What information should typically be done before making an offer to purchase a property? Building permits, flood checks? etc. Also what if the building has had extensions built, how would you find out whether these extensions are 'lawful'/ legal? would the permit tell you this?
@Alex123711 You would need to check comparable sales, rents around the area, the market trends over the last cycle. Also suggest checking the fundamentals in the area to determine whether the location has prospects. Floods, Bush fire hazard, current zoning can be checked on the relevant council websites. Alternatively call the on duty town planner for assistance at the local council. For legal / lawful extensions - typically a B&P inspection might or you could ask vendor for the evidence.
If for investment, do your sums. Will it be positively, negatively geared... Majority of people don't do this and hope for the best.
I can't say much about most of it. But do not discount what luck has to do with it for many people, I know someone who bough a really run down house in good area and no one really wanted it as lot of construction going on, so they sold a unit for modest price and took on a largish mortgage, a few months after moving in, and a large sum was offered as it turned out someone really needed it. They made more than I have made from sweating it out at work and buying and managing IPs & selling over many years, and they had no idea this would happen. That is luck. I do not like buying in a place when there is a lot of competition or everyone is jumping on it.
