Hi Everyone,
This is my first post. My first investment property settles on Monday – woohoo!
But I am having trouble getting access to the property to do the final pre-settlement inspection. The house is currently tenanted. Silly me left it until Thursday to try to organise a suitable time for inspection – left message with agent who didn’t call back. Finally got onto the agent today and was advised that I can’t go in on Sunday due to some rule and Saturday afternoon doesn’t suit the tenant. I will not be able to get time off work on Monday to do the inspection before it settles at 3.30pm.
Does anyone have any suggestions or who could I get to do this on my behalf.
Kind Regards
Salaberge
(Qld)Would help if we knew roughly whereabouts your new IP was?
Hi Tuttsy,
It’s in Bethania which is in SE Qld about 26-30km south of Brisbane CBD.
Kind Regards
SalabergeI’d delay the settlement for a day or so. How long ago was it since you last looked at the property?
Hi Blackhole
It’s been a while. I had a long settlement period (45 days). I see you point about delaying settlement, but don’t want to risk any penalties.
BTW I should clarify that when I asked “who could I get to do this on my behalf” I meant to ask whether other people have had a property manager or other professional do this for them – when they are buying remote properties etc.
Thanx
SalabergeHi Salaberge,
For peace of mind I would look at the property myself, especially being your first one.
Secondly, never be afraid to delay settlement un til you are happy, once it is settled you may have no recourse.
Check with your solicitor to see how much a days penalty is for delaying the settlement. I think you will find that it probably isn’t as much as you might think.This is the what I would do anyway, i had a personal experience where I settled on a property because I was afraid to delay settlement. It ended up costing me a few thousand dollars, whereas the penalty for delaying was only $200 a day.
Hope this helps and congratulations,
Sue [
]Be careful not step on the flowers when you’re looking at the stars
Thanx Sue,
I’ve now booked the inspection for 9am monday morning and will have to make it up to my boss somehow![
] He should be ok with it.I never thought to check into the penalty amounts, I thought it would be much more than that!
I am pretty excited about my first one – didn’t quite get into reading about the +ve cashflow stuff until after I bought it, so it is negatively geared. I don’t think I did too bad though it will only cost $25pw to hang onto and I bought it for about $25K-$45K less than two other houses almost exactly the same were listed for. They were a bit tidier though.
I’ll do better with my next one!
Kind Regards
Salaberge
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