Time to turn your purchase into an Investment
Now that you have successfully exchanged contracts, lined up all the contractors who will be doing any work on your property, you need to complete on the purchase and get the contractors in as soon as possible. Just before the completion, reconfirm with your mortgage provider that they are ready to transfer or release the funds to be able to complete the purchase. And for the remainder you are transferring, confirm with your bank that the transfer will take place, so you have no delays with that.
There is no benefit to having your property sit empty.
When you complete your purchase, the seller or their agent will arrange a handover of keys to you.
Please do attend a formal handover at the property and walk it through with the seller or their agent. Make sure everything is still as it was and ensure that the move out did not cause any significant damage.
It is very rare for there to be any significant damage but if there is it needs to be dealt with agreeably. The simplest solution is to have the seller agree to pay for the repairs of whatever was damaged. Minor scrapes and scuffs are usual when someone moves out of a property, and usually, it is not worth arguing over. The exception to this is when you are buying something brand new, and you have a snagging period.
Make sure you get all the keys, especially for back/side door and windows. It is much more expensive to get them replaced if you don't have the keys to unlock them in the first place.
The property is now yours! Congratulations!
List of things to do:
- Confirm with the local council that the property is now yours.
- Confirm with the utility company (gas, water & electricity) that the property is now yours.
- Get insurance in place for the property, ensure you get the correct type of insurance for your use, example landlord insurance as you will be renting it out.
Get your contractors in immediately.
If you have followed my previous articles in this series, you will be organised, and you should have them start the day after you complete and have done your handover. It is worthwhile to meet the principal contractors there on the day before they start the work, so you can reconfirm everything they will begin on the next day.
Oversee the works on a daily basis or as regular as is possible for you.
When the work is all complete, book a locksmith to come and replace all external locks on the property. Replacing all the locks provides peace of mind, for you and your future tenants.
The last step before the builders/contractors depart, do you final snagging inspection. This is where you go around with the contractor and mark up everything that is not as it should be or perhaps needs a bit more attention. Keep a list of these, provide a copy to the contractor, and follow up on them before you let them sign off the job.
Once you are all happy with the work, sign it off, have the contractors clear out and tidy up after themselves. To get your property in top shape, book a professional post-builders-clean.
You are all set and sorted to move on to the next step of appointing your agent and getting your property rented out.
Handovers are very exciting, it's a fun part of the property life cycle (seeing people move into new homes or taking the keys is a personal favourite for me) but be methodical and keep your head on straight to not let the excitement blind you to small problems and everything will go smoothly.
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