Before buying or selling a home or an investment property in SA there are a number of things that you should think about. You will have lots of input from family, friends and professionals but always keep in mind your own intentions and goals. Here are a few tips from us!
Local Amenities – Think about the features you want from the area in which you want to live. Take note of local schools, shops, public transport, travel times to work or to visit family. People at different stages in life will want different amenities so do your research.
Building and Pest Inspection – It is a good idea to have a professional building and pest inspection done before proceeding with a purchase. Even if the building is relatively new it is worth setting your mind at rest. Be sure to include a building inspection as a condition of the contract. It is not unheard of for vendors to undertake their own building inspection so there are no surprises during the cooling-off period.
Swimming Pool compliance – does the property have a swimming pool? To be certain the pool safety fencing is compliant include a compliance certificate as a condition of the contract.
Finance – Contact your mortgage broker or bank as early in the process as possible. They can advise you of the documentation required to be submitted with your application such as payslips and other financial evidence. If your contract is subject to finance the date for approval will be specified so time is of the essence when providing information to the bank.
Ownership – Think about how you will hold the Title to the property. You may purchase as a sole person proprietor, joint tenants, tenants in common or maybe a trust or self managed superannuation fund. If you are purchasing an investment property or you have specific financial circumstances you should seek financial advice about the best structure for you. The correct instructions must be given as errors can be costly to rectify.
Property Manager – If you are purchasing an investment property you will need to decide if you will manage the property yourself or engage a property manager. Managing yourself will save on agents’ fees but will mean more direct involvement with a tenant. In engaging a property manager you will be more ‘hands-off’ but will need to take into account to cost.
Carpet and House cleaning – if you are moving into your new home would you like to arrange for the carpets, floors and windows to be cleaned first? Does the house need a good professional clean? If you don’t have to move in on settlement day you will have time for a clean to be done
Locksmith – the agent will hand over the keys to the property on settlement day. You may want to consider changing the locks to ensure security so call a locksmith to assist. If the property has a security system, change the access codes and contact the provider to arrange monitoring.
Insurance – did you know when you purchase a property at Auction you must take out insurance immediately? If you purchase via private treaty insurance is required at the expiration of the cooling-off period. In SA property is at the risk of the purchaser until and after settlement. Talk to your Conveyancer if you are purchasing a Community or Strata titled property as insurance requirements can vary.
Utilities – Take some time to research the best deals for utilities. You will need to arrange for connection of electricity, gas, telephone, internet and perhaps NBN in advance to ensure everything is ready for moving day. Utility connection and disconnection are the responsibility of the home-owner.
Redirection of Mail – have you let everyone know you are moving and have you advised them of your new address? Have a list of contacts who regularly send you mail ready so they can be notified after settlement. Most companies prefer to send bills and invoices via email so set aside some time to set this up before you move.
Removalist – have you booked a removalist for the day of settlement and do you have enough boxes to pack your belongings into? Start packing early and take the opportunity to pass on or dispose of things you don’t need!
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The team at McKay Business Services are all members of the AICSA and are proud Adelaide conveyancers