Property Inspection Checklist

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Pauline Harper
5 years ago
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1 Property Inspection Checklist First Steps Check out an online home loan calculator to get an indication of how much you can borrow and where you can afford to buy (there s one at Research the suburbs you re interested in, go to inspections, go to auctions as a spectator and learn as much as you can before you begin looking in earnest Read absolutely everything you can lay your hands on including the real estate pages in the local and metropolitan newspapers Notes on property Property address: Agent: Ph: Asking price/auction range: $ Approx size: m 2 No. bedrooms: No. of powerpoints bedrooms: No. of bathrooms: Included in price (tick each that applies): Floor coverings Oven Curtains Blinds Dishwasher Garage Carport Refrigerator Light fittings Washing machine Clothes dryer Pool Estimated costs Council rates, per quarter: $ Water rates, per quarter: $ Body Corporate contributions, per quarter: $ Total estimated contributions, per quarter: $

2 Condition of property Roof: Exterior walls: Down pipes & guttering: Ceilings: Interior walls: Floors: Windows: Water pressure: Renovations required? Any serious faults? Room for extensions?

3 Condition of land Sloped/Steep grade/flat/rock: Prone to flooding: Driveway: Clothes line: Barbeque: Swimming pool with fence: Boundary fence/retaining walls: Balcony: Services (tick each that applies): Gas Electricity Home heating Ducted air-conditioning Telephone Broadband Sewerage Hot water system Floor plan Sketch the floor plan of the property on the grid below

4 Proximity to (tick each that applies): Public transport Shops Day care Schools, TAFEs or universities Medical Facilities Parking Parks/Sporting facilities New developments, such as tunnels, roads etc Buying an apartment? Have any other apartments been sold in the same block? Yes No At what price? $ Feedback from neighbours? Good Bad Thinking of renovating? Take a reliable builder or architect along to your second inspection and discuss your plans Estimate from builder on renovation $ (remember to add into budget) Testimonial I have made the decision to purchase at with my head and NOT my heart Signed:

5 When you are considering buying a unit or apartment, you may need to understand the concept of Strata Title as this may have an impact on what you can do with your unit once you have purchased it. Let s start with the basics What is Strata Title? Â ÂStrata Title allows the division of a building into separate units, with each unit owner or purchaser having: Z Z a separate title and ownership of a lot, and Z Z joint ownership of common property (with all other owners of lots in the strata scheme). Â ÂThe lots are the insides of the units themselves, or other areas like laundries, car spaces, garages or marinas which can also be the property of the owners. Usually, the lot owner owns the inside of the unit (including the internal walls, carpets and fittings) but the building structure (including external walls and roof) is usually common property. Â ÂCommon property which, as well as including the main structure of the building, could include hallways, staircases, recreational facilities like swimming pools, gymnasiums, sauna, tennis court, meeting rooms or golf courses, makes up the other part of strata titled properties. Â ÂAll owners contribute to the maintenance of common property through strata fees, which are normally collected quarterly. Strata fees are usually split into two parts. The administration fund is for day to day expenses such as managing agent s fees, minor maintenance and insurance premiums. The sinking fund is usually for projects such as painting, carpeting or major repairs. Strata titled properties are usually managed by an Owner s Corporation made up of the owners of the lots and often the representatives of a managing strata agent. The Owner s Corporation holds meetings where votes are taken on how best to manage the properties. Things to consider when purchasing a Strata Titled property Find out if the building is adequately insured and if a recent building valuation has been undertaken; Assess if the sinking fund is adequate, taking into account the building s age, state of repair and type of construction; Ask yourself if you can afford the quarterly strata levies; Check if there are any additional special levies being planned; Find out if there are any outstanding building works or unpaid building works; Check that there is no current or likely litigation or public liability claims; Make sure that you are satisfied that there are no restrictions on the use of the common property which may affect you; Check whether animals are allowed; and Have any alterations to the unit been approved by the owner s corporation re: balconies, air conditioning, security grills etc.

FREE ESTIMATE. How to: to complete these forms simply click the grey box and type your response.

FREE ESTIMATE. How to: to complete these forms simply click the grey box and type your response. FREE ESTIMATE FREE How to: to complete these forms simply click the grey box and type your response. 1. Your Details Full Name of Owner(s): Full name of the owners as it appears on the Contract of Sale.