real estate purchase

Due Diligence is Key to Real Estate Purchases

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Buying valuable Brisbane real estate is a very exciting prospect. Here at Position 1 we definitely advise the importance to get all the due diligence down pat to ensure you are purchasing the right home at the best price possible.

The first thing you must do is discuss what it is you are looking for in your new home. Here are some tips to help you along:

• How many bedrooms do you need to house the family?

• Do you require an ensuite bathroom?

• Do you need a large yard?

• Is a pool important?

• Do you need full fencing to contain a pet or children?

• Do you require car accommodation and/or a shed?

• Where do you want to live – close to schools, work or shops?

Once you have a good picture of what you are looking for you are ready to go in search of that perfect place.

It’s always a good idea to give yourself the time to have a good look around at what is available in the suburb you have picked. It may be that once you have had a look around you will need to adjust your list a little.

Perhaps there are no homes in your area at the price you are budgeting for, or if you really want to have a pool, you may have to go a bit further out. There are many reasons that will lead to a decision such as this.

What To Do When You Find a Serious Prospect

It is imperative to get a full building and pest inspection of the property either before you enter into a Contract of Sale or as a condition of the contract.

This one step alone will give you peace of mind and confidence in the property you are buying but also point out any defects, damage or repairs that may need attention in the foreseeable future. If damage or repair is discovered, a good report will also outline the costs involved to carry these out.

Should the report reveal any negatives such as repairs or damage, do not despair. If you really are in love with the home this can be a gift as it will allow you the opportunity to renegotiate the contract often reducing the price by thousands.

If you find the prospect of the repairs too daunting, then you are able to move on having only lost the very small investment cost of the report.