TIPS FOR BUYERS

Make a list of the areas where you would like to purchase. This may be governed by items such as public transport, good schools, environment etc. Then make a list of essential features that the property must have. Then, make a wish list of non-essential features that would be great but not strictly necessary.

Explore our Suburb Profiles to find out more about different areas right across Melbourne and Regional Victoria.

You’ve decided where you want to live, now you need to understand the real estate market in that area. Keep track of what properties are selling for – particularly homes that meet your essential features list and budget.

Sign up to Barry Plant’s Property Alert and you will be emailed details of properties that match your requirements when they are put on the market. If you like, you can also receive auction results and sold property results – it’s a great way to understand how the property market is performing in your area.

After you’ve researched the market, you probably will have a better idea of what sort of property you can afford and your essential requirements may have changed. If you’ve already subscribed to our Property Alert, you can change or add to your requirements at any time by logging into your account. This way, you’ll receive relevant properties as soon as they are listed, simplifying your property search.

Most people have to borrow to purchase a property and if this is the case for you, make sure you organise your finance before you start seriously looking at properties to buy. This way you know how much you have to spend and you can make an offer as soon as you find your dream home.

Don’t forget to factor in costs such as legal fees, stamp duty, insurance and loan application fees.

If you have not already organised your finance, your local Barry Plant office can recommend a Mortgage Broker that has access to Australia’s leading banks and can help you find the best loan.

When you find a property of interest, go to the advertised open for inspection and have a thorough look around. If you can’t make a designated open time (or if no open time has been scheduled), call the real estate agent who is managing the property to see if a private inspection can be organised.

For security reasons, photo identification is required for anyone attending a Barry Plant open, so don’t forget to bring ID. You should make several visits to a property before deciding to buy it.

Take a notebook (or tablet) and note any features you liked or disliked or any queries you may have.

Ask the agent for permission before you take any photographs as you are likely viewing someone’s private home.

When you find the perfect property, you should request a copy of the Section 32 (Vendor Statement) from the managing agent to make sure you are happy with any easements or covenants and also to see what the council rates are for the property and other important details.

The Contract of Sale or Contract Note is another important document as this lists any conditions the seller may have such as settlement dates etc.

You should consult with your solicitor or qualified conveyancer to get advice on the Contract of Sale and Section 32 Statement before purchasing the property.

Buyers are entitled to organise a Building Inspection where a qualified building inspector, surveyor or architect inspects the property and provides an inspection report.
We recommend that you engage an inspection service with full professional indemnity insurance. This will protect you if the inspection misses a problem that must be fixed.
You should also consider a Pest Inspection to investigate pest concerns, e.g. termites. These inspections are organised through the managing agent (who will liaise with the seller for a convenient time) and are at your own cost.