Although the catch-cry of real estate agents is ‘Location, Location’, a home buyer’s creed should be ‘Research, Research’.

Buying a home is a BIG decision. This decision not only affects where you live but it also defines a large part of your lifestyle and future security.

So research is the key to:

• Finding the perfect suburb, that suits all members of your family and their needs for the future.
• Finding the best position in that suburb for you and your family.
• Finding the right house for you.
• Knowing your budget and financial borrowing limit.

Before contacting agents and getting serious, use the internet to gain a better understanding of the property market in your preferred suburb. Looking at houses in different price ranges will give a reasonable indication of the type of inclusions you can expect in your price range. Also look into any proposed or approved government or major developments in the area that could affect the equity of the home in the future.

Contact your lending institution and come to an agreement on how much finance you have at your disposal. Remember when buying a property there are added costs to consider eg Stamp Duty, building and pest inspections, solicitor’s fees which are dependent on the amount of searches needed to be done. Your lending institution will have loan establishment costs to be added into the loan amount, also.

Sort out your solicitor, building and pest inspectors early. Having them at the ready could make all the difference, if your seller wants an early settlement.

Before looking at any houses, do a family survey. These questions can get you started:

1. What’s the family plan for the next 5 to 10 years? If you have 10 to 12 year olds now, then your new home will have to be able to accommodate the extra cars once they turn seventeen. Do you want them to have a ‘place’ within the house of their own? If your children are 14-16 year olds now, do you actually accommodate them or buy with a view to having an empty nest and possibly needing storage for those big boy toys, like boats and caravans and four wheel drives.
2. What features do we want in our new home? Make the dream list. Circle the non-negotiables. Place a cross beside the highly unlikely ones and a tick next to the negotiables.
3. List the ‘must-haves’ that need to be in close proximity? Schools, transport, shopping, golf and sporting clubs, churches, gyms.
4. Do we want a completed project, not a renovator’s delight? How much work are we willing to do if we really love a house?

Find an agent that you feel a strong rapport with and work with them to create a short list. Then visit these homes at different times of the day and week. If you are really drawn to one in particular then forward a Contract of Sale to your legal representative to check for any issues that may be connected with the property, eg unusual titles, detrimental planning permits etc.

A good agent will make you aware of the vendor’s requirements regarding settlement periods and how likely they are to accept any conditions that you would want to include.

Happy house hunting!