Help me make a list!!!!!!!!!

[Shuttergirl]

I am sending my in-laws to look at properties for me in Melton this weekend and I want to send them with a checklist of things to look for/criteria so that I am able to keep the emotion out of the whole thing a little.

My mother-in-law has a keen eye for detail which is great, but I don't want her to get too bogged down with that since neither she or myself will be living in the property. It is purely an investment and I want to really try to not get emotional about it (although I already feel attached to a couple of properties so it's good I'm not going LOL).

So I have a small checklist in my head but I would love to hear what other's think are must haves/have nots for a rental property.

 

[alexlee]

My own suggestion, Shuttergirl, depend more on your building inspection report. Don't get too bogged down in the small stuff like it has cracks in the cornices or peeling doors, or chipped tiles or whatever. If your in-laws are not property investors, they are going to fuss over all the little details, and quite frankly that doesn't help you. It'll just make you nervous about whether you'll be able to find tenants because of a few chipped tiles.

Get your basics together. Distance from transport and shops, and even more importantly price and expected rent. Get those right and unless the place is really falling down, ignore the superficial small stuff like marks on the wall and so on.

It's funny: my best buy was one I did sight unseen. I just did the basic analysis (distance to station, shops, comparative price, yield) and a few photos. Earlier this year I actually went to see it, and while it's ok structurally, the carpet is worn, the doors are peeling and things are rusted. If I'd seen it then, I might have balked and not bought.

This is the house in Perth, which I bought in 2004.

Go ahead with this by all means, but if you find that you're getting bogged down in the small stuff, cut your checklist. You shouldn't worry about whether there are marks on the walls: your tenants won't as long as you charge a normal rent and they don't have to pay for repairs.
Alex

 

[steveadl]

Don't get caught up with all the little things, assuming you have a building inspection that checks out.

Make sure they also look at the area surrounding the property to find out if it is: on a very busy road (not necessarily a deal breaker, but good to know), is it across the road from an abbatoir p ), is it right next to an industrial area full of factories etc etc (some of this you can check out yourself on GE).

 

[GoAnna!]

Ring some PMs in the area and ask about rent levels and what dictates them. Some things might be a must in Melton such as promixity to transport and shops, undercover parking, bath, second bathroom whatever. This way if two properties seem on par with each other you might be able to select the one that would rent for slightly more.

The checklist should be pretty basic

location

street appeal (the house and the actal street)

Number of bedrooms

numbers of bathrooms

number of living areas

heating / cooling

anything unique about the property.

Quality of kitchen and bathroom

Overall presentation

Budling constructions (Timber, brick etc)

Poetential to add value

 

[Peter_Tersteeg]

I've attached a checklist. Kudos for this go to Sunfish as the original author.

 

[yo yo ma]

I've attached a checklist. Kudos for this go to Sunfish as the original author.

Great checklist Sunfish & Peter... I am sure that is what SG is after
Steve

 

[Shuttergirl]

Alex, you are exactly right, my MIL will get bogged down with the small stuff, which is why I wanted to provide her with a checklist of the things I'm particularly looking for so I can basically ignore her more detailed nit pickings LOL.

Thanks Steve and Anna, great things for my list. I had thought of some but you have certainly added many. Cheers.

Peter & Sunfish - thank you sooooooooo much. This exactly the sort of thing I was looking for. Wow you read my mind. Seriously can't thank you enough.

 

[cgw]

Add also, depending on the age of the house and what type of repairs you may be up for in the near future look for,
Asbestos,
large cracks wider than your finger,
down pipes discharging near foundations,
doors and windows not shutting,
mould build up in bathroom,
gaps around windows,
leaking taps, toilet,
old air conditioner or heater,
drummy tiles, cracked tiles,
dampness behind the shower and bath walls, water marks
gaps between wall tiles and floor tiles - causing dampness
renovations have council approval?
sawdust like powder near doors, windows, garage - termites
paint bubbling on wood surfaces - termites
mud tunnels near foundations,
dead tree stumps near the house,
bare wiring,
old electrical board,
musty smell,
water ponding towards house - check slope of outside paving/cement,
blocked drain pipes,
large trees near the gutters - leaves filling up, gutter guard?
sagging outside roof, sagging inside ceilings,
cracked outside roof tiles,
rusted gutters,
rusty coloured water,
coroded pipes,
low water pressure in taps,
gurgle sound when water is running,
condition of fences,

Doesn't take long, just tick as ya go, and you wont' have to go back again to check it out for the 2nd time.
Also, ask them if the vendor has a previous inspection report and could you see it. I did this, and as it was only 2 years old, I did not bother getting one, and got them fix up the major things in their own report - ie the downpipes.
Cheers

 

[Shuttergirl]

thanks heaps CGW, what a wonderfully comprehensive list. Truly, thanks so much

 

[cgw]

Shuttergirl, don't type it up, I think it is in the downloads fm preinspections.com.au.
I have noticed with my 2 other building inspections, that the inspector only did a visual inpection of everything and wrote up some brilliant long paragraphs on it, with ways to fix all the problems and charged me heaps.
Most of the problems are only cosmetic anyhow.
But I don't think I could sleep without a proper inspection.
But, if it does not meet this checklist, I would not bother with paying for one, and move on to the next house.