What to consider when finding a new rental property

For residential owners

Suburban Rail Loop (SRL) is a city and State-shaping project that will transform Victoria’s public transport system, connecting our suburbs and making travel easier and more convenient.

It can be a difficult time for home owners affected by the compulsory acquisition and relocation process required to enable the safe construction of major infrastructure projects such as Suburban Rail Loop, and some aspects may be hard to understand.

To support you in relocating your home, we have compiled a checklist of what you need to consider before moving to a new location. These include due diligence requirements and other essential information from real estate industry leaders and associations.

What you should consider when looking for a replacement residential property

Location

• What is your preferred area or suburb? Are you familiar with the character of the area?
• Is it part of common property such as driveways or grounds, or subject to an Owners Corporation?

Check the local council’s website to find out about the amenities and services available for residents. This will help you determine what you are looking for in a local community.

Building information

• Does the property experience flooding or bushfires?
• Is the soil or groundwater affected or contaminated by previous land use?
• Do you know the exact boundary of the property?
• Are there any proposed or granted planning permits?
• Is the building safe to live in?
• Have you obtained a building report on the property?
• Have you undertaken an inspection of the property?
• Did you check for other factors, such as access to transport, parking/amenities and essential services?
• Have any buildings or retaining walls on the property altered? Do you plan to alter them?
• Is the building covered under insurance for any recent renovation works?
• Does the property have working connections for water, sewerage, electricity, gas, telephone and internet?

Consider sustainable property features

There is a 6-star energy efficiency environmental standard for all new homes, renovations, additions and relocations of existing homes. New homes must have a:

• 6-star energy rating for the building fabric, including the roof, walls, floor and windows
• 6-star energy rating for fixed lighting, but not plug-in appliances
• rainwater tank for toilet flushing or a solar hot water system.

When buying an established home, consider the benefits of sustainable features that can reduce living costs, greenhouse gas emissions and add to the value of a property.

For information about the energy efficiency 6 Star Standard - visit Victorian Building Authority.

Know your rights when buying a property

Refer to the Section 32 statement prepared by your legal practitioner or conveyancer. This document is called a Section 32 statement because the information it must contain is set out in Section 32 of the Sale of Land Act 1962.

If you intend to hire a professional, consider speaking to them before committing to the sale. There are also important rules about private sales and auctions that you must consider. These may include a cooling-off period and specific rights associated with ‘off-the-plan’ sales. The important thing to remember is that, as the buyer, you have rights. Visit Consumer Affairs Victoria for more information.

Budget before you buy

• Assess your current financial commitments Account for Legal, conveyancing and loan establishment fees
• Government charges, such as land transfer duty (formerly stamp duty)
• Arrange for the right home insurance Asbestos assessment if the property was built before 1990. For more information, visit Asbestos Victoria.
• Future plans, such as starting a family, could mean a drop in income.
• Also consider ongoing costs, including regular repayments of the home loan, council rates, land tax (if applicable)
• You should seek financial advice from a qualified/ certified professional. Real estate agents are not qualified to provide financial advice. Visit Consumer Affairs Victoria to learn more.

Before moving to the new property

• Book your removalists at least 2 to 3 weeks in advance.
• Considered how to support your pets during the move
• Organise house and contents insurance
• Start packing or book in your packing service
• Notify appropriate parties of the change of address
• Organise truck parking and lift bookings if required

After moving into the new property

• Change your address details where appropriate
• Check if your utilities are up and running
• Inspect your new home thoroughly
• Find healthcare providers
• Assess your financial and insurance situation

Contact us

Your Department of Transport and Planning (DTP) Case Manager is the best person to guide you through your acquisition circumstances. You can find their contact details on the cover letter that accompanied your Notice of Intention to Acquire.

If you have any questions about the project or are unsure who your Case Manager is, contact the SRL Property team on 1800 105 105 or email property@srla.vic.gov.au.

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