Miw I did think of renovators but there are so many sub variations to a reno depending on what you buy. Can you think of a way to add it in without it being another 100 points?
Unfortunately renovation is a whole new educational process on its own. I did attend Cherie Barber's course and came back with boxes of materials, so I have learned lots in theory, BUT nothing beats the actual reality!
I am just completing an IP in Coogee, and yesterday when I saw your list I just thought about my strategy, where I like to add renovation in todays market to add value to rent, or basically to be able to rent renovation free (if that's possible?) for the next 10-15 years. If I am around I will post a thread then... I haven't posted one yet, one day I promise.
However, thanks to your checklist I created a spreadsheet today, trying to figure out the comparison fees and overall costs for Managing Agents that I hire. It is so much more complicated in Sydney, right?
My frustrations are in that they lack transparency in total $ cost or % of gross yield and flexibility in lease terms (other than 6 or 12 months). So how to negotiate with Property Management Agreement could be another idea for a checklist, trust me there's so much to cover there, right?
At least one agency quoted from horses mouth that the total fee comes to about 11% (this being 7% management fees so the rest is pulled in from all those other expenses - advertising, lease renewal, yearly statement, administration fee, on and on and on). Yet another quoted 5% management fees and then had all these additional fees for handling claims or providing valuations, and so on and on and on...
Couldn't we lobby the government to ask the agent to disclose the comparison fee, the way banks are supposed to, perhaps then the whole process would be so much easier for us trying to debacle it all, IMO?
Basically, I like your checklist but then you could create checklist of just about any process in details, even how to proceed with a purchase of a property wether with or without renovation in mind, how to negotiate this whole process...
You see in your checklist when you point out submitting an offer, I always do it on paper with a deadline and depending on how many conditions I wish to negotiate I will make few offers just in that one offer....
Well, I do not wish to get into details but I have copied your checklist for our kids, so if they are ever interested I can expand or help or explain to them.
By the way when you work out the structure get in touch with a good accountant or lawyer, I wish I did that at the beginning in my wealth journey. Having the best people in your team, early on can save lots of $ and time along your wealth building journey.
So thank you for your input!