Final Inspection or Pre-settlement inspection checklist

As settlement approaches both seller and purchaser excite and start the preparation. Seller prepares the property to hand over on settlement and purchaser plan to takeover. To avoid any nasty or unexpected surprises, it is highly recommended to schedule the pre-settlement inspection which is usually 1- 4 days before settlement happening. 

We also know it as the final inspection, this step is a crucial one – especially if someone has been living in your new home since you signed the contract of sale, as this makes it more likely that the home won’t be in the same condition as when you bought it, which it’s required to be.

Should you go to the FINAL INSPECTION or Pre-Settlement Inspection?

Honestly, we highly recommend scheduling the final inspection to avoid any nasty surprises or any blame game on each other (seller and purchaser). The reasons you should conduct a final inspection include:

To ensure furnishings and appliances haven’t been removed from the premises. The most common items that are often removed from the premises are appliances like dishwashers, microwaves and telephones. Often light bulbs are removed and batteries are taken out of remote controls. That’s why it’s important to not only check that the fixtures and appliances are still in or on the property, but also that they are in working order.

To ensure nothing is left behind from the previous owner like old furniture or rubbish. You also don’t want them to have forgotten anything precious to them.

Make sure everything is in working order. Items can break down from the date of purchase to settlement. It’s important to have these items fixed before moving in.

Damage to the property can occur when the vendors move out of the property. Walls can be damaged or floors can be scratched. A little bit of wear and tear is to be expected, however, if there is major damage that was not visible when the house was first inspected, or after the building inspection, take photos of the damage and give these to your solicitor.

Your solicitor may be able to negotiate a reduction in the house price or get the vendors to fix the damage. This is why a final inspection is so important. If the damage had been found after settlement, the cost to repair would be from your wallet and that’s not fair to you.

When to inspect?

Each state has different laws regarding pre-settlement inspections. Some, like Victoria, stipulate that buyers are entitled to inspect the property at any reasonable time during the week before settlement.

Before settlement, call the selling estate agent to book a Final Inspection usually 2-4 days before. By this time usually vendor vacate the property and is mostly ready in the handover state.

It’s best to do it several days before settlement, too, so that the vendor has time to make any necessary repairs.

Who should inspect the property?

You should conduct the final settlement inspection yourself with your family and real estate agent even invite the seller so notes can be taken or any minor thing can be discussed to avoid any issue. 

What to inspect or your checklist?

Your primary checklist should include but not be limited to:

• Rooms, Floor and all area
• lights and electronics
• plumbing
• water heaters
• air conditioners, evaporative cooling and heaters system
• door handles and locks
• Kitchen appliances like Stove, Oven, Cooktop or dishwasher
• Bathroom – Shower or tiles etc
• Laundry / Toilet / Sinks
• curtains and blinds
• windows and glass
• pool and spa filters
• check for pests
• smoke alarms/letterbox / doorbell
• light fixtures including pendants
• landscaping features (properly maintained)
• garage door (check that works + remote)
• rubbish bins (check that present and in good condition)
• any items that may have been governed as part of the sale including display furniture.

You should check that the property is in good condition, that all rubbish has been removed from the site, and that any special contract conditions have been met.

If the property is in a worse condition than when you exchanged contracts – for example if there’s a new hole in the wall, broken window or burst water pipe – you can ask the vendor to make repairs accordingly and MUST report to your Conveyancer and Estate Agent to protect your interest.

Apart from that, you should ensure the property is clean and tidy… MOSTLY, the seller needs to do professional cleaning (Steam Cleaning throughout) and that all special conditions included in the contract of sale have been met.

You should also bring the contract of sale with you so that you can make sure the property contains all the items the vendor agreed to leave (inclusions) and is free from all the items the vendor agreed to take away (exclusions).

What should you do if you find a problem?

If you find something is broken or in a worse condition than it was during the first inspection, the purchaser MUST raise it with their legal representative immediately.

They will try to negotiate it as a special condition on the contract, which means the vendor must fix it before settlement or equivalent compensation amount MUST be withheld until that issue is fixed or if it cannot be fixed before settlement then the sale price can be reduced to cover the cost of repairs.

#FirstHomeBuyer #Vendor #Purchaser #PropertyForSale

Investing in real estate can be one of the most rewarding financial decisions you’ll ever make. But let’s be honest—it can also be overwhelming. Whether you’re looking at investment properties in Melbourne, rural properties in Victoria, or commercial spaces in Melbourne CBD, choosing the right property requires thorough research and strategic decision-making.

If you’re wondering where to start, don’t worry! This guide will walk you through the key factors to consider when investing in Australian real estate, helping you make an informed choice that aligns with your financial goals.

1. Define Your Investment Goals

Before diving into the property market, ask yourself: Why am I investing?

• Do you want steady rental income from rental properties in Dandenong?

• Are you looking for long-term appreciation, such as luxury homes for sale in Melbourne?

• Is your goal to develop and resell, targeting Melbourne property developers?

Having a clear objective will help narrow down your search and identify the best real estate agents in Melbourne to assist you.

2. Choose the Right Location

Location is everything in real estate. Here are some top spots to consider:

• Melbourne Inner-City Apartments: High demand, strong rental returns, and excellent capital growth.

• Rural Properties in Victoria: More affordable with long-term appreciation potential.

• Commercial Property for Lease in Melbourne: Ideal for business owners and investors seeking rental income.

• Properties for Sale in South Melbourne: A vibrant area with increasing property value.

• Land for Sale in Mornington Peninsula: A great option for those wanting to build from scratch.

Looking for investment opportunities outside Melbourne? Consider property investment opportunities in Bendigo, where market growth is steady and affordable.

3. Understand Market Trends

Real estate is dynamic, and market trends change frequently. Here’s what you need to consider:

• Supply & Demand: Are people looking for rental properties in Dandenong, or are commercial spaces in Melbourne CBD seeing more demand?

• Interest Rates: Lower rates make property investment more attractive.

• Government Incentives: First-time home buyer programs in Melbourne can help ease the financial burden.

• Infrastructure Developments: Areas with upcoming developments, like Ballarat, often see increased property value.

Statistic: The Australian Bureau of Statistics (ABS) reported a 14.6% increase in new dwelling approvals in Victoria over the past year, indicating strong market growth.

Speaking of Ballarat, if you're looking for real estate services in Ballarat, working with experienced agents can help you find lucrative investment opportunities.

4. Property Type Matters

There’s no one-size-fits-all investment. Consider these options:

Residential Properties

• Luxury Homes for Sale in Melbourne: Best for high-net-worth individuals seeking long-term capital appreciation.

• Affordable Rural Properties Near Melbourne: Ideal for investors looking for lower entry costs.

• First-Time Home Buyer Programs in Melbourne: Beneficial if you plan to live in the property first before renting it out.

Commercial Real Estate

• Commercial Property Sales: Perfect for businesses or investors wanting long-term rental income.

• Commercial Real Estate Investors: If you have the capital, this can offer strong returns.

• Estate Management Services Melbourne: Need help managing multiple properties? Professional estate managers can handle the workload.

Land & Farms

• Farm Land for Sale in Victoria: Excellent for agricultural investment or future development.

• Acreage for Sale: Ideal for those looking for larger plots of land with long-term appreciation potential.

• Farm Property Management in Victoria: Professional management ensures your land is used effectively.

Rural properties in Victoria have seen a 10% increase in median prices in the last 12 months, according to Domain.

5. Work with Professionals

Finding the best real estate agents in Ballarat or Melbourne can make a huge difference in your investment success. A good agent will:

• Provide insights on market trends.

• Help negotiate the best deal.

• Offer guidance on legal paperwork.

If you're new to investing, a Melbourne Property Investment Advisor can help you understand the risks and rewards, ensuring your money is placed in the right property.

6. Consider Rental Yield and Capital Growth

Before making a purchase, research the rental yield (percentage of rental income compared to the property's value) and capital growth potential (the expected increase in property value over time). Areas like Geelong and Dandenong offer strong rental demand, making them excellent choices for long-term investors.

The average rental yield in Melbourne is currently 3.5%, while regional areas like Geelong offer yields up to 5.2%, according to SQM Research.

7. Know the Selling Process

If you’re investing to resell, it’s crucial to understand the process of selling a house in Melbourne. Here’s a quick breakdown:

1. Get a property valuation.

2. Prepare your property for sale (renovations, staging, etc.).

3. Work with real estate consultancy Melbourne services.

4. Market the property effectively.

5. Close the deal with the help of a real estate lawyer.

Having a strong marketing strategy is key, and services like project marketing for real estate developers can help boost visibility.

8. Diversify Your Portfolio

If you’ve already invested in luxury property investors Melbourne, consider diversifying into other sectors like commercial spaces, farmland, or regional properties in Victoria and Bendigo.

Conclusion: Make the Right Investment with Goldfish Real Estate

Choosing the right investment property in Australia requires careful planning, market research, and expert guidance. Whether you’re exploring rural property sales Victoria, commercial real estate investors, or first-time home buyer programs Melbourne, understanding the market dynamics will help you make informed decisions.

Looking for expert guidance? Goldfish Real Estate specializes in helping investors find high-return properties across Melbourne, Ballarat, Bendigo, and beyond.

Contact Goldfish Real Estate today and start your journey toward a profitable property investment!

Invest wisely, plan strategically, and make the most of the booming Australian real estate market!

Disclaimer: Research is based on Goldfish Real Estate's general information and do not constitute any representation. Similarity with any other online resources available is not our responsibility and do held any liability.