Property Checklist

Thank you for coming to Tasmanian Properties, below you will find a Property Checklist (Before you Buy and After you Bought) Before you consider buying a property or land for personal or investment use, this checklist will help you consider all your options -
What do I want?
What budget do I have?
Is it short term or long term?
and many more questions....

Below are headings that you should consider when investing in property. Your due diligence is you doing research on the topics before purchasing, so you can look at the property on an investment level not an emotional level
  Medium Sale Prices  
  Medium Rental Yields  
  Bank Finance
  Sorting your finances is a good idea before going out and looking for your new home or investment property.
  Before seeking approvals from a bank or broker, you can check your credit file and have your negatives taken off that shouldn' t be there. A clean credit report will help you secure funding easily and over 80% of all reports tend to have at least one mistake. At Veda, you can receive your credit report free -
  Seeking finance can be daunting but you do have two options - going straight to a bank or credit union or seeking information from a Banking Broker.
  Benefits of using a bank
  You may have a good relationship with your bank, so approvals can be quick and easy if they have all your details on file
  Benefits - of using a broker
  Brokers are required to give you three quotes from different banks, so you can decide on the best bank and deal for you
  You will not damage your credit file record as your broker does all the research before submitting your application
  Once you fill out your details and provide the relevant paper work, your broker does all the hard work
Finance - Loan Types Once you fill out your details and provide the relevant paper work, your broker does all the hard work
Once you fill out your details and provide the relevant paper work, your broker does all the hard work
Finance - General How much deposit do you need
  Usually you need 20% deposit but some banks allow 5% to 15% but you usually have to then pay mortgage insurance mortage insurance. Lender's Mortgage Insurance is an insurance policy that protechts the lender from financial loss in the event that the borrower cannot repay their home loan repayments..
The financial Institution may make it a condition of borrowing that the borrower pay for a lender's mortgage Insurance policy.
To lean more go too:
  How much deposit ………
  How much stamp duty will I have to pay….
  What interest rate and charges
  What will they charge
  What other fees
  Monthly fees
  Will I need Mortgage Insurance….
  Any penalties for existing the loan early
  TIP - Pay your mortgage repayments weekly because you will save more in interest. The banks calculate interest on a daily basis on the loan balance, so paying more regularly reducing the overall interest paid on the loan
  repayment weekly because you will save interest
  Are there any grants available
  Some governments have first home buyers grant and stamp duty discounts
  Any penalties for existing the loan early
Financial Planning Financial Planning
  Do you need to see a financial planner before buying your home?
Finding your Home Finding your House/Land
  There are other online website for looking at land for sale or you can look at the Real Estate Guide or Local Newspaper
Buying a Property What do you need to consider when buying?
  Tiltle information
  structure of the house
  any easements/covenants
  land size
Signing a Real Estate Contract Once you have found your house/land
  Find a solicitor or Conveyance offer to help you with your Contract of Purchase of Real Estate
  The vendor or real estate agent will fill out the contract. You need to provide to them all relevant clauses that are required to be in the contract - see below
  Name on the Contract - What name or entity? Do you need Nominees added to your contract
  When purchasing your property with others - is there a split in who owns the property - discuss the options with your solicitor
  (Give details on different types - trusts, companies etc)
  Deposit (keep your deposit to a minimum if you can)
  Finance and length of time (Use a specific bank)
  Do you have to sell another property first?
  Settlement date after all clauses are confirmed
  Building inspections (if required)
  What chattels are in the property (if required)
  Any other relevant clauses - No title yet..
  Its best to seek legal advice before siging the contract, you can go to a lawyer on conveyance specialist. The lawyer and conveyance specialist will guide you to all costs payable and stamp duty, they will do the purchase for you.
  Note - In Tasmania and Victoria you can do your own conveyance, but be very careful, you must know what you are doing… Buying property is a large investment.
  What other costs do you need to consider when and after you buy
  Rate and taxes
  Maintenance Expenses
  Land Tax
Download 'Before You Buy' Checklist
Download 'After You Bought' Checklist