Do This When Inspecting a Property | PROPERTY TIPS SERIES
When inspecting a property you should do these two things. Take a checklist with you (your memory isn’t as good as you think it is) and do your research before inspecting.
Hey guys, Ryan here from on-property and just finishing up here inspecting this property. This is our fifth property for the day and just wants to do a quick video while I’m at the car waiting for the other guys, so just talk about how important it is when you’re doing open for inspections, to have a checklist that you go through and also to know the area that you’re in. So in regards to the checklist, having things as I’ve been hanging out with these guys, you can see them in the background there. Simon’s been going through each property. Simon adds a. they’ve got an APP on their phone where they’re going through a checklist and every single room in the house, they’ve got a bunch of items that they’re looking at that they’re writing comments in their writing from one to five main. Ben Did a full series on how to inspect a property and talks about all those things.
So if you want to create your own checklist, she can go through those videos and we talked about pretty much everything that’s an on property.com forward slash inspect. If you want to check that out, but this is our fifth property for the day that we’re looking at and they all start to blur into one as you’re looking at many different properties and so it’s really important to have that checklist so that at the end of the day, after you’ve done your open for inspections, you can go back and you can remind yourself, what was this property like? What was good about this property? What was bad about this property? There’s some things that stand out like certain properties that we sorted out. I can remember certain aspects of them, certain layout, I can remember what the bath was like in one property because that is really tiny bar. So there’s these strange things that you do remember, but then there’s a lot of stuff that I don’t remember.
Like what were the light fittings like on the second house that we looked at, did they have fans in those rooms? I can’t remember that sort of stuff. So just having that checklist to go through is really important. And then the next thing is to also know the area that you’re in. Have a look at comparable sales in the area before we go and do your open for inspection, so when you’re looking at the property and when you’re talking to the real estate agent, all the real estate has been super friendly. It’s been really good day, but when you’re talking to the real estate agent and talking about what price they’re asking for, you know, in your hair generally what that property is actually worth before you go into it. Otherwise you have no idea whether it’s going to be a good property or not because to be honest, the areas that we’ve been going through, I don’t have my finger on the pulse in these areas.
These guys do. That’s why I’m on the road with them today and they’re doing the bulk of the work. I’ll just pain following behind, but I don’t have my finger on the pulse in this area, so I don’t know what the property is worth or what it should be. Worth. Some properties that were looked at and they’re like, Yep, that’s bang on. It’s worth that much money and other properties. We looked at the same. You know that’s probably 20, maybe 30 grand, overpriced, and so that’s because they know the area they know comparable sales in the area that looked at all the other properties that are listed as well as everything that sold and so that was just a real key vital piece of information that going into an area and not knowing what things are worth. When the agent tells you an asking price, you have no idea whether that’s a good asking price or not.
So when you do open for inspection, had that checklist, make sure you do your due diligence on the area as well. Before you get into it, I hope you liked this quick property tip, just something that I thought of when I was on the road that will hopefully help you when it comes to inspecting a property. If you want to learn more about how to inspect the property and what to look for, go ahead and check out the episode that I did with Ben Everingham on how to inspect a property. You can click it here on youtube or go on on-property Dotcom, forward slash inspect, and you can see the full series over there. Thanks so much for watching and until next time, stay positive.
DISCLAIMER No Legal, Financial & Taxation Advice
The Listener, Reader or Viewer acknowledges and agrees that:
- Any information provided by us is provided as general information and for general information purposes only;
- We have not taken the Listener, Reader or Viewers personal and financial circumstances into account when providing information;
- We must not and have not provided legal, financial or taxation advice to the Listener, Reader or Viewer;
- The information provided must be verified by the Listener, Reader or Viewer prior to the Listener, Reader or Viewer acting or relying on the information by an independent professional advisor including a legal, financial, taxation advisor and the Listener, Reader or Viewers accountant;
- The information may not be suitable or applicable to the Listener, Reader or Viewer's individual circumstances;
- We do not hold an Australian Financial Services Licence as defined by section 9 of the Corporations Act 2001 (Cth) and we are not authorised to provide financial services to the Listener, Reader or Viewer, and we have not provided financial services to the Listener, Reader or Viewer.
"This property investment strategy is so simple it actually works"
Want to achieve baseline financial freedom and security through investing in property? Want a low risk, straightforward way to do it? Join more than 20,000 investors who have transformed the way they invest in property."