Buying a property......the importance of research

Buying real estate is usually one of the biggest investment decisions that a person will need to make. It is so important that a buyer carries out as much research as they can to ensure that the purchase is will fit their requirements.

I would consider that the following are crucial to any purchase decision:

• Comparable Sales Reports - These are the type of reports that detail the recent sales in an area or postcode. The Reports normally cover a period of 12 months but can be tailor ordered for your requirements. As a buyer, it is valuable to know what comparable properties in the area are selling for. For examlple, if you were considering a purchase of a unit in a complex of units, it would be beneficial to know what price the same size units in the complex have sold for.
• Pest and Building Reports - This goes without saying. If you are buying a property, particularly a house, you should order a Pest and Building Report, regardless of the age of the property
• Strata Report - If you are buying a strata unit, then a Strata Report is a must. This report details the information on the Body Corporate, such as whether the insurances are up to date, what are the kevies, does the Body Corporate have sufficient money in the funds, have their been any claims by owners, is there noise issues, any building defect claims etc.
• Visit the Council - A visit to the Council to discuss the property with a Council Officer can be beneficial to determine further development or current approvals to neighbouring properties
• Attend Auctions in the area
• Look at as many properties in the area that you can, but these properties should be comparable in nature, price and size, to the property that you are looking for.
• Once you have narrowed down the selection, you need to also visit the property at night to check the surroundings of the property after work hours, when neighbours are home
• Is the sewer available? Particularly important for country areas. Main Council sewer or septic?
• The availability of public transport. Is the train, bus or light rail close by?
• The proximity of schools and shops
• Is bore water available?
• By-Laws - Check the by laws of a strata complex. Are animals permitted?

The above list is by no means a complete list. You should check with your local Solicitor at the time of purchase for any further thoughts or advice as may apply to your particulare property.

For the benefit of buyers, please provide any additional thoughts or checks that may be applicable.

Opinion of Dean Carver - Solicitor and Real Estate Licensee at Solicitors Property Centre