Hi all,
I was hoping you can help me with suggestions
I recently purchase a property investment ( 4 br house) in Rockingham, WA. I’m based in Sydney and was wondering what’s the best way to do final inspection? Can I hire anyone? I wanted to go over but work reasons I’m not able. I have no relatives or friends in WA and I don’t fully trust the selling agent. Any suggestions on how or who can do the final inspection on my behalf?
Settlement is set for 16 May 2005…help!!!!!
Any suggestions please?
Frankic[cowboy]
Frankic
i’d suggest you discuss this with your solicitor -particularly if you engaged a WA solicitor to act on your behalf.
maybe thay can recommend someone to act on your behalf on a fee for service basis.
cheers
brahms
Purveyor of Fine Finances
aka Mortgage Broker BrisbaneHave you organised someone (eg a rental manager) to manage the property for you in WA?
A rental manager would be a good person to do the final inspection prior to settlement.
If you are not going to be able to visit the property easily (ie if you are staying in NSW), then you really need someone local who can look after the tenants, manage property repairs, follow up when the tenants don’t pay rent on time etc. Granted, it can be done long distance, but it can become a real headache (I’ve done it).
A rental manager will charge maybe 8-10% weekly rent, and maybe 1-2 weeks rent for finding a tenant, and doing all the “new tenant” stuff (pre-rental inspection, leases, bonds etc). Sometimes it’s worth paying a bit more for a good rental manager, but don’t get ripped off.
(Costs of managing the property are tax deductable)If you are shopping for a rental manager, ask for referees, FOLLOW THEM UP, ask plenty of questions (remember you are hiring THEM, so you have to be happy with them). If they don’t have time or patience to answer your questions, they probably don’t have the time or patience to look after your tenant. (And the tenant is the one paying you!)
The only thing worse than managing your IP badly yourself, is paying someone else to manage it badly for you.
There are loads of people doing ‘pre-purchase inspections’ these days. You’ll find them in the phone book. They have to be licensed these days. The cost would be around $300. A property manager wouldn’t do a thorough enough inspection. For example, I’ve done the odd inspection when friends have bought properties. One thing I always do is take a bucket along with me and poor some water down the floor drain in the bathroom and laundry. It’s better to find out before a tenant moves in whether a floor drain is incorrectly connected or blocked (it’s often the tilers who block them when they pour slurry down them).
ScottTax Depreciation Schedules
Australia wide service
1300 660033
[email protected]
http://www.depreciator.com.auThank you everyone for your comments[thumbsup2]
Frankic
You must be logged in to reply to this topic. If you don't have an account, you can register here.
