Location is very important and can be a great indicator of the level of capital growth that your property can achieve over time.
When researching the location, your primary consideration
should be the proximity to amenities such as public transport, schools,
hospitals and shops.
Then pay attention to the suburb’s vacancy rates, sales
history and comparable sales.
Your next step is to consider the size of the land and
property, the condition and number of rooms.
Once you have sorted out your finances and obtained approval
for the loan, follow these simple steps to finalise your deal.
1. Arrange all the inspections: Building, pest,
electrical and strata, as well as land or property surveys.
2. If buying through private treaty, make an offer
(allow for negotiation and flexibility)
3. If the offer is accepted, you can make the offer
official by having a sales summary or contract prepared by a solicitor. This
should include the date of the offer, property address, price offer, deposit
amount, balance to be paid, financial details, special conditions and
settlement date. Agents are legally obliged to present the offer to the vendor.
4. If purchasing through an auction, make sure to
have pre-approval for finance and the deposit ready.
5. If the offer is accepted, you will receive the
sales contract and asked to pay the deposit
6. Contracts will be exchanged via the
conveyancers/solicitors.
7. Get your solicitor to check all the contracts
before signing.
8. Once the contracts are signed, there will be a 5
day cooling off period
9. Once the cooling off period has ended, you are
legally bound to proceed with the purchase (unless there is a special condition
in the contract)
10. Now is the time to secure funds for stamp-duty,
organize building insurance
11. Connect all the utilities using our partner MovingHub- a one stop shop for all utility
connection
12. On settlement day, you or your representatives
will meet with the vendors to swap the cheque with the title of ownership and
the keys to the property
13. Once settlement takes place, the deposit will be
released to the lender and the sale is finalized
14. Your solicitor will then notify the government
of the change of ownership
15. Manage your investment properties using RealRenta and save thousands of dollars per
year in management costs.
Need an investment property loan?
Contact us @ propertyloans@realrenta.com and we will arrange for our trusted finance
partner to contact you for a no obligation chat.
Marlene Liontis
Tuesday, 10 December 2019
