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Property educator Peter Koulizos has compiled a to-do list for people looking to buy their first home, although he notes most of the items apply equally to the purchase of an investment property.

20th November 2007

Koulizos says the key aspect to buying property "is to do your research beforehand and only listen to trusted industry sources".

His homebuying checklist, as published in a newsletter for The Property School, consists of:

Decide what type of home you want.
Figure out which area you want to live in.
Decide how much you can borrow – visit brokers and financiers.
Find out what kind of home you can afford.
Determine which suburb you can afford.
Research possible properties and areas – check the internet, newspapers and property publications.
Inspect possible properties.
Make a shortlist of properties of interest.
Discuss properties with homeowners you know.
Talk to local people and councils, and read local papers – look for desirables and negatives.
Inspect your favourite property more than once – morning, noon and night.
Complete building and pest inspections.
Get your chosen property subject to finance.
Organise your finances.
Get your First Home Owner Grant if eligible.
Find a solicitor or conveyancer to organise legalities.
Start packing once approval has been granted.
Unpack once settlement is complete.
Change postal address.
Enjoy your new home.