A home buyers’ checklist

There is a lot to think about when looking for a property to buy, and when you have found the one, making the actual purchase can be laden with complications. Simplifying your real estate search and using all available tools is the best way to get started. From here, establishing your borrowing power with potential lenders will have you ready to buy. Once in the market, make sure your house inspections are fruitful by knowing what to look out for. Don’t underestimate the importance of good legal advice: this can alert you to property title issues, illegal building additions and whether a contract of sale protects your interests. Finally, to ensure your dream property doesn’t fall through your fingers at the last minute, familiarise yourself with the exchange of contract and settlement processes.

• What is your ideal property and area? Identify your suburb wishlist and key property requirements.
• Know the differences between buying a house or unit. Think council rates, strata management fees, insurance and other important homeowner considerations.
• Consider professional property buyer services. Consult real estate agents, conveyancers and financial advisors.
• Do a financial health check. Know your buying limits and be realistic about upfront and ongoing homeowner costs.
• Become a property inspection expert. Rising damp, buckling walls and pest infestations – avoid property nightmares.
• Know how to seal the property deal. Whether you buy at auction or by private treaty you need to understand your contractual rights and obligations.