Buying a home is one of the most significant investments you will make in your lifetime, so it is crucial to conduct thorough research before making a decision. Here are essential searches every Australian resident should consider before buying a property:
- Title Search: A title search verifies the legal ownership of the property and any existing mortgages or caveats that may affect your ability to purchase or use the property as intended. This search ensures you are dealing with the rightful owner and identifies any potential legal issues.
- Council and Planning Records: Checking council and planning records provides insights into zoning regulations, building approvals, and any future developments or infrastructure projects planned for the area. This information helps you understand how the property and its surroundings may change over time. A search with council also confirms whether rates are owing on the property. If rates are owing, your conveyancer should ensure that they are paid by the seller when you settle on your purchase.
- Building and Pest Inspection: Engaging qualified inspectors to conduct building and pest inspections is crucial to uncovering any structural defects, pest infestations, or safety hazards that could impact the property’s value or your future expenses.
- Flood and Bushfire Risk Assessment: Depending on the property’s location, it is essential to assess flood and bushfire risks. Obtaining reports from relevant authorities or consultants can inform you about potential hazards and insurance requirements.
- Land Survey: A land survey determines the property’s boundaries, easements, and encroachments. This ensures you are aware of your land rights and obligations and prevents disputes with neighbours over property lines.
- Utility and Services Check: Verify the availability and connection status of essential utilities such as water, electricity, gas, and sewage. Understanding the costs and logistics of connecting these services can influence your decision to purchase. A search with the water authority (which may or may not be the council) also confirms whether water fees are owing on the property. If water fees are owing, your conveyancer should ensure that they are paid by the seller when you settle on your purchase.
Conducting these searches ensures you make an informed decision when purchasing a property, protecting your investment and minimising potential risks. Consulting with real estate professionals, conveyancers, and relevant authorities can provide additional guidance and support throughout the buying process. Remember, thorough research and due diligence are key to finding a home that meets your needs and financial goals in Australia’s competitive real estate market.
