Real Estate Checklist for Buy/Sell
If you’re buying or selling a property, have a checklist to assess the property. Rely on the answers that you have worked out, not just on what other people seek to tell you to manipulate you.
Erasmus : Our List of Questions to help you get Answers:
Site Address:
Why are you selling?
Bid Goal:
How long on market so far:
Valuation
Pricing History Multiples of Earnings
Price per M2
Similar Sales in Area
Rental Contracts:
Income Guarantee Contracts:
ReBuilding Cost:
Land Area:
Freehold vs. Leasehold vs. Strata Title
Caveats e.g. Building or maintenance
restrictions
e.g. Rental or usage issues in “pool”
Costs Commissions:
Rates Insurance Cleaning Problems
Body Corp. Sinking Fund Cleaning
Caveats e.g. Management Rights
Features of Accommodation
Unit House Short Stay
Orientation/ Sun
View
Accessibility
Region:
Transport Shops Schools Work Locations Road Noise
Good Area / Bad Neighbours
Income:
Typical Regional Rentals
Vacancy
Target Rental Market Size:
Growth Story Population Base
Special Regional Problems
Capital Gain Prospects Rental Failure Prospects
Maintenance Issues
Pretty House For Sale.
Kinkajou : Print out the checklist and try to get answers whenever you talk to someone about the real estate you are researching
Goo : Its always good to have a checklist. Its helps you to focus on important issues that you may not remember to ask about.
Erasmus : Banks will generally only loan you money to the extent that
repayments are equal to 25% of your income. This ensures you have enough money to pay your tax and live on.
You can do the sums to learn what e bank will loan you.
e.g. If you earn AUD80,000 per year, this means that your maximum repayment will be 20000 per annum. So if interest rates are 3% at retail level,
you can borrow 20000/0.03 = AUD 660,000