25 July 2025

buying tips | 10 Things to Check Before Buying a Property

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A family celebrates receiving keys to their new home from a real estate agent.

Introduction

Buying a property is one of the most significant financial decisions you’ll make in your lifetime. Whether you’re a first-time buyer or looking to invest in the vibrant Canberra market, it’s crucial to approach the process with careful consideration. Understanding what to check before making a purchase can save you time, money, and future headaches. Here are ten essential things to consider when buying a property in the Australian Capital Territory (ACT).

1. Research the Local Market

The first step in your property journey is to thoroughly research the local market. Canberra’s property landscape can be unique, characterised by its mix of residential, commercial, and government properties. Familiarise yourself with:

  • Current property prices in your desired areas
  • Trends in property value over the last few years
  • Upcoming developments that may impact property values

2. Assess Your Finances

Before you start looking at properties, it’s essential to assess your financial situation. Consider the following:

  • Your budget, including purchase price and additional costs
  • Deposit size and potential loan options
  • Ongoing costs, such as council rates, utilities, and maintenance

3. Get Pre-Approved for a Loan

Having a pre-approval from a lender can give you a competitive edge in the property market. A pre-approval indicates your borrowing capacity and shows sellers that you are a serious buyer. This step can also help streamline the buying process, allowing you to act quickly when you find the right property.

4. Location, Location, Location

In real estate, location is paramount. Consider the following factors when evaluating potential areas:

Close-up of a hand holding keys in front of an open door, symbolizing new homeownership.
Photo by Jakub Zerdzicki on Pexels
  • Proximity to schools, public transport, and shopping centres
  • Local amenities and recreational facilities
  • Future infrastructure projects that could enhance accessibility and value

5. Inspect the Property

Always conduct a thorough inspection of the property. Look for signs of wear and tear, potential structural issues, and overall condition. It can be beneficial to hire a professional building inspector to identify any hidden problems that may not be immediately visible.

6. Understand the Property’s History

Investigate the property’s history to avoid unpleasant surprises. Check:

  • Previous sale prices and how long the property has been on the market
  • Any past renovations or repairs undertaken
  • Whether there are any zoning issues or future developments planned nearby

7. Review Strata Reports (If Applicable)

If you’re considering a strata title property, reviewing the strata report is crucial. This report provides insights into:

  • Financial health of the body corporate
  • Any pending maintenance issues
  • Rules and regulations that may impact your lifestyle

8. Know Your Legal Obligations

Understanding your legal obligations as a property owner is vital. Familiarise yourself with:

  • Local council regulations and zoning laws
  • Potential restrictions on property use, especially if you’re considering renovations
  • Tax implications, including stamp duty and potential capital gains tax

9. Seek Professional Advice

Don’t hesitate to seek professional advice throughout the buying process. Engaging with a qualified real estate agent, solicitor, or conveyancer can provide invaluable insights and guidance. They can assist you in:

  • Navigating the complex paperwork involved in property transactions
  • Understanding your rights and responsibilities
  • Negotiating the best deal possible

10. Have a Plan for the Future

When purchasing a property, consider your long-term goals. Think about:

  • Your career plans and whether you might relocate
  • Potential for property value appreciation
  • Your lifestyle preferences and how they may evolve

Conclusion

Buying a property is an exciting journey, but it’s essential to approach it with caution and thorough preparation. By keeping these ten considerations in mind, you can make informed decisions and secure a property that meets your needs and investment goals. If you’re ready to start your property journey in Canberra, reach out to Jonny Warren Real Estate for expert guidance and support. Our team is here to help you every step of the way.

Category: Buying Tips