The Search Begins

Once you have finalised your wish list , the search can begin for your dream home. You will now need to:

If you are serious about buying a home in the immediate future it is a good idea to arrange provisional finance. This involves selecting a lender and receiving a loan approval, a process that ensures you will be able to access a loan of agreed value when you come to purchase a home.

Choosing the right home loan can be a daunting task. With so many different types of loans and lenders to choose from, it would be easy to simply select the loan that offers the lowest interest rate. For greater peace of mind, however, you should also consider the features and flexibility of the loan. This will help to ensure that the loan you enter into will suit both your present needs and your future lifestyle.

For more information on choosing a loan, click here .

Apply for a loan

Once you have found the best lender, make a loan application. If approved, the bank will give you a commitment in writing, stating that you have approval in principle subject to satisfactory valuation of your final choice. This is the best way to avoid the disappointment of discovering at the last minute that you can't get a loan.

For more information on applying for a loan, click here .

Hunt for a home

There are now many ways of accessing information on the property market. Of these, the Internet is fast becoming the most popular means of finding details and images of real estate for sale.

Use our search for a home feature to access properties listed on the Internet. You will be asked to provide a price range and ideal property location/s. Providing this information helps narrow your search, ensuring you only need view properties matching your specific criteria.

Also, don't forget to register with Real Estate Alert so you can be notified by email when new properties matching your needs come onto the market.

Other sources for details on properties for sale are:

Metropolitan newspapers,

Suburban/local newspapers,

Real estate magazines,

Real estate agents' windows,

'For Sale' sign boards, and

Friends and neighbours.

If you are confused by any of the common terms in property advertisements, use our glossary .

One of the first things you will do when you start looking at property listings is to check that the general price of houses in your chosen area is within the range you can offer. If prices are too high, then you may have to lower your expectations or start looking in another suburb.

Driving around those areas you would like to live is also a good tactic. You will be amazed at how many properties for sale you can spot when you're on the lookout. Write down the property and real estate agent's details and follow up any promising finds with the agents concerned.

To find out which agents operate within your suburb/s of interest, use our find an agent feature.

Buyers' agents

About Buyers' Agents

Real estate Buyers' Agents are licensed real estate agencies who work exclusively to help people buy property. They search for suitable properties for each buyer individually and will organise all the steps involved in buying real estate - from dealing with the selling agents, to negotiating or bidding at auction, and arranging building and pest inspections, conveyancing and even finance and removals.

If you are looking to buy a home or investment property but don't have the time to devote to it, or aren't confident about buying real estate, consider using a Buyers' Agent.

The Real Estate Buyers' Agents Association (REBAA) has been established to help introduce Australians to the role of Buyers' Agents and to maintain industry standards. You can search for Buyers' Agents in your city by Visiting our Buyers Agents page.

Meet with real estate agents

Instead of spending time scanning through real estate agent's advertisements and looking through their window displays, why not let the agents do some of the work for you?

Approach agents and let them know what you are looking for. Make sure you supply each agent with appreciable detail on what you require in a home. Perhaps even provide them a copy of your wish list .

The more information you give out, the more chance there is of the agent matching you to the perfect property. You, and the agent, will also be spared a great deal of time by dealing only with promising houses.

Another notable advantage of telling agents what you are looking for in a house is that you are likely to hear about newly listed properties soon after they come onto the market. That is, agents will remember your needs and contact you as soon as a suitable house goes up for sale. This is a great way to keep at the front of the queue!

As is our Real Estate Alert feature. Register your price range and ideal suburb/s now and you will be emailed details of new listings on the Internet meeting your criteria.

To find out which agents are selling properties within your preferred suburb/s look at our find an agent feature. Try to approach several agents. The more agents you inform of your needs, the more people are going to be working for you to find your dream home and the bigger the market you will access.

Take a Look

Searching for homes on offer will quickly lead into inspecting prospective properties. When looking over houses, be sure to:

Make notes

Because you are likely to see many properties, it is a good idea to record your impressions of each house you visit. This will help you to compare houses easily and assist your recollection of property features.

Print out copies of our Property Scorecard and take these with you when viewing properties. Make sure your record the property address, date of visit, agent's details and price range as well as property and location details.

Draw a sketch of the floor plan and if possible take an instant photo.

Review the Vendor's Statement and Contract of Sale

The vendor is the person offering their property for sale. By law the vendor is required to make a declaration which identifies pertinent facts that consumers should be aware of when looking to buy the vendor's property.

This declaration is applicable in all states of Australia. In Victoria it is called the Vendor's Statement (or Section 32) whilst in NSW it is called the Contract of Sale.

The declaration must be made available for you to read over upon request from the vendor's real estate agent. It should contain:

A copy of the title , showing the boundary measurements of the land, location from the nearest street and any easements or convenants registered on the title.

Planning information , defining what the land can be used/developed for (e.g. residential or commercial purposes)

Details of any existing mortgage on the property , in case you agree to take that mortgage over.

Outgoings , e.g. Council rates, water rates, body corporate contributions.

Building restrictions .

Building permits for any building or renovation work carried out in the past seven years. This work will be covered under the Housing Guarantee Fund. Therefore, beware of structural alterations made to a house without a building approval.

Any other agreements which the vendor has entered into with others in relation to the property (e.g. regarding fencing or building over easements).

It is in both the vendor's and the real estate agent's best interests to provide correct and sufficient information in this statement. If they do not, a purchaser may be able to get out of a contract or sue the vendor.

If you are looking to buy a particular property, it is adviseable to engage a solicitor to review this document during the start .

Perform a Do-It-Yourself inspection

It is difficult to imagine buying a car without checking the motor and taking it for a test drive. Unfortunately many people do just this when buying a house, which costs so much more!

It is imperative that you properly inspect any house you intend to purchase so that you know the exact condition of the property. This way you will not be surprised by costly repairs found to be necessary after you take possession.

Read over the following lists to find out some of the aspects you should consider when inspecting a property.

INSIDE THE HOUSE

Check that all the floors are level and that there are not gaps between the floor and skirting boards.

Jump lightly on wood floorboards to assess their stability.

Look for signs of rising damp, including rotting carpet, mould on the walls or ceiling and musty odours.

Check the walls and ceiling for warping and cracks. Fresh paint or wallpaper may be hiding problem areas.

Assess whether doors and windows are square. Jamming may indicate structural subsidence.

Make sure all light switches work. Also check each power point by using a power point tester (these are relatively inexpensive and can be purchased from hardware and electrical stores).

Test the water pressure in both hot and cold taps. Ideally, turn on several taps simultaneously.

Partially fill the bath or sink and observe the drainage of this water. Sluggish flow could indicate damaged or blocked sewer drains.

OUTSIDE THE HOUSE

Inspect fences and gates for stability and rot.

Are there any large trees near the house? The root systems of trees can cause structural subsidence if they are close to the home.

Check that the land's water runoff drains away from the house.

Inspect all outside walls. Are they straight, cracked or rotten?

The condition of the mortar between the bricks must also be assessed.

Make sure there is adequate sub-floor ventilation.

Check the condition of the eaves. Water staining may be an indication of damaged gutters.

Look at the line of the roof to make sure it is straight. Are there any broken tiles?

Check the stumps for subsidence, rot, borer or termite attack.

If you do not feel comfortable investigating any of the areas detailed above, arrange a professional inspection .

Arrange a professional inspection

If you feel you do not have the practical and technical knowledge required to perform an inspection yourself, engage a professional inspector. An inspection costs little relative to what you stand to save.

Professional inspectors will examine every accessible part of the home, including the roof space and sub-floor. They will check for poor structure, leaking roofing and guttering, subsiding footings, faulty wiring and plumbing, dampness, rot and many other faults. Comprehensive inspections will take 2 to 4 hours.

Inspections are not designed to disclose cosmetic deficiencies (e.g. paint chipping in the kitchen). You will need to decide for yourself whether these types of items need attention.

You should be provided a written Inspection Report following the inspection. This will inform you of any property faults, how bad these are and give you a guide to probable repair costs. Inspectors may also be able to give you qualified advice on any home improvement ideas you may have.

Armed with this information you can decide whether you wish to purchase the property. And if you do decide to make an offer on the property, you will be in a far better position to negotiate.

If possible, be present at the inspection so that you can discuss any concerns you may have with the inspector.

Building inspectors can be found by:

Asking for referrals from your local Master Builder's Association, Housing Industry Association, Architects' Advisory Service or Institute of Building Consultants,

Looking in the Yellow Pages telephone directory under Building Inspections and Building Consultants,

Asking solicitors for names of recognised experts they normally use, and

Asking friends to refer you to professional inspectors who have performed acceptable inspections for them.

Inspectors should be able to complete inspections within a day or two of you making the booking. If you cannot afford this time, you may still be able to make an offer to buy if you make it clear in the contract that your offer is made on the condition that a whole house inspection results in a satisfactory report.

If a contract is written contingent on an acceptable inspection, any defects in the house must be either repaired or monetarily compensated for. If you are not satisfied with the inspection report, you have the option to cancel the contract. Most vendors will accept this condition. If they do not, check with a lawyer before making any offer.

Negotiate a Deal

Negotiating a deal can be one of the most disconcerting aspects to buying a home. Negotiation strategies will differ according to whether you purchase a property through:

Private treaty sale , or
Auction .

When your offer/bid is accepted you may need to immediately:

Private treaty sale

Private treaty sales occur when property is purchased through an estate agent or directly from the owner. If you intend to buy a house through this process you must agree to pay a specific price set by the seller.

The trick to negotiating is therefore trying to find the lowest price the vendor is willing to sell at.

The key rule when negotiating is to not care whether you buy or not.

Unfortunately this is often extremely hard to do because if you really like a house it can be very difficult to act indifferent to the prospect of owning it. Remaining unemotional during negotiation discussions will enable you to reason logically with the agent. This approach is likely to produce a better price for you than if you give the impression you are desperate for the property. An attitude of indifference will also help minimise disappointment if you do not secure a purchase.

Most asking prices of houses have some built-in buffer for negotiations. The agent will report your offer to the vendor and then let you know this is or isn’t accepted. You may need to re-assess your offer several times before both parties agree.

For this reason it is wise to always leave a fall back position. Do not tell the real estate agent the maximum amount you would be willing to pay. Instead, gradually increase your offer over time if the vendor remains unsatisfied. Persistence will often win through.

Of course there may be occasions where you do not have the luxury of time, for example, when the market is very strong. If there appears to be several people interested in the one property, determine the amount you are comfortable to pay and make this your offer.

In both cases, do not exceed your calculated upper limit. You must avoid getting carried away by the challenge of clinching the deal because your emotions will cloud your judgement. You might end up with the house but you could also end up with a larger mortgage than budgeted for.

If it appears the vendor will not budge and the price remains above what you are willing to pay, tell the agent why you believe the price is too high. For example, you may love the house but believe the fence will need to be replaced at significant cost. The agent can then pass this information on to the vendor, who hopefully will see the validity of your argument and lower the price accordingly.

If your offer is accepted, make sure you obtain written acknowledgement of this fact. This will involve both parties signing a Contract of Sale or a Contract Note (Victoria only). The contract will set out the agreed price and any terms and conditions, e.g. subject to a satisfactory building inspection and finance. Upon signing a contract you are likely to be asked to pay a holding deposit .

It is then time to start the conveyancing process and finalise . If you haven’t already conducted an inspection, arrange immediately.

Auction

The rule for auctions is to be prepared. If you are going to bid for a property you must have conducted an inspection and have a loan approval in writing prior to the day of the auction. This is because the contract conditions are generally set at the time of auction and you will not be able to stipulate your own conditions, such as purchase being conditional on the sale of an existing property.

Get copies of all relevant documentation from the agent selling the property prior to the auction. Read over this documentation and consider having it assessed by your solicitor.

If you are the successful bidder you will have to sign the contract immediately after the auction and will not be given the opportunity to formally review the terms and conditions. The only area for negotiation may be the settlement date.

Whether the auction is being held in a real estate agent’s auction room or on-site, the process is the same. The auctioneer starts proceedings with a short explanation of the contract and terms of the auction. Buyers may ask questions at this stage. The auctioneer will then ask for an opening bid. If a genuine bid is not forthcoming the auctioneer, vendor or another agent may make an initial bid.

It is legitimate for the vendor to bid. Likewise the auctioneer can bid on behalf of the vendor as can an agent on behalf of a buyer. The auctioneer is likely to announce a series of artificial bids if there are no other bids made. The reserve is the minimum selling price set by the vendor prior to auction and can be changed during the auction process if desired.

Once the reserve price is reached the auctioneer will generally state that "the property is on the market" or words to that effect. Once the reserve price is met, serious bidding will begin if there are genuine bidders present.

If the final bid falls short of the reserve, the property may be passed in. You may then enter into negotiations with the agent, by approaching him/her immediately following the auction. Alternatively, the vendor may agree to sell at this lower price, at which time the property is said to be 'on the market' and the auctioneer may attempt to extract more bids prior to making the sale.

It is a good idea to attend several auctions prior to participating in one. This will help you get to know the process and allow you to feel more comfortable on the day. If you are looking to buy in a specific area, try to attend auctions within that same area. This tactic will help you to assess the current market value of the area.

Note that you will usually have the opportunity to make an offer on a house before its auction date. The agent can tell you the price the property is expected to reach at auction, but keep in mind that it is likely the agent will lower the reserve figure somewhat in an effort to get you to attend the auction.

Most importantly, have a price limit fixed firmly in you mind and DO NOT exceed that limit. Some people even ask others to bid on their behalf so as to avoid making hasty, emotional decisions. Make sure however that the purchaser name given to the auctioneer is the name which will go on the contract as this cannot be changed unless you stipulate 'and/or nominee' on the contract.

Pay a holding deposit

Payment of a holding deposit occurs once the vendor accepts your offer/bid in writing. There is no legal requirement to pay this deposit, but it has become an accepted act of good faith by the buyer.

The holding deposit can be anywhere between a couple of thousand to 10% of the total purchase price. This deposit is refundable in full should the sale not proceed (refer to the take ). (Please note that Western Australia does not have a cooling-off period.) The balance, i.e. the difference between the agreed price and the deposit, should be paid upon settlement when you take possession of the property.

If you buy a house through auction, you will have to pay this deposit immediately. If however you purchase by private treaty, the deposit should be paid upon exchange , or signing of the contract note in Victoria. You may be entitled to up to seven days to pay the deposit or allowed to pay the deposit in installments, depending on the stipulations in the contract.

Sign a Contract Note (Victoria only)

In Victoria a contract note will be prepared once you agree to purchase a property through private treaty (i.e. not at auction). This contract is effectively an offer by you to the vendor to buy the property at the agreed price and under the terms detailed. Special conditions you may wish to include in this contract include:

Purchase conditional on a loan approval,

Purchase conditional on the sale of an existing property,

Purchase conditional on a satisfactory property inspection.

You will be asked to sign the contract for sale/contract note. Once the vendor also signs this contract, a binding contract will exist and both you and the vendor will become bound by the terms and conditions of the contract.

Start the conveyancing process

Conveyancing involves the transfer of property ownership from one party to another. It is wise to employ a solicitor or conveyancer to perform this process.

If buying privately (i.e. not through auction), the conveyancing process begins with your lawyer or conveyancer examining the contract for sale prepared by the vendor’s representative. This contract should detail the:

Property address,

Names of the parties (you and the seller),

Selling price,

Terms and conditions,

Timing of settlement (when you take possession of the house).

Your legal advisor is responsible for checking the details of the contract, ensuring it contains nothing detrimental to the purchase or intended use of the property, e.g. zoning conditions or title restrictions.

Close that Deal!

The buying process doesn’t end once you have negotiated an acceptable price. There are still a few more things to take care of before you even think of moving. You will need to:

Exchange Contracts

If buying privately (i.e. not at auction), your lawyer or conveyancer will check the details of the contract of sale prepared by the vendor’s representative. This contract should detail the:

Price,

Settlement date (the day on which you agree to pay the full purchase price and take possession of the property),

Chattels (movable possessions which may be included in the sale),

Special conditions (e.g. conditional on a loan, sale of an existing property, satisfactory property inspection or perhaps on-going work on the property you want the vendor to complete prior to settlement).

Make sure the contract of sale details all fittings and inclusions to the home that you believe should be incorporated into the purchase. Such items are known as chattels, examples of which include the oven and rangehood, curtains, light fittings, etc.

The contract is signed once all inspections are satisfactorily completed and the exact finance is approved in writing. Each party signs their own copy of the contract of sale, which has been prepared in duplicate. The vendor keeps the copy you have signed and you retain the copy they have signed. This process is referred to as the ‘exchange of contracts’.

Once all parties have signed a contract, it cannot be altered or changed. However, there may be unforeseen changes of circumstance which affect either party to a contract, between signing and settlement, that may require a change to be made to the contract . Provided all parties agree, there is no reason why changes cannot be made.

Take note of the cooling-off period

The 'cooling-off period' refers to a period of time during which the buyer may cancel the contract. The cooling-off period is not available for properties purchased at auction. This period commences immediately after the exchange of contracts and lasts for a defined amount of time that varies from state to state, so check with your legal adviser.

In Western Australia there is no cooling-off period.

The cooling-off period has been put in place to allow buyers to make an offer and quickly sign a contract before seeking legal advice, undertaking a property inspection and receiving financial approval. This period ensures you are not 'gazumped' – which would involve another offer being received and accepted by the vendor following verbal agreement to sell to you.

Continue the conveyancing

Even after you and the vendor have exchanged contracts , the conveyancing process continues. Your legal advisor will now take the time to make more thorough inquiries to the relevant authorities, e.g. local council, the water authority, etc.

In all states, paper-work for the Transfer of Land, Notice of Sale and Requisitions must also be prepared. Further to this, your representative is responsible for ensuring all rates and taxes are paid when the property is transferred to you.

You will probably find the biggest expense over and above the purchase price to be stamp duty (a state tax calculated as a percentage of the total purchase price). Ask your legal representative how much you will have to pay for your property or work this out using our stamp duty calculator .

Other expenses include paying for rate, planning and other certificates from local government, as well as title searches and registration fees both on the transfer of land and on your mortgage at State government level.

Once the final contract is completed it is sent to the vendor to be signed. This document should be returned to you at settlement (when you take possession of the property). Close to the settlement, you should receive a settlement statement, detailing the final amount owing, including adjustments for taxes and rates.

Finalise your loan

If you have already arranged provisional finance, you will now need to contact your lender and tell them that you have made an offer on a home. The lender will then arrange for a valuation of the property, and if it meets their requirements, will process your loan and arrange for the necessary money to be available by settlement.

If you have not yet investigated your home loan options - get cracking! Choosing the right home loan can be a daunting task, especially when you are time restrained. For information on the loan approval process click here .

Settle

The settlement date is the day on which you finalise payment and assume possession of the property. In legal terms, settlement is the completion of the property transaction.

Your legal representative should arrange the settlement date, time and location and will inform the mortgagee (lender of funds). Generally, settlement takes place some four to six weeks following the exchange of contracts .

On settlement day the balance of the purchase price is paid and the title deeds (legal documents stating property ownership) are handed over. If you purchase the property without financial assistance, the transfer of title to the property will be given to you or your legal representative. Otherwise the lender will receive the transfer document and title deed. Finally, the keys are handed over.

You are entitled to vacant possession at the time of settlement. You are also entitled to a last inspection just prior to settlement. If the property is not as expected, i.e. the property has been unfavorably altered in some way since you exchanged contracts, talk to your legal representative. Your representative may choose to inform the vendor that you will not settle until the property is returned to the state it was in at the time the offer was made.

Organise insurance

Immediately following settlement ensure you take out a cover note insuring both the property and any movable possessions included in the sale (e.g. the oven). It may well be worth taking out this cover note even earlier, i.e. as soon as you sign you first contract. This will ensure that the property is fully covered should the vendor’s insurance be either inadequate or unpaid.

Financial institutions lending you money will require the property be insured. Most insurance policies will provide for either replacement or market value. A replacement policy will give you ‘new for old’, whilst indemnity insurance will give you ‘old for old’.

Further information on insuring your home can be found in Insurance Needs . Also take a look in Property Services for details of insurance agents.

On the Move

It is understandable that many people do not want to think about moving house until the time to move looms near. However, this seemingly massive operation can be simplified by dedicating some time to planning your move.

The key to successful moving is to start planning early. Break your tasks into ‘bite-size’ fragments by assigning them to these schedules:

If it fits in your car, take it yourself. You can save a few dollars by packing and moving small personal items yourself.

Eight weeks before the move

Decide whether you will use a professional mover or move everything yourself.

Set the date for your move. Consider timing your move to coincide with 'off-peak' moving periods. Generally Mondays, Fridays and first and last days of each month are the busiest times for professional movers and truck rental.

If using a mover, obtain estimates from at least three professional moving companies as well as recommendations from friends before making your selection.

If moving yourself, obtain estimates for the hire of removal trucks, etc. Make a booking to hire your selected vehicle/s for the moving day/s.

Sketch a floor plan of your new home. Photocopy this plan and then draft onto it the layout for your furniture. Will everything fit? Perhaps some furniture may need to be sold or given away.

Start using up food from your freezer to save it spoiling during the move.

Clean out clutter. Perhaps hold a garage sale or donate items to charity.

Start developing a list of all the people who will need to learn of your new address. As mail is received, check that the sender is on your list of people to inform. This will include friends, relatives, banks, any subscriptions or catalogues, etc.

Six weeks before the move

Discuss the moving details with your mover, including all costs and insurance cover. When you are completely satisfied with the details, book the mover for the day of the move. Also collect as many packing boxes as the moving company is willing to provide.

If you are moving yourself, start collecting boxes. You could gather used boxes from supermarkets or friends but make sure these can withstand the rigours of moving. Alternatively buy or hire sturdy moving boxes from professional moving companies.

Develop an inventory of all your possessions. This will come in handy not only for organising your move, but also as a record of your assets for insurance purposes.

Arrange for the transfer of your children’s school records to their new school.

Send out furniture or drapes, etc. to be cleaned.

Start notifying others of your forthcoming change in address. This is especially important for any businesses you may deal with as it can often take time to update your address on their systems. Why not produce a moving notice and photocopy this for distribution?

Fill in a form at the post office to have your mail redirected. You should elect to have your mail forwarded to this new address for at least two months following your move.

Four weeks before the move

If you need to organise storage, do this now.

Using your inventory list, start organising how you will pack your possessions. How many boxes will you need? Which items should be packed last and unpacked first?

If you have pets, consider how these will be moved. Perhaps ask your vet to recommend companies who specialise in the safe transport of pets.

Arrange for final readings of your services, e.g. gas, water and electricity, to be performed just prior to your move. Also organise for these services to be connected in your new home prior to your arrival.

Make sure that your telephone is connected at both your new and old addresses during the move. This will allow for communication between the two places should this be necessary. Alternatively, borrow two mobile phones if you don't have them.

If you are going to need temporary accommodation, make the necessary hotel/motel bookings.

Three weeks before the move

Gather together all the packing materials you will need. This includes:

Packing tape

Bubble wrap

Styrofoam ‘beads’

Old newspapers

Scissors

Utility knife

Packing string

Rope

Labels

Marker pens

Hand truck and/or dolly

Plenty of boxes

Start packing the items that you will not need over the next few weeks, e.g. extra linen or spare crockery.

Be aware that items you pack yourself are unlikely to be insured for breakage. Therefore, it is a good idea to leave the packing of fragile items, such as glass and china, to the professionals.

Two weeks before the move

Transfer all your bank accounts to new branch locations.

Cancel all deliveries, e.g. newspaper, milk.

Check on the arrangements for the new telephone service and other connections.

Consider storing jewellery and valuables, including certain legal documents, at your bank during the move. Alternatively, set these aside to carry with you on the day of the move.

Ensure your possessions will be fully insured during the move. If not, arrange for extra insurance cover.

Contact the council where you are going to reside to find out about garbage pick-up, local regulations and other information.

One week before the move

Return all library books and rented videos. Also don't forget to collect any dry-cleaning, shoes from the repairer or lay-bys.

If necessary, arrange a babysitter for the day of the move.

Tidy up the garden and outside area.

Arrange for new locks to be installed on the house you are moving into.

Defrost your refrigerator and freezer.

Finalise all packing. Number each box and take notes on their contents. Also, keep items from different rooms in separate boxes.

Keep in mind that heavier items deserve smaller boxes.

Mark any items that should be handled with care.

Pack bags of clothing and toiletries to take with you rather than send with the mover.

Have the carpet steam cleaned.

Also put together a box of items which could be useful for the day of the move. This might include such items as scissors, a utility knife, paper plates and towels, toilet paper, drinks, cups, soap, bandaids, headache tablets, tea towels, rubbish bags and small toys for children.

Moving day

Remove all remaining food from your refrigerator and freezer.

Clean out cupboards, sweep the floors and ensure the house is tidy for its next inhabitant.

Double check rooms, cupboards, drawers, shelves, outdoor areas and the garage to make sure you’ve taken everything.

Turn off all services, including the mains switch and taps.

Lock all windows and doors securely.

Leave the old house keys with the real estate agent for collection by the new inhabitant.

Check to see if all the services are on and appliances are working in your new home.

Check off each box as it comes off the truck.

Register for voting in the new electorate.

Visit your new post office to see whether they are holding any mail for you.

Planning to Invest

Buying real estate, whether you are buying the family home or an investment, is one of life's most important financial decisions. However, in buying an investment property, it is wise to remember that you are making a business decision. You are not buying from the heart but from the head. You are buying the property because you expect it to appreciate in value. Common mistakes made in investing are that people look for the same things they would want in a home or buy in their local area so they can 'keep an eye on it'.

In searching for a residential investment property it is important to consider three things:

Look for a consistent streetscape. A mixture of conflicting building styles lowers the desirability of the street.

The property should be located within easy walking distance of all amenities.

The street should have potential.

As a business and financial investment decision, it is important to make your purchase in a methodical way:

Assess your financial position

When investing, it is important to assess your current financial position. What are your cash reserves and what equity do you have in your present home? Look at your long term objectives, for example, will the property be part of your retirement financial plan?

Potential changes to your current situation should also be factored in such as the birth of a child or the loss of one income. It is wise to seek advice from an investment adviser or qualified financial planner to help determine goals and strategies.

Decide on your strategy

Some properties provide good rental returns but have little potential for capital growth; for some the converse is true. It is more difficult to find the ideal of high yield and high appreciation potential.

It is important decide on your strategy before you start you search.

Assess the financial capability of the investment

You should try to assess the soundness of your investment. Study the capital growth history and the potential rental income.

If you are familiar with computer spreadsheets, try to analyse the impact of an interest rate change or a potential vacancy period.

Negotiate effectively

Professional negotiation can help ensure that you do not pay too much for a desirable property. Negotiation can also include structuring a contract to allow items favourable to the purchaser such as access or installation of tenants.

Shop around for finance

The choice of your loan can be just as important as the choice of property. Some lenders have a different (and higher) rate for investment; others have the same rate. Some lenders have a package where your entire borrowings are just one big mortgage but with different accounts with different features. In this competitive environment, it pays to shop around. See our list of Home Loan Lenders .

Obtain legal advice

Sound legal advice will ensure that the contract is fully examined and approved and that any changes are allowable. A good solicitor should be an integral part of your investment strategy.

Obtain professional property management services

Professional property management frees you from dealing with tenant issues and gives you more time to concentrate on your portfolio. Your property manager is also up-to-date with changes to the Residential Tenancies Act and is better suited to negotiate on your behalf should the need arise. He is also in a position to obtain credit checks on potential tenants and has access to tradespeople. If you prefer not to meet to your tenants then a managing real estate agent is definitely recommended.