Make sure you have:

  • worked out your budget
  • if you plan to buy at auction, arranged a pre-approved loan. You cannot make the contract of sale subject to finance if you buy at auction
  • selected your preferred suburb/location
  • worked out what features you want in a property (for example, number and size of bedrooms). If you are considering a flat, apartment or unit, you should also refer to our Buying an apartment or unit checklist
  • inspected similar properties in the area and checked sale results in newspapers and online to find out how much they sold for
  • understood the differences between a private sale and an auction
  • established if the property require a building and pest inspection. If so, make sure you get the results before auction, as you cannot put conditions on the contract of sale at an auction
  • worked out if you need to make the purchase subject to a building inspection for a private sale
  • worked out if property require a pest inspection. If so, make sure you get the results before auction, as you cannot put conditions on the contract of sale at an auction
  • established if you need to make the purchase subject to a building inspection for a private sale
  • your legal practitioner or conveyancer check the section 32 vendor’s statement and the contract of sale
  • developed a strategy for bidding at auction or for making an offer for a private sale
  • knowledge about your cooling-off rights
  • asked the agent about any items that appear to be fixtures of the property but could instead be items (personal chattels), which the seller may remove at settlement
  • organised your deposit, so you can pay when required by the agent
  • checked all items you believe come with the property are in good working order and stated on the contract of sale
  • checked those items on final inspection
  • purchased a kit if you decide to do your own conveyancing.

Source: www.consumer.vic.gov.au

Click here to download Consumer Affairs Victoria Due Diligence Checklist.