Pre-Settlement Checklist for Home Buyers

Already planning that exciting move into your first or new home? Or maybe you’re wondering if you’ve ticked off everything you need to do before finalising your purchase? If you are, then this pre-settlement checklist may help you identify what tasks you may have missed before you can go and live under your very own roof.

Take out Home and Contents Insurance

Regardless of whether the property’s location is prone to natural disasters or not, it is always a good idea to take out a full home and contents insurance to make sure your property is insured in case of fire or storm occurrence.

As you know, significant property damage and financial loss could also be sustained through burglaries or vandalism. Even something as simple and unassuming as a leaky pipe could flood your house so with that said, make sure that your insurance also covers all major disasters.

Get a Building Inspection Report

Often this process is done during or before the purchase, however even if you have purchased at auction or unconditionally without one, it is a good idea to know what repairs might be needed or what just might need an eye kept on it. While this might not be a condition of purchase it’s always good to know what things might be in store for you in the coming years.

Conduct a Pest Inspection

Check if there are any signs of  termite activity. If you haven’t seen any but would still like to make sure, then the only way is to get a licensed professional to conduct a pest inspection.

Almost always, pest inspectors will recommend a “Termite Barrier”, which is a preventative measure to greatly minimise the risk of any future termite invasion. This is a good idea for your future piece of mind and to also protect the large investment you are making in real estate. However be aware that they aren’t mandatory to have, so the seller is not legally obligated to have one in place prior to you purchasing.

Check the Appliances

Sometimes, when buying a house, it comes with an extensive list of features and appliances that add significantly to the purchase price. You want to make sure that these appliances you are paying for do in fact work.

So, make sure that you have in your checklist everything that needs to be looked over for operational difficulties. These include kitchen essentials like the stovetop, plugged-in systems like the air conditioner, and other major additions like an electric gate.

Shop for Home Items in Advance

You may need to purchase new furniture or items if the home you are purchasing is bigger or has additional rooms than your current home.

One tip we can give is to hunt around for great deals so you will be able to scale back on the budget a bit, use your weeks leading up to settlement to keep an eye of for specials and sales.. You can also play around with decorating concepts such as minimalism which would only need a few items around your home to make it look stylish.

Check the Cleanliness before Handover

As part of the standard sale handover process, a seller must leave the property in “as inspected” condition. So this means, to the same condition or standard as how it was viewed, just without any furnishings. In the vast majority of cases this means the home will be clean, with gardens and lawn tidy. However this may not meet your personal cleaning standards.

So if you would like to have additional cleaning, such as steam cleaning of carpets etc, its a good idea to book this in advance, so it can be done prior to you moving in, while the property is vacant, as many of these extensive cleaning jobs are a lot more effective while the home is totally empty.

Be Involved in the Sales Process

Even though you’ve hired a conveyancer, you shouldn’t allow them to run the show. You must continue to be involved.

Make sure you are aware of what is occurring, important dates, important times, and what should and should not be done by either party when specific roadblocks are encountered.

Make Time for Paperwork

Paperwork is the last leg of the race. Despite how tedious this may seem, you should set aside enough time to carefully review the documents before signing them.

If the conveyancer you engaged is also a lawyer, they can explain to you up front what specific terms in the documents mean. 

A greater grasp of legal terminology and the legislation will enable you to avoid any paperwork snags and give you the power to renegotiate before concluding the contract.

So there you have it: a step-by-step guide to everything you need to think about before finalizing your first home purchase. Remember, a well-thought-out investment will always be preferable to one that is hastily made!