The cornerstone of any good strategy is research and it will help you determine whether the property is a good buy or not, whilst helping you to understand exactly what you’re buying. As a rule of thumb, ask lots of questions, get a friend or family member to recommend an agent, try to validate any information you receive about the property and get another opinion if you are not sure.

Ask about recent property sales in the area

How much have similar houses sold for and how long were they on the market for. You should also conduct your own research to answer this question by regularly checking prices of properties for sale in your local area, or better still, access market data via RP Data. This should also tell you what price the property last sold for.

Are there any approved plans for renovations to the property or adjacent properties?

Alterations to a neighbouring property could spoil a good view. You should also check the plans with the local council to identify any work that may have been carried out on the property that may not have received council approval. You should also query whether there are any heritage orders in place that could prevent you from doing work to the property.

Have any building or pest inspections been undertaken recently?

Chances are, the current owners may have the details of what was carried out so you are aware of any issues that are likely to re-surface.

Can they provide you with any information about the state of the plumbing, wiring or drainage?

Water can cause immense damage to a property and often drainage issues may not be obvious until it rains. Especially important is pool areas, areas with poor drainage and leaks.

What sorts of costs will be payable for owning the property?

This should include information such as current annual council rates, strata levies or other special levies. This is important to factor in to your ongoing affordability for owning the property.

What is the seller’s required settlement period?

The settlement period is typically 6 weeks however some may request a longer or shorter settlement period. You should ensure that the required settlement period suits you too.

What is the likely rental return?

If you plan on renting the property, what is the likely rental return and what is local demand currently like? An investment should always be a calculated decision and you need to ensure the property's return will live up to your expectations.

Are major applicances or features in good working order?

This applies in particular to swimming pools. Owners can ‘shock’ their swimming pool with chlorine to make it look sparkling clean, concealing the fact that the pump, creepy crawly or other expensive equipment is not in working order. Replacement of such parts can be in the thousands. The same applies for air conditioning, alarm systems, electric garage doors, fireplaces and kitchen appliances.