Purchasing a home is a significant investment, and it is essential to be aware of factors that could affect your property and impose restrictions or obligations. Here is a simplified checklist to guide your decision-making:

1. Property Location Considerations

• Inner City Areas: Expect increased traffic, noise, and odours due to high density and vibrant commercial activities.
• Growth Areas: You may need to pay a growth area infrastructure contribution.
• Flood and Bushfire Risks: Investigate risks and consider their impact on insurance and property management.
• Rural Properties: Check for compatible land use, vegetation removal regulations, and obligations to manage weeds and pests.

2. Ownership and Management

• Owners Corporation: If the property is part of a subdivision with shared spaces, you may need to pay fees and follow specific rules, such as restrictions on pets.

3. Regulatory and Planning Issues

• Planning Permissions: Understand the zoning laws and any restrictions on building or modifying the property.
• Boundary Verification: Ensure property boundaries match the title document through a site survey if needed.
• Encumbrances and Permits: Check for any legal limitations or proposed developments in the area that could affect your property.

4. Property Condition and Safety

• Building Safety: Consider professional inspections to check for hazards like asbestos, illegal structures, or termite damage.
• Insurance and Warranties: Ask if recent renovations are covered by owner-builder insurance or a builder’s warranty.

5. Utilities and Services

• Connections: Verify that essential services (water, sewerage, electricity, gas, phone, internet) are connected or available, especially in rural areas.

6. Legal and Financial Preparedness

• Contract Review: Read the contract of sale and section 32 statement thoroughly. Consider hiring a lawyer or conveyancer for professional advice before committing to the purchase.

For more detailed guidance, visit the Due Diligence Checklist on the Consumer Affairs Victoria website: consumer.vic.gov.au/duediligencechecklist.