Research the Local Market:
Understand the current real estate market conditions in the area where you intend to buy. Look at recent sales, property trends, and future growth projections.
Legal Checks:
Hire a solicitor or conveyancer to review the Contract of Sale and any other legal documents. Ensure that there are no hidden clauses or potential legal issues.
Title Search:
Obtain a copy of the Certificate of Title from the local land registry. Confirm ownership details, any easements, or covenants that may affect the property.
Building Inspection:
Arrange a professional building inspection to identify any structural issues, defects, or necessary repairs. This can be crucial in estimating potential future maintenance costs.
Pest Inspection:
Conduct a pest inspection to uncover any existing or potential pest-related problems. Termites, in particular, can cause significant damage to a property.
Financial Health of the Property:
Scrutinize the financial health of the property. Request financial statements for the property, especially if it's part of a strata. Assess any outstanding levies or potential special levies.
Utilities and Services:
Confirm the availability and condition of essential services such as water, gas, electricity, and sewage. Check for any upcoming infrastructure projects that might impact the property.
Environmental Factors:
Investigate potential environmental concerns in the area, such as flood risks or contaminated land. This information is crucial for both your safety and the property's long-term value.
Insurance Considerations:
Obtain insurance quotes for the property. This includes building insurance, contents insurance, and any additional coverage based on the property's location and potential risks.
Check for Development Approvals:
Verify if there are any recent development approvals or planned projects in the vicinity. This can impact the property's value and your living conditions.
Strata Title (if applicable):
If purchasing a strata property, carefully review the strata records. Pay attention to past meeting minutes, financial reports, and any planned maintenance or renovations.
Local Amenities and Infrastructure:
Assess the proximity of the property to schools, public transportation, healthcare facilities, and shopping centers. Evaluate the quality of local infrastructure.
Engage Professionals:
Surround yourself with a team of professionals, including a solicitor, building inspector, and real estate agent, to guide you through the process.
Negotiation and Contingencies:
Use the findings from your due diligence to negotiate the terms of the sale. Consider including contingencies in the contract to address any issues discovered during the process.
Remember that due diligence is about minimizing risks and making an informed decision. Don't hesitate to ask questions and seek expert advice throughout the process.