The dos and don’ts of buying property in Australia

Don’t forget your research

Study the areas you plan to buy in and look at their amenities, transport options and any plans for development that might affect your property in future. Find out how prices have moved (or not moved) in different suburbs and the amount of houses for sale.

Do visit plenty of properties

Take the time to visit a wide range of properties and have a wish list of wants versus needs. Extra parking spaces and a home office may be more critical than water views or an extra bathroom. Be prepared to spend many Saturday mornings visiting different houses for sale.

Don’t blow your budget

Banks will often lend you more than you can comfortably pay back, so don’t set your sights too high. Remember the other costs of buying and owning property, such as conveyancing and stamp duty, as well as ongoing maintenance.

Do arrange your finances

You need to have your deposit ready immediately if you win at auction, so sort out your finances well in advance. Contact banks and mortgage brokers to find the right home loan for your needs. Having a pre-approval will make it easier for you to move quickly when you find the property you like.

Don’t skip due diligence

Even if the agent is rushing you for a sale, make sure you do the groundwork. Always pay for a building inspection and engage professional lawyers. You need to do this before bidding on a house at auction.

Do keep a clear head

If at all possible, don’t become overly emotional – you need to be prepared to walk away from any house. Buying a property is a long-term decision. An offer on a property is a legally binding contract, whether it’s unconditional or not.

Buying a property can be hard work, but it’s a learning process. You’ll discover new neighbourhoods and get new ideas from the homes you see, so try to enjoy the journey. Visit Domain real estate to find the right property.