Your Property Purchasing Checklist: Everything You Need To Know Before You Buy

Andrew Moore
October 6, 2017

SENIOR PROPERTY CONSULTANT

If you’re planning to buy property in Melbourne, a little extra time spent on preparation could save you thousands.

Follow these checklists to make sure you’ve covered the three most important areas: market research, property checks and financing.

Market checklist: Know your location inside out

Many buyers make the mistake of limiting their market research to checking online listings. But truly understanding the real estate market means covering these important areas as well:

  1. Future development plans: Take the time to find out whether any major commercial or residential developments are planned in the area. These could affect the value of the property you have in mind.
  2. Supply: An informed real estate agent should be able to tell you which types of properties buyers are competing for, along with those that are sitting on the market for an extended period. These less popular properties could be in ‘oversupply’, giving you more negotiating power.
  3. School zones: If you’re planning to send children to school in the area in future, find out where you need to buy to be in the right school zone. Knowing early will save a good deal of time and stress in future.

Property checklist: Gather all the details

If you’ve found a property that meets your main criteria, it’s time to do a little more research into its history and send in the professionals. Don’t skip these details:

  1. Council restrictions: Even if you don’t have immediate plans to renovate or rebuild, it’s worth checking the local council’s residential development regulations in case anything particularly restrictive is in place.
  2. Pest inspection: Never skip the vital step of paying for a pest inspection. Even if it seems like an unnecessary cost, you’ll be grateful for the peace of mind, and even more relieved if the inspection uncovers a major issue.
  3. Building inspection: These are just as important as pest inspections to check for structural damage, plumbing or electrical issues, and other problems that could be expensive in future. 

Finances checklist: Arrive ready to buy

Before you’re ready to negotiate your sale, there are two more areas to tick off your list as you get your finances in order:

  1. Get pre-approval. A pre-approved home loan is essential if you’re planning to buy property at auction. Skip this step and you could be caught out unable to borrow the amount you’ve promised with the winning bid.
  2. Contact a conveyancer. Make sure you have details of a conveyancer who will be ready to handle the contract of sale once it comes through. While you can manage conveyancing yourself, it’s usually worth employing an expert for anything other than the most straightforward property sale.

Talk to our team today about how we can help you find the perfect property.

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