Recent Purchase... what now?

Discussion in 'The Buying & Selling Process' started by atreyufan, 22nd Jun, 2017.

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  1. atreyufan

    atreyufan Member

    Joined:
    21st May, 2017
    Posts:
    15
    Location:
    VIC
    Hi Everyone,

    I've made a investment property purchase that settles in early August within Victoria , I'm going through a mental check list of what I should do once it is officially mine.

    So far i've started sorting the various insurances, I know ill need to get a depreciation report.
    I've organised the property management, is there anything i'm missing?

    Was there anything you may have realised you should have set up sooner?
    Any advice would be appreciated :)
     
  2. Stoffo

    Stoffo Well-Known Member

    Joined:
    14th Jul, 2016
    Posts:
    5,301
    Location:
    In the Tweed
    Insurance, as soon as you signed ;)
     
  3. Big Will

    Big Will Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,517
    Location:
    Melbourne, Australia
    Congrats on your purchase, things to do.

    Finance - Make sure the bank has all the information they need to get settlement to go ahead.
    Insurance - Building now & LL settlement
    Repairs/improvements - Organise any repairs or improvements you are wanting to do as close to after settlement (unless agreement to access earlier).
    Depreciation schedule - If it is worth it you can organise this now but they will not likely book it in until a couple weeks/1 month prior to settlement.
    PM - Make sure they have all the information and photos for listing.
    CMA - Do a CMA closer to the time as rents may change + or -
    Advertising - Follow up with PM to make sure it is listed when allowed to.
    Presettlement inspection - done sometime in last week prior to settlement

    Things I can think are pretty generic for most purchases, unless you had something specific you needed done (e.g. meet a town planner).
     
    Sackie and Anthony Brew like this.
  4. Ace in the Hole

    Ace in the Hole Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,872
    Location:
    Sydney
    Start saving for the deposit.
     
    werdna likes this.