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The Non-Sexy Part of Buying a Property

The Non-Sexy Part of Buying a Property
March 18, 2016 Propertyology Head of Research and REIA Hall of Famer, Simon Pressley


Selecting a specific investment location in this huge country called Australia, finding the perfect property and negotiating the lowest possible purchase price are certainly the ‘sexy’ parts of buying a property.

Once a contract is signed however, our job is only half done for our clients.  It’s at this point that our team jumps into action to assist with and ultimately project manage all aspects of the real estate purchase experience for our clients.  This saves our clients time and lots of stress.

Arranging building and pest inspections, selecting suitable insurance and quantity surveyors and also liaising with conveyancers and financiers to ultimately ensure settlement is as seamless as possible are just a few of the important processes our team assist with.

Most importantly, though our team spend as much time as possible making sure our clients are 100% comfortable throughout the entire process.

Well over 95% of the time, the entire process is very seamless.  Occasionally, though, unforeseen issues can arise which for a ‘DIY’ investor, could result in significant expenses, or worse, terminating a contract due to lack of knowledge and results in missing out on a great investment.

Building reports can, especially to someone who doesn’t review several a week, appear to be quite negative reports.  A building inspector is never going to comment on how ‘pretty’ a wall is, or how ‘nice’ a bench top is, and as astute investment purchasers we actually don’t want that.  Inspectors are engaged to provide their professional opinion on everything that’s wrong with a property.  Even building inspectors aren’t qualified in all areas and often need to cover themselves by saying things like ‘… it looks significant, recommend further inspection’.

The building report for this property presented some concerns, which to a ‘DIY’ investor would  be reason enough to terminate the contract, no further questions asked.  However, after working closely with our team, taking some time to consider all options and to gain a better understanding of the style of property in the specific investment location, our clients Claudio and Fran made the astute decision to obtain additional information prior to making a final decision.

Once given the green light, our team were able to arrange for a structural engineer to attend the property, less than 48 hours after the initial building report was received.  Upon receiving and reviewing the additional building report, it was obvious that there were no major defects with the property and Claudio and Fran were comfortable in proceeding to settlement.

Shortly after, we received a lovely email from Claudio and Fran which said, “Thanks to all of the team for support on what proved to be a tricky one.  Special thanks for the quick reaction on the concerns raised by us.  It’s given us the confidence and comfort to go ahead with the transaction”.

Knowing clients are making astute investment decisions is rewarding.  To say knowing clients are ‘confident and comfortable’ with their decisions is extremely satisfying would be an absolute understatement.

Congratulations again Claudio and Fran.  Who would have thought six months ago that you would now own five properties across four states!


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