Do:

• Save as much money as you can for a down payment (at least 10% of purchase price) and settlement costs. The more money you have to put towards the down payment, the better deal you will get on a mortgage.
• Start reading the real estate section of the newspapers – articles and all. Learn as much as you can about the buying process in your local area.
• Do your research on the area. Don't rush into anything! Read the results of recent sales in the area, attend auctions and get a good feel for the market area
• Be realistic. Buying a unit or starter home and upgrading at a later date may be the best option
• Consider your current and future needs.
• Write a wish list, and revise it often
• Assess your eligibility for a first home buyers grant
• Ask as many questions as you need- of the seller and the real estate agent. Don’t be afraid to go elsewhere for a second opinion if you feel you’re not getting what you need.
• Remember that the real estate agent you will be dealing with has the seller’s best interests in mind
• Walk up and down the street and get a feel for the neighbourhood. Will the nearby facilities satisfy your requirements? What is the likely value of the surrounding properties?
• Document all discussions held with the seller and real estate agent
• Remember to purchase home insurance as soon as the sale is finalised
• Make sure you read the Section 32 Vendors Statement and have them checked by a solicitor or conveyance. For advice on how to read and understand them, click here.
• Talk to your bank about all costs involved with purchasing a property and mortgages. This should be done early on while you are creating your budget.
• Check with the local council if you are looking to purchase a renovators delight. Most councils have regulations and zoning contraints that will affect what you can do to the property.

Don’t:

• Start looking for a home until you have been approved for finance and have firmly decided your budget
• Accept verbal agreements, ask for everything in writing
• Buy the biggest home in the neighbourhood (it can be the hardest to sell)
• Ever buy a home without doing a thorough home inspection.