Hi All:
First of all a big thanks to all for sharing all your experiences here.
After doing much research( whatever time i could find after my 10 hr/day job) and spending 3 stressful months i have finally bought an IP for 266K.
The Real Estate Agent there says it should rent for around 260 p.w types. I have already paid 10% deposit and settlement is due on 20th June. The house is in a excellent rentable condition. As this is my first experience in IP’s (and also bit lack of knowldge and time) i wouldnt really like to go into any sort of reno. etc. at this time.I prefer one step at a time and i guess buying an IP was stressful enough….What i wanted to know is what should be my next step as to ensure that no time is wasted after settlement. I would like your experiences esp. on issues like:
1) How to choose between different prop managers( how to determine which one is better).
2) As the house is around 25 years old should i still hire the services of a Quantity Surveyor or would that be just a waste of money.
3) Any other steps which i could take between now and settlement .Thanks in advance to all to all u guys.
-D-
Hi DJ,
Good to have you here. My thoughts,1) Why not try isiting various offices as a tenant and asking how you go about renting houses. Look for the agents that do showings (not hand out keys) and seem to take an interest in you. Next go back to the same place and tell them you are a property owner who wants to let a property and ask costs, services, etc. See what you think. Trust your gut and look at the fine print on the costs. Sometimes a lower % can be made up by the agent in sundry costs. Read carefully.
2) Always worth getting the QS report. Also make sure you get the exact date of building as there was a short period of time in 1987 (I think) that enabled you to deduct your house at 4% rather than 2.5% per annum. A big difference for you at tax time if your house falls in the date period.
3) Just remember that the negotiation never ends until settlement. Was the building report satisfactory ?? Never be afraid to ask for further discount basedon building reports if it needs it. Make sure you inspect the house on the day before settlement to ensure everything is there as you first inspected. If it is not in the state you saw it you can stop the contract. Don’t accept second best you are in the drivers seat.
Hope the ramblings help DJ….
Enjoy
AD [:0)]
(Andrew)“”Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.”
Albert EinsteinThanks AD for the advice, I will go with it. The settlement issue was really unknown to me and would be helpful.
Thanks again.
-D-
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