Invest Wisely - Property Investment Due Diligence Checklist

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Property Due Diligence Checklist
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Property Investment Due Diligence Checklist

1. Assessing Urban Lifestyle

  • Observe Traffic, Noise, and Smells
  • Visit Local Businesses: Explore cafes, parks, shops for community feel.
  • Talk to Residents: Understand their living experiences.
  • Check Schools and Amenities: Look at local schools, healthcare, recreational spaces.
  • Assess Public Transport: Verify service availability and frequency.
  • Research Safety and Crime Rate: Check local crime statistics, consult local police.
  • Visit EPA Website: For air quality, noise pollution data.

2. Understanding Owners Corporation

  • Review Fees and Levies: Understand regular and special maintenance costs.
  • Examine Meeting Records: Gauge corporation operations and issues.
  • Understand Rules and Regulations: Know about noise, property alterations rules.
  • Inquire About Pet Policies: Check pet ownership restrictions.
  • Learn About Management and Decision-Making: How to participate and express concerns.
  • Understand Dispute Resolution: Process for internal disputes.
  • Check Insurance Coverage: Especially for communal areas.
  • Clarify Maintenance Responsibilities: What’s your vs corporation’s responsibility.
  • Assess Financial Health: Check reserve funds, debts.
  • Inquire About Future Plans: Potential impacts on living experience or property value.

3. Evaluating Location-Specific Factors

  • Investigate Growth Area Contributions: If applicable.
  • Check Conservation Obligations: Under Melbourne Strategic Assessment.
  • Use DELWP Tools (now known as DEECA): For relevant location-specific information.
  • Assess Flood and Fire Risks: Research land management and insurance implications.

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4. Rural Property Considerations

4.1. Lifestyle Compatibility

  • Assess Land Use Compatibility: Confirm if surrounding farming activities align with your lifestyle expectations.
  • Consider Noise and Odour Impact: Understand potential farming-related disruptions.
  • Seek Additional Information: Visit Agriculture Victoria’s “New Landholders” for more insights.

4.2. Environmental Regulations

  • Native Vegetation Removal: Check if you plan to remove native vegetation.
  • Understand Legal Limitations: Review regulations on clearing native vegetation at DELWP’s “Native Vegetation”.
  • Compliance with Clearing Processes: Ensure understanding of legal processes for vegetation removal.

4.3. Land Management Responsibilities

  • Manage Weeds and Pests: Know your responsibilities for controlling invasive plants and animals.
  • Resource for Managing Weeds/Pests: Visit Agriculture Victoria’s “Managing Invasive Plants and Animals”.

4.4. Building Regulations

  • New Construction Feasibility: Determine if you can build new structures on the property.
  • Consult Local Council: Contact local authorities for specific building regulations.

4.5. Land and Legal Considerations

  • Adjoining Crown Land: Check if the property is adjacent to crown land.
  • Water Frontage and Access: Verify if the property includes water frontage.
  • Disused Government Roads: Identify if any disused government roads are part of the property.
  • Crown Licences: Investigate any crown licences associated with the land.
  • Research Further: Visit DEECA’s “Forests and Reserves” for comprehensive information.

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5. Earth Resource Activity Checks

  • Research Nearby Mining/Quarrying: And related permits.
  • Consult DJPR’s Resources: For regional activity information.

6. Environmental Health Inspection

  • Investigate Soil and Groundwater Contamination: Past contamination impacts.
  • Verify Land Boundaries: Compare title document with actual property.

7. Planning and Building Regulation Compliance

  • Understand Local Planning Schemes: Impact on property use.
  • Check Zoning and Overlays: And title encumbrances.
  • Inquire About Planning Permits: Existing or proposed in the area.

8. Safety and Compliance Evaluation

  • Conduct Safety Inspections: Electrical, building compliance, hazards.
  • Assess Pool/Spa Safety Obligations: Check regulations.

9. Cultural and Heritage Assessment

10. Insurance and Building Works Verification

  • Inquire About Owner-Builder Insurance: Coverage for recent works.

11. Utility and Service Connections

  • Check Utility Availability: Water, power, internet.
  • Consider Connection Costs: And supplier options.

12. Legal Aspects and Buyer’s Rights

  • Review Contract of Sale and Section 32: Understand legal terms.
  • Consider Legal/Conveyancing Assistance: For contract navigation.
  • Know Your Rights: In private sales, auctions, off-the-plan purchases.

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