Hi,
I am buying my first IP in NSW and in a dilemma as to whether to get P&B Inspection and Strata search done before putting 0.25% deposit or after. I have made an offer 2 weeks ago, paid 0.25% deposit, paid to get inspections and report done, and then had to pull off during the cooling off period (thus losing 0.25%) coz there were some issues (body corporate suing the builder, lots of building defeats, etc).
So now I am not sure whether I want to make an offer and pay the deposit of 0.25% and then get the inspections done and accept that I could lose 0.25% if there are issues with reports OR make an offer and get verbal acceptance and then goes off and do all inspections done BEFORE putting down 0.25% but also accept that I may not get the property if someone else signed the contract before me.
In terms of numbers, if I miss out on the property, the cost for me is:
Do inspections/reports first with solicitor = $900
Pay deposit + Do inspections/reports = $2000
But if the B&P and strata comes back ok, but someone else signed the contract during the time that i was getting B&P done, is it worth going through the hassle all over again for another property just because I didnt want to spend $1000 on deposit?
I am buying my first IP in NSW and in a dilemma as to whether to get P&B Inspection and Strata search done before putting 0.25% deposit or after. I have made an offer 2 weeks ago, paid 0.25% deposit, paid to get inspections and report done, and then had to pull off during the cooling off period (thus losing 0.25%) coz there were some issues (body corporate suing the builder, lots of building defeats, etc).
So now I am not sure whether I want to make an offer and pay the deposit of 0.25% and then get the inspections done and accept that I could lose 0.25% if there are issues with reports OR make an offer and get verbal acceptance and then goes off and do all inspections done BEFORE putting down 0.25% but also accept that I may not get the property if someone else signed the contract before me.
In terms of numbers, if I miss out on the property, the cost for me is:
Do inspections/reports first with solicitor = $900
Pay deposit + Do inspections/reports = $2000
But if the B&P and strata comes back ok, but someone else signed the contract during the time that i was getting B&P done, is it worth going through the hassle all over again for another property just because I didnt want to spend $1000 on deposit?