What to look for in a pre settlement inspection of the property- Melbourne

Discussion in 'The Buying & Selling Process' started by James Baker, 30th Jan, 2022.

Join Australia's most dynamic and respected property investment community
  1. James Baker

    James Baker Well-Known Member

    Joined:
    21st Mar, 2017
    Posts:
    280
    Location:
    Melbourne
    Last edited: 30th Jan, 2022
  2. The Y-man

    The Y-man Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    13,439
    Location:
    Melbourne
    Congrats!
    It's a bit harder when it's unoccupied.
    Is power connected? Test cooktop, oven, hot water, heater, aircon, garage door if powered.

    The Y-man
     
  3. Penguin

    Penguin Well-Known Member

    Joined:
    14th Aug, 2021
    Posts:
    64
    Location:
    Globetrotter - Sydney
    I thought it will be harder when it’s occupied…

    I’ve looked up similar lists online as I have my presettlement inspection soon as well, though it is occupied by the tenant so not sure if I should still check all the appliances?
     
  4. The Y-man

    The Y-man Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    13,439
    Location:
    Melbourne

    When we settled an unoccupied property, it had no power - so as soon as we got power connected, the HWS blew up, and we found the electric cooktop wasn't working - such is life....

    Also check obvious things like oven door closes properly, water meter not moving when all taps closed (otherwise there's a leaking pipe somewhere)

    The Y-man
     
    Penguin likes this.
  5. The Y-man

    The Y-man Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    13,439
    Location:
    Melbourne
    Are you going to retain the tenants?

    The Y-man
     
  6. Penguin

    Penguin Well-Known Member

    Joined:
    14th Aug, 2021
    Posts:
    64
    Location:
    Globetrotter - Sydney
    Yes they’ll continue living there after settlement
     
  7. Marg4000

    Marg4000 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    6,380
    Location:
    Qld
    All you can check is that the property is in the same condition it was when you signed the contract.

    It is not a “second bite of the cherry” to discover faults.

    That check list link is only good if you checked all those items before signing the contract.
     
    mentorsaif, Penguin, Joynz and 2 others like this.

Property Investors! Ready to Pay Less Tax? Estimate how much Property Depreciation you can claim on your Investment Property. Washington Brown's calculator is the first calculator to draw on real properties to determine an accurate estimate.