1. Will you enjoy living in the neighbourhood/area?

With ample research tools available these days, it is easy to access demographics, crime rates and trends of the suburb or area you are looking to buy in.

Also, look at the various needs of your family – is everyone catered for in the immediate area. It always pays to speak to locals, the older the better.

So, a chatty visit to the barber, hair-dresser, service station or local café can un-earth some interesting local information. Do this - before you proceed to make an offer.

Plus, you may get to make some friends before you move in.

2. Is the house sound? If you have any doubts at all hire a building and pest inspector to check.

It is easy to be fooled by first impressions, the face-value of the construction mixed with the emotions of really liking a property.

Best is, to always have a thorough building inspection report done – we tend to do it with a second hand car, why not with a house?

I always recommend a pest and building report, the few hundred dollars are definitely worth the peace of mind and will expose any wrongs and repairs needed.

3. Is it an area likely to hold resale value or benefit from capital growth?

This is of course one of those crystal ball questions…  Look at past performance figures, (RP data or speak to local agents [more than one]), speak to locals and compare the location you are looking at with surrounding ones.

Other good factors to look at are employment opportunities, infra-structure development and other developments that may be in planning – such as public transport connection.

Look at vacancy rates, sales turn-over and general demand for the location, this should give you a good indication.

4. Are there any long-term costs or issues, i.e. body corporate fees, jointly owned driveways?

Be absolutely clear on what type of title this property has as this will reflect on re-sale price and time and will of course have an impact on holding costs, i.e. body-corporate fees and shared maintenance.

In general terms, a free-hold title gives you more control and less liabilities although rates are usually higher than for an apartment or town-house.

5. What type of title is the property? Is it Strata, Torrens, Company etc? Your solicitor can advise you on what these titles mean.

Your solicitor will be able to explain the actual implications of the type of title your property has.

Often in a body-corporate (as in apartments, units, town-houses…) you are limited as to what you can do to the outside of your property.

So, if you are thinking that you would like to render, paint or change/improve the visual appearance of your unit, you will find that there are restrictions you must comply with.

This does of course not apply with a freehold (Torrens) title property unless it has any special covenants written into the contract. Clarify this before you talk money.

6. Does the entire house, including alterations, have required council permits?

You definitely do not want to learn after you bought the property that it does not comply with local council regulations - did not get a final building approval or has some major building code short-comings.

This can also cause your lender to drop the amount they are willing to lend you for this property if it does not meet the necessary regulations or standards.

Again, your solicitor and the building report should clarify this before you sign the contract of purchase. However, speaking to council will clear this up as they should have a record of the property.

Getting searches and reports done is also a good indicator of how serious you are about the property, so any seller will usually welcome you getting them done – unless of course there is something not quite right…?

7. Is it built for the climate, ie warm in winter, cool in summer? Is it insulated?

This is something to really look at closely especially on your second and third visit.

Try to experience the home in different weather and at different times of the day.

See where the sun goes and then project where it will be in summer/winter.

Ask the tenant/owner how it is in each season.

Visiting it on a rainy day can also be quite beneficial.

Depending on the location, consider what heating/cooling there is and whether the design has or can be made passive solar efficient to reduce energy costs.

8. Have you checked with your local council about planning issues, ie possibility of any big developments or new roads nearby?

This is part of your due diligence and research. You may be new to the area and don’t want to learn that the 4 lane express way is going to be right next door.

Your solicitor’s searches should clear this up, however, I recommend to go to the council and ask about the zoning of surrounding blocks and streets so you are not going to have 70 units build right next to you or other impactful developments such as schools, youth and community or shopping centres or commercial development such as all night fast-food outlets or noisy workshops pop up once you live there for a few month.

9. Are there big changes needed to make the property comfortable?

I have not come across a single property where there was simply nothing to do.

There is always something – from changing window dressings, changing a light switch or fitting to replacing the odd door, window or piece of timber. Best is to get a proper quote so you know how much it will effectively cost you to have everything function right or suit your needs.

Often the building report crew can give you a loose indication on needed repairs and their cost. A quote however, gives you a defined cost, which you can then take into consideration or reasoning in your negotiation.

It is always better to know how much this will cost prior to buying the property – rather than guess the likely cost.

10. Are the house and land suitable for your stage in life, ie are there too many stairs; is the garden too steep?

Once you are convinced of the suitability of the property – try and stand back and consider yourself and your situation a few years down the track.

Are you planning on having kids requiring more space, will grand-ma move in with you or are you not the fittest letting you grow tired of too many stairs or steep grounds.

Property buying is an emotional purchase, yet requires serious logical considerations.

Especially, if you really love the property it can be hard to wear the logical hat.

However, when it comes to structural, financial and legal considerations it is good to make yourself be logical - once this is done you can enjoy the feeling of your new home with peace of mind.