First investment Property - Buying check list

Require some feedback About any steps I may be missing.

My finance has been approved, the property has passed the building/ pest check. I will have to put in the 10% deposit next week. It will settle Will settle in feb.

As it is a investment property, I had read for deprecation many people will find a property depreciation expert, is that helpful? Mine is not a new property.

Other than that, I intend to contact a accountant to organise the rental income/taxation , will get property/landlord insurance.

Is there anything else that I should be doing. Thanks

 

Have a property manager to manage it?

 

Yes, I will do that.

 

How old is the house?

Depreciation schedule is advised, as there could be available deductions, BMT offer a guarantee that they can get you the cost of the report back in the first year (IIRC)

 

I'm going through this now and wondering if it's even worth it for a 30 years old unit complex...

BMT was quite expensive, just under double the competitors. I'm sure they're good though..

 

The house was built in 1975. The bathroom, kitchen, verandah, backyard(cement floor), they look like they would have been renovated in the last 10-15 years.

 

Sounds like it's at least worth a look. That sort of scenario might see you with a couple of grand in deductions yearly over the next 2-3 decades. If you can send me a message with the address or email [email protected], I'll see if I can find some pictures online and make a more accurate assessment.

 

Received the building report after the inspection, nothing major but there are some minor issue.

• Some Roof tiles are broken
  
• Floor in one area is uneven in the common area
• Wood rot -small area in verandah
• Some grouting issue, cracked tiles in bathroom

I will be talking to my conveyancer tomorrow regarding the report, but what is usually the process?

Is it me telling the vendor that these things will has to be fixed before I put 10% deposit or perhaps settlement?

If the vendor refuses but the defects are minor what would happen ?

Thanks

 

The vendor has come back and does not want to repair any items we had requested through the conveyancer. I understand, he has every right to do that.

Overall I like the property , bank valuation is more than my offer, overall I should be able to rent it for the next 10 years without much repair work.

Is there anything I can do to either slightly negotiate the price lower or get some of the things fixed?

I still want to go ahead and not cancel the contract.

 

get some quotes for the works to be completed then take that to the vendor.

Why is the floor uneven? Slab or bearers/joice?

Cracked tiles and grouting issues you could see with your eyes and would've factored into your offer i'm guessing.

 

The property is 35 years old. Overall the building inspection report and when I talked the inspector directly, do not beloved had to be fixed In the short term, but some displacement over time, stump related

 

What does the building inspector say, does it need shoring up? Is it much of an issue?

 

Does not have to fixed now, more of a long term fix.

 

It is a house. 700 sq mt block. In Cranbourne.

It is in the area between living room and kitchen. In the house.

I went for inspection walked in that area twice. Not noticeable. But when the building inspection checked, they found it is not straight, slight slope. Not sure how to describe.

 

Thanks for the tips and options. Next time I will be More careful. This has been a good learning experience.