
 
New to site also

Hello Olly,

Sorry but I cannot be of any use as I am in the same boat also, one week old to this site and cannot leave it alone. Good luck as I too would appreciate as much help on investing also.

Regards
"H"
 
Checklist Clarified

I've used the search and the checklists I came across refer to checking the actual property.

I want a BUYING checklist i.e building report, pest report etc

What order you do things in. Who does what (you or the solicitor.)

And the same for a strata property.

I bought my 1st IP as a total newbie and just trusted the solicitor 'cos I knew nothing. I had a bad experience with the whole thing - not sure if it was a bad solicitor or my total lack on inexperience. I'm cluey enough to check out an actual property, and I'm OK on crunching numbers and sourcing finance, but want to be better informed on the actual procedure of buying so I have a clue what's going on and can recognise if something is overlooked or should/shouldn't be done. And is there anything I can do myself to save on solicitors fees?

TIA
Olly
Olly
 
Helpful to check elect. meter box for safety switch, dates of pest spraying, dates of construct sometimes.

Also date on Hot Water System to see if you might be immediately up for a new one, good negotiation point.

ALWAYS check for whiteants. Simple to prevent but tricky to get rid of.

Get plumbing & wiring checked, can be durned expensive to replace.

Talk to neighbors in area, they're usually very informative. Ask a useless question of which day in rubbish bin empting day to break the ice.

Most important, talk to a property manager, they can be worth a lot to you.

Hope this helps, Brenda :)
 
Hi OilyPomm.

In your first post you referred to a "Bible of Calculations....et al". My suggesstion to you would be to make a start on such a document and post it to the forum when it is at a stage you are comfortable with for some comments/critiscisms.

you'll be amazed at what people here know and it will make your docco so much better, plus eveyrone on the forum will be able to benefit from the fruits of your labour........a sort of collaborative effort.
 
Originally posted by the_captain
Hi OilyPomm.

In your first post you referred to a "Bible of Calculations....et al". My suggesstion to you would be to make a start on such a document and post it to the forum when it is at a stage you are comfortable with for some comments/critiscisms.

you'll be amazed at what people here know and it will make your docco so much better, plus eveyrone on the forum will be able to benefit from the fruits of your labour........a sort of collaborative effort.
Click to expand...

I'm happy to share anything I put together and have started on it already. It's all from a newbie point of view and should be beneficial to anyone just starting out.

So far I have
* A general blurb on why you want to buy property - (helps you home in on which direction to take)
* A glossary of real estate terms to refer to.
* Gathering stuff on zonings
* A checklist on how to check out a property (the building itself, fixtures & fittings, etc houses, townhouses, flats and units only cos that's what I'm interested in)
* How to work out Loan to Value Ratio (LVR)
* A calculation sheet for working out rental yields

Anyway you get the picture. I really want a checklist (for both houses & strata units) of what to do after you've seen a property, done the maths, checked it out and thought "Yeah, I like that one - now what?" Do you leave a deposit? Go see a solicitor? Organise a pest inspection? What do you do and in what order?

Will post all I have when I think it's "complete".

Cheers
Olly
 
Another one is 'search the archives'. A lot of people have attached their proformas for you to download.

Jas
 
IP Check List

Captain,

Great idea. I am more than happy to "publish" a checklist. So here it is in a text format so everybody can view it :)

If you can add to the list or make a modification, please do so, it will help everybody :D

thanks

gordon
 

Attachments

  • ip checklist.txt
    532 bytes · Views: 328
Welcome Olly,
There is endless spreadsheets available to assist in your endevours.
As for what to look for when buying then really it depends on what you are buying for?
For example if I'm looking for a development site then the checklist is going to be far different than if I were to be looking for say a CF+ Property.

Do you have a strategy yet? Are you looking to buy for CF, CG? If CG will it be buy and hold or manufactured such as subdivisions, renovations, developments?

I suggest you focus on finding an end goal and then a strategy will suit that. Whilst it's no doubt great to focus on learning as much as possible I would personally focus more my time learning about property that matches my criteria. For example I am looking for a dev site so not much use spending countless hours looking for and inspecting townhouses.

Good luck!!
 
albanga said:
Welcome Olly,
There is endless spreadsheets available to assist in your endevours.
As for what to look for when buying then really it depends on what you are buying for?
For example if I'm looking for a development site then the checklist is going to be far different than if I were to be looking for say a CF+ Property.

Do you have a strategy yet? Are you looking to buy for CF, CG? If CG will it be buy and hold or manufactured such as subdivisions, renovations, developments?

I suggest you focus on finding an end goal and then a strategy will suit that. Whilst it's no doubt great to focus on learning as much as possible I would personally focus more my time learning about property that matches my criteria. For example I am looking for a dev site so not much use spending countless hours looking for and inspecting townhouses.

Good luck!!
Click to expand...

Albanga
not sure if you're aware but the OPs thread was posted way back in 2003
 
Our Check list for Open homes

We have created a house inspection check sheet. We bought 10 properties, made mistakes and learnt from mistakes. This check sheet is very very helpful to find a right IP. (The check list is based on our own likes/dislikes)
 

Attachments

  • House inspection check list.docx
    34.6 KB · Views: 144
I think it would be nice if Olly can share after 10 odd years how did all that info gathering helped her along the way and what she learnt & achieved :)
 
ipinvestor said:
We have created a house inspection check sheet. We bought 10 properties, made mistakes and learnt from mistakes. This check sheet is very very helpful to find a right IP. (The check list is based on our own likes/dislikes)
Click to expand...

Good list! We accidentally turned up to an inspection around 40 minutes early for PPOR. The bogan count at local shop and neighbours was way too high so we ended up skipping the inspection. :)
 
Is there any update guys for the checklist ?

I'm curious to know what can be check or ask through the email to the Agent so that I can just email it to them before the site visit day.
 
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