• Buyers Tip 1

  Do your research on the area
  Don’t be in a rush. Check out the area you are interested in by reading the results of recent sales, attending auctions and getting a feel for the market.

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• Buyers Tip 2

  Thinking of renovating a potential property?
  If you are in the market for a 'renovators delight', do your research first by checking council regulations and zoning constraints. You may find the area is covered by an overlay that restricts certain renovations. This information should be also provided in the Section 32 of the contract of purchase.

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• Buyers Tip 3

  Legal Advice
  Before making an offer on a property or bidding at an Auction, have a solicitor or conveyancer check the Vendor’s Statement (Section 32) for you.

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• Buyers Tip 4

  Hidden Costs
  Have your bank, financial advisor or lending manager outline all the costs associated with purchasing a property, including mortgage insurance if relevant. This will help when calculating your budget.

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• Buyers Tip 5

  Inspecting a Property
  If you are interested in buying a property, conduct as many inspections as you feel necessary to check every aspect of the home. Try things like:
  
  
  • Visit the property during peak hour – is traffic noise a problem?
  • Turn on the hot and cold water taps to check water pressure.
  • Visit the property and different times of the day to check variations in internal light, and where the sun falls.
  • Consider obtaining a professional building inspection
  • Is there enough storage, or are there potential areas where storage could be increased?
  • Check heating/cooling and which appliances are serviced by gas or electricity
  • What is the home’s current level of security? (alarm, window locks, deadlocks etc)

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• Buyers Tip 6

  Owners Corporation
  If you are looking to purchase a flat, unit or apartment, you will have to pay a fee to an owners corporation, which is responsible for maintaining the building and 'common areas' such as entry areas, stairs and shared gardens. Make yourself aware of the annual fees and check minutes of recent meetings to establish whether major (i.e. expensive) works are scheduled in the near future.

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• Buyers Tip 7

  Choosing a Good Street
  Walk up and down the street you are looking to purchase in. What are the likely values of surrounding properties? Are there signs of renovation/extension activity in the street? Ask the Agent for a list of recent nearby sales.

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Purchasing Property

This checklist highlights the costs most Victorian homebuyers will have to consider:

• Purchase price of home (including 10% deposit on signing of contract with balance payable at settlement)
• Stamp Duty on the transfer of property (Try our stamp duty calculator)
• Mortgage Application fees (if applicable)
• Insurance
• Adjustments such as council rates, water fees
• Conveyancing/legal fees

Find out more about Buying Property