Buying a home is a major financial investment – investigate your purchase carefully.

Research the area where you intend to buy. If it’s unfamiliar, contact the local council for details about transport, services, climate, topography and local problem spots like contaminated and flood-prone land.

Prioritise your essential needs. Is it important to be close to transport, schools, shops and emergency services such as police, fire or ambulance? Is this area right for you? What size property is appropriate for your family?

If you decide to buy a home unit or townhouse (a property in a community titles scheme) you should be aware that you are buying into a community lifestyle with shared responsibilities and liabilities.

How much can you afford to pay? Consult financial institutions or finance brokers. Many lenders offer pre-approved loans, so know what you can afford before you look for property.

Shop around to get the best finance deal.

Set aside additional funds to pay for legal fees (including mortgage insurance and mortgage documentation), stamp duty, removalists, security deposits and connection fees for essential services such as electricity and telephone. Also allow for the cost of a formal valuation, and a building and pest inspection.

Building, pest and swimming pool inspections will cost between $400 to $500 depending o the type and size of property.

Find out what the different inspections will include. Also make sure you understand what items will not be covered in the inspection report.

Research current market values of property in your chosen area. Peruse property listings at real estate agencies, on the internet and in newspapers. Contact the Department of Natural Resources and Mines for sales data from the area. Visit open house inspections to compare values of properties in the area.

Ask a reputable real estate agent for market information. See who is most active in the area where you wish to purchase and check them out at houses open for inspection. Ask friends and colleagues for referrals.

Never buy property unseen – what you ‘see’ may not be what you get. This is particularly important if you are purchasing through the internet or an investment club or timeshare opportunity. Always inspect the property personally or have a trusted friend inspect on your behalf.

Source: Queensland Government – Department of Tourism, Fair Trading and Wine Industry Development