Navigating the Due Diligence Phase in Property Buying

In this Australian Property Podcast episode Pete Wargent and Amy Lunardi deliver their step by step guide to buying property.

Topics covered today:

This episode covers the step by step process AFTER you’ve gone through the finance process, which we covered a few episodes ago with Owen & Chris, however some of these steps can be done before you get your finance sorted

1. Research – last week's episode covers this but is an essential step which a lot of people skim over, especially home buyers. Do recommend doing this before you get pre-approval, never too early, but regardless of when you do it the key things you’re ideally wanting to understand are:
2. What’s happening in the market – broader and locally, why? Prices influence how quickly you have to move on offers, factoring into your appraisal & budget. Supply & scarcity   
3.  Research to create your PROPERTY BRIEF: your shopping list / workout plan -> ESSENTIAL STEP to moving forward

1. Educate yourself
2. Learning about the fundamentals of property: settlement, conditional offers, building inspections, state specific rules
3. Attending inspections & auctions, familiarising yourself with properties, meeting agents, starting to understand the lingo
4. Spending more time exploring the neighbourhoods
5. Potentially refining/changing your brief
6. Search phase: once pre-approved and emotionally ready, actively searching
7. Be proactive with online searches
8. Off markets & agent communication
9. Prioritising Saturdays and seeing properties asap
10. Due diligence: once you’ve found a suitable property / green light
11. Free and straight away: appraisal, local area check, council call, planning checks, landchecker, body corporate/owners corporation, old photos, agent info/notes, inclusions, speak to broker
12. Contract review- when and why
13. Building inspection & any other trade quotes – when and why
14. Important to still keep searching throughout for backup plans. Sometimes 2 options need to strategise re timing
15. Making an offer OR bidding at auction
16. Making an offer: how? Ask agent their process and timeframes. Conditional versus unconditional, price versus terms. Deposit
17. Auctions and buying prior
18. Post sale – documentation, finalise loan, final inspection, insurances, utilities

Rask Resources

Pete's Buyers Agency: https://www.allenwargent.com.au

Alcove mortgage broking: https://www.raskmedia.com.au/services/mortgage-broking 

Amy Lunardi Buyers Agency (Melbourne) www.amylunardi.com.au 

All services: https://bit.ly/R-services

Financial Planning: https://bit.ly/R-plan 

Invest with us: https://bit.ly/R-invest 

Access Show Notes: https://bit.ly/R-notes 

Ask a question: https://bit.ly/R-quest 

DISCLAIMER: This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser. Access The Rask Group's Financial Services Guide (FSG): https://www.rask.com.au/fsg

Learn more about your ad choices. Visit megaphone.fm/adchoices