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

DUE DILIGENCE

  • School Primary
  • School Secondary
  • School Tafe
  • School University
  • Shops
  • Banking
  • Transport
  • High unemployment
  • Working/Middle Class
  • Upper Class
  • What’s happening now
  • Any future development

Coordinate with local authority

  • House Prices
  • Days on Market
  • Unit Prices
  • Days on Market
  • House Rental
  • Unit Rental

FINANCE

Bank Finance

  • You may have a good relationship with your bank, so approvals can be quick and easy if they have all your details on file

 

Brokers

  • 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
  • Interest Only
  • Principal and Interest
  • Equity Loans
  • Commercial Loans
  • Fixed Interest
  • Variable Interest
  • Mortgage Insurance
  • Banks Fees and Ongoing Fees
  • Financing without banks or other alternatives
  • 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.
  • How much deposit ………
  • How much stamp duty will I have to pay….
  • What will they charge
  • What other fees
  • Applications
  • 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
  • Some governments have first home buyers grant and stamp duty discounts
  • Any penalties for existing the loan early

Do you need to see a financial planner before buying your home?

FINDING YOUR HOME

  • Real Estate.com.au
  • Domain.com.au
  • 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?

  • Title information
  • structure of the house
  • any easements/covenants
  • land size

SIGNING A REAL ESTATE CONTRACT

  • 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
  • Price
  • 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 sigNing 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.
  • Insurance
  • Taswater
  • Rate and taxes
  • Maintenance Expenses
  • Land Tax

Categories

Tasmanian Properties, the leading real estate services in Tasmania, offers a different and highly effective approach to overcoming the many Tasmanian property related challenges people face. We can help you with any real estate services in Tasmania.

  • Level 2/162 Macquarie Street, Hobart, Tasmania, 7000
  • 0466 068 777
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