Organise your finance and speak to a bank/mortgage broker before any inspections so you know your price range. Take into account all of the additional fees that you will need to pay on top of the purchase price like stamp duty, solicitors/conveyance fees, strata fees, council and water bills.
Before you make an offer, do the due diligence of conducting a strata report and read the building inspector and pest inspector to inspect the property for any issues. These reports may impact your decision on whether this is right investment or not.
Select an area that you would like to buy/invest in and do your research on that area. Different areas naturally have different prices so it’s a good to get an idea about what you get for your budget in your chosen area. You can obtain sold property information from a number of sources including allhomes.com.au, realestate.com, domain, rpdata, local newspapers and your local real estate agent.
Negotiation – When you have found the right property and are ready to make an offer, let the agent know that you are prepared to put an offer for the property and can exchange as soon as possible. If there are a number of other buyers, the vendor is more likely to accept your offer first and this will also give you a bit of room to negotiate.
Understand your contract - Your solicitor or conveyancer should read the Contract of Sale. Make sure you are 100% clear with what is included in the sale. Ask as many questions as you need to feel comfortable. There is no such thing as a stupid question when making one of the biggest decisions of your life.