When you’re thinking of buying, your requirements will vary depending on your personal circumstances and on the sort of property that will suit your lifestyle. You may be looking for a family home, a holiday home, an investment property, a “tree change” or “sea change” property. Once you have found the property of your dreams, you may want to pause for a while and reflect before you sign on the dotted line. Does the property fit your wants and needs?Consider the following checklist:

  • Does the neighbourhood suit?
  • Is the house sound? If you have any doubts; hire a building and pest inspector to check.
  • Is it in an area likely to hold resale value or benefit from capital growth?
  • Are there any long-term costs or issues, eg body corporate fees, jointly owned driveways?
  • What type of Title is the property? Is it Torrens Title, Company Title, Strata Title etc. Ask your solicitor to advise on what these different Titles mean.
  • Does the entire house, including alterations, have the required Council permits?
  • Is it built for the climate, eg warm in winter, cool in summer? Is it insulated?
  • Have you asked your local council about planning issues, eg the possibility of any big developments or new roads nearby?
  • Are big changes needed to make the property comfortable? If so, you might want to get a good idea of costs before you make an offer.
  • Are the house and land suitable for the purpose?

Then think about the details of the property:

  • Does the house have enough bedrooms?
  • Are you happy with the garden – or its potential?
  • Will you have good access to the facilities you need? eg schools, doctor, shops.
  • Are there enough bathrooms?
  • Is there enough garage space? Is the garage accessible from inside the house?
  • Will you have problems with traffic or noise?
  • Is the kitchen serviceable?
  • Is it safe for your family, eg children, the elderly or disabled?
  • Is it suitable for pets?
  • Are you happy with the building’s security?
  • Check under the house – is it dry?
  • Is the block well drained?

For holiday properties, “sea change” or “tree change” properties, many of the questions will be the same as above but if you are buying in a rural area, you may wish to consider other practical issues, such as:

  • Is there a good water supply?
  • Is there any risk of flooding or erosion?
  • How much maintenance work will you need to do – or pay someone else to do?
  • Are you likely to be bothered by nearby farming or orchard work?
  • Are there any industries in the area that could affect you?
  • Will you still have easy access to your family, friends, work and recreation?
Expert Lending

Expert Lending