How to Avoid Dissapointment
Independent Inspections
Be sure to obtain an independent building inspection report prior to making an offer on the property, as the property may have faults that are not obvious and you need to be made aware of these. Not doing this may become a costly exercise and a few hundred dollars spent could save you thousands.
Independent Advice
Get legal advice, after all this is one of the biggest financial transactions of you life, you need to be made aware of all details regarding the contract of sale and what your responsibilities are as a buyer.
Research the Price
Find out about recent sales in the area (there are companies available that for a cost can advise you of sales, trends and market predictions) and if you are unsure about the price get an independent valuation, once again the small cost may save you thousands of dollars.
Research The Area
Check to see that you have all you need close by, is there shopping, schools and public transport available? Remember visit the home more than once, check out your future neighbors, go back to the area in the evening and walk around the streets and get a feel for the place, the more often that you go back the more you'll know if it feels right.
Beware of the Costs
Although the cost of you home is the biggest it is not the only cost, you need to make yourself aware of the additional costs and allow funds for them. Stamp duty on both the purchase price and the mortgage may be applicable then there is also the cost of ownership such as rates, taxes, insurance and strata fees.