Dual Occupancy Handover. How to ensure a successful transition.
I wanted to talk a little bit about handover and preparation of your dual occupancy property for renting out to tenants. I went and had a quick look at one or our client’s dual occupancy properties that is being built in the Logan City Council Area. The below picture I took on the weekend.
The facade of the property looks very good, and from my estimates it’ll be ready to be handed over to the investors in approximately 3 weeks. Now is the time where we need to prepare to make sure that there is a smooth transition from builder to investor and that there are no unnecessary time delays.
There are a couple of key things which need to be done over the coming weeks to make sure that the handover goes smoothly:
- Book in the handover inspections people and ensure that the builders are aware of who is being used and when they are due to inspect so that inspector’s defects and the builder’s minor defects can all be taken care of in a timely manner.
- Ensure that your financier and or broker is aware of when the final payments are due so that there aren’t’ any delays.
- Have your property manager through the property, and get them to begin the process of advertising for tenants so that they can have tenants ready to go in a timely manner from handover.
- Ensure that your builder is aware of who your property manager is so that they know who to pass the keys to if you are an interstate purchaser. You will also need to complete a key authorisation form so that the builder has the permission necessary to pass the keys directly on to your property manager for you.
Once the dual occupancy handover has taken place, it is important that you get hold of your handover pack from your builders and ensure that it is kept in a safe place. This handover pack has all of the warranties for your electrical items, it’ll also have the companies to contact for your warranties, remote controls for a/c and garages etc. The builder will also provide you with spare tiles and paint colours etc. It is important that these are stored somewhere safe and not thrown out by the tenants that move in, as you may need these down the track for minor repairs.
There is a bit that you need to be aware of when taking charge of your new investment property, this is particularly important when you are a new investor and not aware of the processes.
We’ve managed many dual occupancy handovers over the years and have the whole process down to a simple and straightforward process. So if you’d like to speak about or ask any questions regarding the handover of a dual occupancy property, please give us a call or email.