Home buyer's checklist

Before you get into the property game, take time to review the items on our three home buyer checklists, then check them off as you go. They can assist you before, during and after the house-hunting process.

 

Before you start looking

Searching for property can be very time consuming. So before you start, ask yourself the following questions:

• What type of area do I want to live in?
• What type of property will best suit my needs (house, duplex, terrace, unit, etc)?
• Is the area convenient to work, essential shops, schools and other services you need?
• Is transport nearby?
• Is having family and friends nearby a priority?
• Are lifestyle amenities important (beach, pools, parks, views, general shopping)?
• Are any concern or risk factors apparent (flight paths, proximity to chemical plants, other air or noise pollution, flood potential or landfill hazards)?
• What is the development history and development forecast of the area?
• What is the crime rate for the area?

 

While you're looking

• See a variety of properties in order to get a feel for the market
• Talk to real estate agents to get a better idea of properties available and prices in the area
• Obtain your finance first before you begin house hunting. Use our Home Seeker loan pre-approval service
• Devote at least one day a week to serious house hunting
• Keep a property checklist. When you visit a lot of properties, individual features can begin to run together in your memory
• Invest in a digital camera. It's a good idea to take snaps of various properties, inside and out, to act as reminders

 

Once you've found a property

A property inspection may seem expensive at the time, but you are likely to save far more in money, time, and trouble if you discover problems early. A pre-purchase inspection by a specialist will check:

• Under-floor areas for ventilation
• Exterior walls for straightness, cracks and mortar quality
• Weatherboards for sagging or rot
• Roof condition, guttering, flues, chimneys and flashings
• Eaves for water staining that may reveal roof or gutter problems
• Rooms for evidence of water entry or mildew
• Garages and sheds for water penetration
• Timber floors for rot, mould, borer and termites
• Concrete floors for exposed perimeters, cracks and water penetration
• Wet or damp areas like bathrooms, showers and laundries for cracks, leaks and mildew
• Services such as water flow, wiring, gas service and electricals, especially switches and power points
• Evidence of existing or past pest activity
• Any trees nearby for possible structural damage caused by roots

 

If you are buying a strata property, the seller's solicitor will supply a certificate that should show relevant information about the management committee, insurances, cost of levies, deeds and books. A pre-purchase strata inspection may also reveal undetected structural problems and any body corporate issues, such as restrictions on the use of common property, adequate funds for maintenance and the policy on pets.

There are also some things you can do yourself. When inspecting a home, look beyond superficial appearances. Simple measures like switching on lights and flushing toilets can sometimes reveal surprises. Keep in mind though that very few properties are problem-free, so you also need to be realistic.

 

Good advice

A Commonwealth Bank Financial Planner can help you reach your goals sooner by taking a look at where you want to be and recommending a customised plan to help you get there. Learn more about how a Commonwealth Bank Financial Planner can help you.