Things to Look for When Purchasing a Property

There are many reasons why people select a particular property to purchase, including:

a. Location

b. Price

c. Love of the Building

d. An intention to further develop

e. Proximity to friends and relatives

What if you purchased a property with a particular intention in mind and then found out that what you intended to do with it was impossible? Here’s a few examples of what might go wrong:

• The building you liked so much has a demolition order from council, or
• You intend to demolish a building and construct an award winning design only to find that the existing house is heritage listed and you can’t touch it, or
• You are a physiotherapist and you want to run your consulting rooms from the house you are buying, only to find out that council will not approve it for that, or
• You are attracted to a property because the kids can walk to school from there, but the school is relocating within the next 12 months, or
• You are buying a vacant lot to construct two villas as an investment, only to find that only one dwelling can be constructed on the site, or
• You are buying a strata unit with the intention of constructing some outdoor decking only to find that the council has fire-proofing regulations that prevent the decking, or
• You attend an auction and bid on a property just because it appears a bargain, only to find that the cost of repairing a water leak results in it not being such a bargain after all.

Try to write down the major reasons behind your choice of properties and then do your homework before you make an offer. Your Licensed Conveyancer will assist with all of this but you should tell them what is important to you. Can you be sure that your intended use is possible ?