Step 9: Handover
You are now reaching the final stages of your first property investment journey! This is an exciting time for you as your property nears completion.
14 days prior to handover you will be advised of practical completion of your property. Practical completion means that all major building works are complete and ready for occupancy, with the exception of minor defects and omissions. This process allows the owners to have possession of their investment property as soon as possible, whilst still having the ability to fix any outstanding issues which may be present prior to their new tenants moving in.
At practical completion, an inspection of the property will be carried out between yourself, a building inspector, the primary building supervisor and your property manager. Having the professional expertise of your building inspector will ensure there are no issues or minor defects which are missed during practical completion. As the client, you and the builder will then agree on a list of items which need to be addressed prior to the official handover.
It is important to ensure you have all your insurances organised prior to handover and that the property is completed to your satisfaction. The Silvertail team will help guide you through this process. Once everything is given the green light of approval and you are happy with your new investment property, you will make the final payments to the builder on completion of the property. This is where handover officially takes place and either you or your property manager will then be given the keys to your brand new investment property.
It is at this stage where your property manager will take your new tenants through your investment property. Once all the agreements have been finalised, you can get ready to start generating cash flow from your tenants who will be moving into your new investment property shortly.