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The Ultimate Guide to Pre-Settlement Property Inspections in NSW

Author: Tanisha Lirani
Categories: Apartment,Buyers,Duplex,First Home Buyers,House,Investors,Property Sale,Townhouse
The Ultimate Guide to Pre-Settlement Property Inspections in NSW

The Ultimate Guide to Pre-Settlement Property Inspections in NSW

Introduction

The journey towards owning your dream property is an exciting one, filled with anticipation and a touch of nerves. As you inch closer to the settlement date in New South Wales (NSW), there’s a crucial step that ensures you’re stepping into your new abode with confidence: the pre-settlement property inspection. In this guide, we’ll dive into the ins and outs of this process, helping you navigate it seamlessly and ensuring that your new home lives up to all your expectations.

What is a Pre-Settlement Property Inspection?

Imagine this as the final quality check before you officially become the proud owner of the property. As per the laws in NSW, you, as the purchaser, have the right to conduct a pre-settlement inspection of the property before the settlement process is finalised. This inspection serves as a safeguard, giving you the opportunity to ensure that the property is in the condition you expect and that all agreed-upon inclusions are present.

Why is it Important?

This inspection is your last line of defense against potential surprises. It allows you to verify that the property’s condition aligns with your expectations and that there haven’t been any unexpected changes since your initial visit. Imagine moving into your new home only to find that the fixtures or appliances you thought were included have mysteriously disappeared. The pre-settlement inspection is your chance to catch such issues before they become headaches.

Timing Matters

Timing is key here. While you could conduct the inspection on the day of settlement, experts recommend doing it 7 to 10 days prior. This gives you ample time to identify any discrepancies and address them with your solicitor or conveyancer, ensuring a smooth settlement process.

What to Look For

When you step into the property for the inspection, keep your initial property visit and the contract handy. Ensure that the property’s condition matches what you saw earlier and that the inclusions you agreed upon are present. If you have photos from your initial visits, use them as a reference. If you notice any discrepancies, don’t fret. This is where your solicitor or conveyancer comes in, helping you navigate the situation and find resolutions.

Vendor’s Perspective

Remember, just as you’re excited about stepping into your new home, the vendor is eager for a seamless transition as well. It’s in their best interest to maintain the property’s condition to ensure a hassle-free settlement.

Benefits of a Smooth Pre-Settlement Inspection

A successful pre-settlement inspection not only gives you peace of mind but also sets the tone for a positive transition into your new home. It ensures that both parties are on the same page regarding the property’s condition, preventing potential conflicts down the road.

Conclusion

As you gear up for your pre-settlement inspection in NSW, keep in mind that this is your opportunity to dot the i’s and cross the t’s. Don’t rush through it – take the time to thoroughly inspect the property and consult with your legal team if needed. By doing so, you’re ensuring that your transition into your new home is a seamless and exciting one. Remember, it’s not just a property inspection; it’s your final step towards becoming a proud homeowner in the vibrant city of Sydney.

Thank You Real Estate clients in New South Wales, enhance your property purchase experience with our expert Pre-Settlement Inspection Service. We understand that buying a property is a significant investment, and our dedicated team is here to provide you with peace of mind. Our thorough inspections, detailed reports, and professional guidance ensure you know the true condition of your new property before finalising the deal. Trust us to protect your interests and make your property purchase in NSW a smooth and informed process. Contact us today to schedule your inspection and secure your investment!

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7 Reasons Hiring a Real Estate Agent is Better Than Selling Your Property by Yourself

Author: Tanisha Lirani
Categories: Investors,Property Sale,Sellers
7 Reason to choose right real estate agent

7 Reasons Hiring a Real Estate Agent is Better Than Selling Your Property by Yourself

Once you have decided to sell your home, the next crucial decision you will have to make is whether to sell your property by yourself or to hire a real estate agent to do this for you. For some, it may seem more cost-efficient to sell their own property, as doing so would mean that they would not have to pay for the agent’s commission.

While there is no right or wrong answer when it comes to this, there are a few things you might want to consider. You will also need to factor in questions like “how long will it take you to sell your house” and “how well do you know the current market value of your property”, among other things. Before you make a decision, let’s deliberate.

Dedicated Time for Enquiries

Selling your property is not your full-time job, but it is real estate agents. What does this mean for you? This means that you do not have to rush home from work or postpone a meeting when a potential buyer wants to see your property. Aside from time efficiency, having an agent selling your property means less stress for you, too. Also, it may feel tempting to save money but let’s say if you know little of dentistry or constructing or even any other trade, would you do it all? There are professions out there that need specialisation and so does real estate, even if it may seem an easy job, wearing someone’s shoe will give you a real perspective.

Knowledge and Experience

Entrusting the selling part to a real estate agent makes it possible for you to get your property sold much sooner than if you were the one entertaining potential buyers. Agents have been trained to undergo various courses, passed exams, and gained experience in dealing with buyers through working for themselves or working with other agencies.  All of these play an important role in getting your property sold in the anticipated time off course various other external factor play in, Your real estate agent will be able to answer questions and address buyer concerns much better because of the knowledge and experience that they have gained. Some vendors choose to sell in less time whereas others are more patient and all they want is a good price not saying selling quickly will fetch less, perhaps real estate agents work with you on a one-to-one basis to bring you the results that you after. like every property is different so does every vendor, and their requirements and circumstances.

Effective Marketing

In recent times, rules and regulations have evolved over time and aside from their familiarity with all the regulations involving real estate transactions, agents also know where to look for potential buyers and how to effectively target them using tried and tested marketing strategies. Networking is one of the strengths of real estate agents – one that will benefit you as a seller. Instead of relying solely on your friends and family to help you spread the word about your property, your agent has access to various methods and platforms in place to ensure that potential buyers learn about the house that you’re selling.

Screening and Managing Buyers

A real estate agent can find out whether someone who wants to view your property is indeed a qualified buyer or just a curious neighbour. Agents are trained to ask qualifying questions to determine the seriousness, and motivation to buy, finance readiness and so much more. They are also able to influence a qualified prospect to make an offer to buy your property.

Stress-Free Negotiations

Buyers are likely to make comments about your property that might upset you, and it would also be difficult to take rejections. A real estate agent shields you from having to deal with buyers directly, and they also provide a more objective approach to selling your property because there are no personal emotions involved. This means that they will be able to handle criticisms well, respond to rejections with a sound counteroffer, and follow up with buyers without looking desperate. After all, negotiations are all about win-win, not with the price only, even with settlement conditions, terms involved and so much more.

Market Know-How

Despite the pandemic brought about by the coronavirus in the year 2020, the Sydney property market has continued to defy the worst forecasts and remained remarkably resilient. Year over year, Sydney’s median house price is up 6.6% at $1,154,40. Buyers have been lured back into the real estate market by low interest rates, government tax cuts, and other incentives. A real estate agent is always abreast with information and updates like these to help you sell your property at a great price point, the shortest time and make selling a property an experience than another mundane task.

Correct Pricing

Pricing property correctly is very important, and it can affect days on market and final sales price. When your price too high, fewer people would be interested to see your property, resulting in fewer offers. On the other hand, when you price it too low, you might send the wrong message that something is wrong with your property or that you are desperate to sell. An agent will be able to help you set the right price for your property given the current market conditions.

Real Estate is more like people business than property business as more and more transactions are these days based on how good real estate agent is, how well they present, how well they communicate through various medium and whether your potential buyers are happy dealing with them, their character their presence and overall persona.

so overall, there are fairly good reasons why selling through agents are much more rewarding and your experience will enhance in dealing with properties overall. Even if you have had a bad experience previously selling or leasing a property through some real estate agent, it is always good to try with others, as there are many young, vibrant and technology-friendly agents who are emerging that can provide you better service. Tanisha from Thank You Real Estate is one of those new breeds of real estate agents who put heart and head into ensuring that your property is in good hands.

Do ensure you check google rating of agent, agency and do some research, so you avoid falling for any agent who lures you with false promises.

We at Thank You Real Estate will be more than happy to help you get the most out of selling your property. Call us today on +61 2 8856 2970 for any enquiries or to schedule a meeting.

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Owners and tenants that love their property manager. This is what happens when you do things with Thank you Real Estate.

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Depreciation Claims on Investment Property

Author: Tanisha Lirani
Categories: Apartment,Duplex,House,Investors,Landlords,Property Management,Sellers,Townhouse
what is tax depreciation for investment properties

Depreciation Claims on Investment Property

If you’ve recently purchased an investment property, or you’ve been thinking of purchasing one, there’s a good chance you’ve heard of deductions that can be made against the tax you pay. One of these deductions is depreciation of both the property and the contents inside the property.

But what exactly is depreciation? And how does it help come tax time?

Depreciation is essentially a deduction on your tax that allows you, as an investor, to offset the decline in value in both the property and items that are permanent fixtures within the property – ovens, dishwashers, carpets, blinds, air conditioners, and so on. One of the biggest benefits of depreciation is that it is a “non-cash deduction”. This means that unlike other deductible costs associated with owning an investment property, there are no ongoing costs to depreciation; you don’t need to spend anything to get the deduction.

It is important to keep in mind that every item has a lifespan that the ATO says it should last before needing to be replaced. This then creates the length of time that the depreciation will be spread over.

New Builds, Renovations, and Older Homes

One of the biggest questions around depreciation is who can claim. Does the property need to be of a certain age before you can start claiming depreciation or is there an age where you can’t claim depreciation?

Essentially property depreciation can be claimed on a building of any age. If the property was built after July 1985, you can claim deductions on both the building and the fixtures, while if the property was built prior to that date, you can only claim on the fixtures. It is certainly worthwhile having a depreciation schedule produced – saving on your tax is still a saving after all.

So what about claiming on a renovated property? This one is a little more work as you will need to know how much was spent on the renovations (and you do have an obligation to the ATO to provide this information). If renovations were completed by a previous owner of the property, you can still claim. If the cost of the renovations is unknown, you will need to engage a quantity surveyor to make an estimation of the cost of renovations.

Claiming Depreciation on Your Investment 

There are two ways that depreciation can be claimed on an investment property: capital works and depreciating assets.

Capital works depreciation looks at the construction costs involved in building the property. We mentioned above that every item that is depreciated has a lifespan. In the case of a new build, depreciation is spread over 40 years as the ATO has ruled that a building lasts 40 years before it needs to be replaced.

Depreciating assets are those with a limited effective life that decline in value over time. In an investment property, this includes items such as light fittings, ovens, cooktops, carpets, furnishings. The ATO has listed all the items you can claim and how long you can claim them for; for example, a carpet is estimated to last 10 years, a cooktop 12 years, and a split system air conditioner 10 years.

It’s important to know when these items were purchased where possible as the depreciation lifespan is different in some categories depending on the purchase date.

How to Claim Depreciation

There are two options when claiming depreciation – the prime cost method and the diminishing value method. It is of course advisable to speak to an accountant about which option best suits your situation.

The prime cost method essentially provides you with an equal tax deduction for each year of the effective life of the item.

The diminishing value method allows you to make higher claims in the first few years after purchase and then smaller claims as the item gets older.

What is a Depreciation Schedule?

 Simply put, a depreciation schedule is a report outlining all the depreciation deductions that can be made relating to your investment property. It is a good idea to engage a quantity surveyor to put together the report for you. Quantity surveyors assess the value of the construction work and put together a report for you.

When you own an investment property, it’s essential that you are getting all the tax deductions you are entitled to. Depreciation is an important factor that many property investors forget about and therefore miss out on deductions that could save them in tax. Talk to your property manager or accountant about having a tax depreciation schedule completed on your investment property.

If you’ve never had a property depreciation schedule completed, or you want to discuss how one can help you, reach out to the team at Thank You Real Estate, and we can assist.

Looking to
Sell or Rent
Your Property?
Book your free appraisal

Our Happy Clients

Owners and tenants that love their property manager. This is what happens when you do things with Thank you Real Estate.

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