Buyers Tip 1
Do your research on the area
Check out the area you are interested in by firstly attending auctions and getting a feel for the location and checking the results of recent sales.
Buyers Tip 2
Thinking of renovating a potential property?
If you are in the market for a 'renovators delight', check council regulations and zoning constraints. You may find the area has restrictions such as heritage overlays that restrict certain renovations. This information should also be in the Section 32 or Vendors Statement of the contract.
Buyers Tip 3
Before making an offer on a property or bidding at an auction, have a solicitor or a conveyancer check the Contract and Vendors Statement (Section 32).
Buyers Tip 4
Ensure your bank, or financial advisor outlines all the costs associated with purchasing a property. This will help when calculating your budget.
Buyers Tip 5
Inspecting a Property
If you are interested in a property, carry out as many inspections as you need to check every aspect of the home, such as:
- Check the water pressure by turning on the hot and cold water taps
- Check the house orientation and lighting, at different times of the day
- Consider obtaining a professional building inspection
- Storage is often forgotten when inspecting a home so check if there is enough storage, or where storage could be increased?
- Check operation of heating/cooling
- Is there any security? (alarm, window locks, deadlocks)
- Externally check the condition of fences, gutters, and roof
Buyers Tip 6
If you are looking to purchase a flat, unit or apartment, you will have to pay owners corporation fees for maintaining the building and 'common areas' such as entry areas, stairs and shared gardens. Be aware of the annual fees and check minutes of recent meetings to determine if any major works are planned.
Buyers Tip 7
Choosing a Good Street
It is wise to check it out during the week as well as on the weekend, as a quiet environment one day might be quite different at other times. Walk up and down the street checking for signs of renovations/extensions or activity in the street and if traffic noise is a problem?