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Become an instant expert in buying a property

By Tash Johns

CHOOSE THE QUESTIONS YOU WANT TO ASK

  • What projects are happening in the area?
  • What is the suburb’s yield median and what is the property returning?
  • Does the local industry have expected wage growth?
  • What kinds of properties match the local demographic: houses, units, townhouses or apartments?
  • How many bedrooms should a property in this area have: one, two, three, four or more?
  • Should it have a rumpus room and/or an alfresco entertainment area?
  • Should it have a single or double garage?
  • Should it have one, two or three bathrooms?
  • Should it be single level or multiple levels?
  • Is the value better in an old or new property in the area, to achieve the greatest profit?
  • Would tenants pay more for a pool?
  • Would tenants pay more for the property to have air conditioning?
  • Why do the owners want to sell?
  • How long has the property been on the market for?
  • Have they had any offers so far?
  • Is adding value to the property better to do now or later, and how should this be done?
  • What is the percentage of renters in the area?
  • What is the vacancy rate in the area?
  • If the focus is on capital growth, what makes the street, suburb, town or city a good growth area?
  • Is the trend of selling property by private sale or at auction?
  • What are the current average days on market for a property in the area?
  • What price do you think the owners would accept?
  • What type of person or tenant would live here?
  • What is the current market rent for this type of property?
  • What are similar properties in the area selling for?
    Is the property in a known flood zone?
  • Has there been property discounting occurring in the area?
  • What are the auction clearance rates of the area?
  • What is the population growth forecast in the area?
  • What is the neighbourhood like?
  • What fixtures and fittings are part of the purchase and what aren’t?
  • Are there any covenants, caveats or any regulatory impositions on the property?
  • Are all works done on the property permitted?
  • Are the foundations structurally sound?
  • Are there signs of internal or external damage that has been covered over?
  • Are there any known problems pertaining to roofing?
  • Is there a recent valuation or building report? How motivated to sell is the vendor?
  • Does the vendor have a building report?
  • Is it a buyers’ or sellers’ market?
  • Can I get vacant or early possession?
  • Will the vendor take a small or low deposit?
  • Is there anything I should know about the property?
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