How to Buy a Property
How to Buy a Property
Buying a property is an exciting step, but it also comes with important decisions. This guide will help you understand the process, prepare with confidence, and know what to look for before making an offer.
Start with your budget and finance
Before you begin your search, speak with your broker, lender or finance consultant to understand your borrowing capacity, likely costs, and what price range is comfortable for you.
Having your finance organised early will help you move quickly when the right property comes along.
Speak with our local team
Buying a property is a big decision. Our experienced local team is here to guide you through the process and help you find the right property.
1. Decide what you’re looking for
Think about your preferred location, budget, property type, size, and must-have features. It also helps to consider schools, work commute, lifestyle, and long-term plans.
Narrowing down your criteria early can make your search far more efficient.
2. Inspect properties carefully
Take the time to inspect properties properly and, where possible, visit more than once. Look at the condition of the home, the layout, natural light, surrounding streets, and anything that may require repair or upgrading.
Independent building and pest inspections are also worth considering before you commit.
3. Review the contract and due diligence
Before making an offer, ask for the contract of sale and Section 32 statement and have them reviewed by your solicitor or conveyancer.
It is also important to carry out your own due diligence so you understand any restrictions, risks or obligations that may affect the property.
What to check before you buy
- The contract of sale and Section 32 statement
- Zoning, overlays, easements and restrictions
- Building condition and any required repairs
- Whether renovations or extensions appear to have approvals
- The local area, access, neighbourhood and surrounding development
- Your likely ongoing ownership costs
4. Making an offer
Once you have found the right property and completed your checks, you can speak with the agent about making an offer.
Depending on the property, this may be by private sale or auction. Make sure you understand the process, your price limit, and any conditions before proceeding.
Your solicitor or conveyancer can help you understand the contract terms before you sign.
5. Deposit, settlement and final inspection
If your offer is accepted, the next steps usually include signing the contract, paying the deposit, and preparing for settlement.
Before settlement, it is a good idea to complete a final inspection to confirm the property is in the same condition as when you agreed to buy it, and that any agreed inclusions remain in place.
Your conveyancer or solicitor will guide you through settlement and the legal transfer process.
Consumer Affairs Victoria resources
Consumer Affairs Victoria has helpful information on inspecting properties before you buy and completing your due diligence.
Inspect Before You Buy Due Diligence ChecklistImportant
This page is a general guide only and does not replace legal, financial, conveyancing, building or pest advice. Buyers should obtain independent advice before making any purchase decision.