What are the right steps to take when buying a property?

[liamaust]

I've found it difficult to locate a single checklist that outlines the necessary steps a buyer should take when purchasing a property. The ones that get close seem to push their own agenda. So I'd like to create a list for the uneducated buyer. Below is what I've come up with so far...

Can you please make suggestions to improve this checklist?


The Buyer Checklist

Pre-Search
- Get some Property Education
- Decide your Finance Strategy
- Discover your Lending Options
- Do your Research

Pre-Purchase
- Get a Due Diligence Report
- Get a Property Valuation Report
- Get a Rental Appraisal
- Review the Sale Contract
- Get a Building and Pest Inspection

Post-Purchase
- Have a Conveyancer do the Legals
- Buy Landlords Insurance
- Employ someone to Manage your Property

Post-Settlement
- Get a Depreciation Schedule
- Get Risk Insurance
- Organise the Move

 

[alexlee]

The thing that's not on the list is timing.

If you're buying in NSW especially, timing is critical as expiry of the cooling off results in the contract going unconditional.

 

[Peter_Tersteeg]

That list is actually quite good. I may copy it.

 

[liamaust]

Thanks alexlee. How do you see Timing fitting in? Im not sure it should be on the 'checklist' because Timing (as well as other factors) should really be part of Reviewing the Sale Contract and a job for the Conveyancer?
PT - I'm going to pull this together into a document soon and will happily share it with you.

 

[alexlee]

Thanks alexlee. How do you see Timing fitting in? Im not sure it should be on the 'checklist' because Timing (as well as other factors) should really be part of Reviewing the Sale Contract and a job for the Conveyancer?

I'm not clear on the idea of 'purchase' here.

In NSW, especially, once both of you sign the contract, the clock starts ticking. Building and pest inspection and unconditional finance approval should be done prior to the expiry of the cooling off.

Reviewing the contract should be done prior to signing it, so there's no ticking clock.