A Beginner's Guide to Buying Property

If this is your first purchase, the process is far less intimidating when it is broken into six ordered steps.

1. Understand your budget

Separate what you can pay today from what you can service monthly. Include the deposit, legal and transfer costs, and a repair reserve. If you are borrowing, obtain an approval in principle first so your search stays realistic.

2. Choose the right location

List the three things you cannot compromise on — commute, schools, family proximity — and filter locations against them before looking at individual listings.

3. Compare properties properly

• Compare price per square foot, not headline price.
• Compare total monthly cost including maintenance.
• Compare the age and condition of building services.
• Visit at least five properties before shortlisting.

4. Check documents

Ask for the deed, survey plan and approvals early. A seller who is slow to share documents is telling you something useful.

Instruct a property lawyer before you pay any reservation fee. Their cost is small compared with the risk of an unclear title.

5. Understand additional costs

One-off costs

Stamp duty, legal fees, survey and valuation, transfer and registration, and immediate repairs or furnishing.

Ongoing costs

Maintenance or management fees, rates, insurance, utilities and periodic servicing.

6. Make the final decision

Revisit your top two choices on different days. Ask which one you would still be happy with in five years if prices moved sideways. That question usually produces a clear answer.