Expert Advice from MW Buyer Advocates, Melbourne’s Boutique Property Specialists

Buying a property is one of the biggest financial decisions you’ll ever make. Whether you’re a first-time homebuyer, investor, or upgrading to your dream home, having the right strategy can make all the difference. At MW Buyer Advocates, we specialise in buyer advocacy, vendor advocacy, and property management, ensuring our clients make smart, stress-free property decisions.

Follow these key tips to navigate the process with confidence and secure the best possible deal.

1. Understanding Your Budget

💡 Tip: Before you start looking at properties, determine how much you can afford by getting pre-approved for a mortgage. Factor in all costs, including:

• Deposit requirements
• Stamp duty (or applicable exemptions)
• Conveyancing and legal fees
• Building and pest inspections
• Insurance (home, contents, landlord insurance)
• Ongoing costs such as rates, strata fees and maintenance

✅ Why? Knowing your budget helps narrow your property search and prevents falling in love with a home that is out of reach. Pre-approval also strengthens your position when making an offer.

📌 Pro Tip: Use online mortgage calculators to estimate repayments and speak with a mortgage broker to explore the best financing options.

2. Research the Market

💡 Tip: Take the time to understand market conditions in your target location by:

• Reviewing recent sales data and trends
• Comparing property prices in different suburbs
• Understanding supply and demand dynamics
• Analysing rental yields (if you’re an investor)

✅ Why? Being well-informed helps you recognise a good deal and avoid overpaying. It also gives you confidence when negotiating.

📌 Pro Tip: Use platforms like Domain, CoreLogic and REA to track market movements. Attend auctions and inspections to get a real feel for property values.

3. Consider the Location

💡 Tip: Location plays a crucial role in a property’s future value and livability. When assessing an area, consider:

• Proximity to public transport, schools, and shopping centres
• Infrastructure projects and planned developments
• Crime rates and neighbourhood safety
• Walkability and lifestyle amenities
• Potential for capital growth

✅ Why? A great location not only enhances your quality of life but also ensures strong resale value and rental demand in the future.

📌 Pro Tip: If you’re an investor, research suburbs with gentrification potential or planned transport upgrades.

4. Get a Professional Inspection

💡 Tip: A building and pest inspection is a must before purchasing any property. It can uncover hidden issues such as:

• Structural problems
• Termite infestations
• Roofing and plumbing defects
• Asbestos and mould risks

✅ Why? Identifying issues early can save you thousands in unexpected repair costs. It also gives you leverage in negotiations.

📌 Pro Tip: Always hire a reputable, independent inspector rather than relying on reports provided by the seller.

5. Negotiate Wisely

💡 Tip: Don’t accept the asking price at face value—there’s often room for negotiation. Key areas to negotiate include:

• Purchase price
• Inclusion of fixtures and appliances
• Cost of repairs (based on inspection report)
• Settlement terms

✅ Why? Effective negotiation can save you thousands and improve your overall buying experience.

📌 Pro Tip: If you’re unsure about negotiations, consider hiring a buyer’s agent who can advocate on your behalf.

6. Understanding the Legal Aspects

💡 Tip: Property transactions involve complex legal paperwork. Make sure you understand:

• Sales contracts and cooling-off periods
• Title searches and zoning regulations
• Easements and covenants that may restrict property use

✅ Why? Avoiding legal pitfalls ensures a smooth transaction and protects your investment.

📌 Pro Tip: Work with an experienced conveyancer or solicitor to review all contracts before signing.

7. Think Long-Term

💡 Tip: Consider your future plans when purchasing. Ask yourself:

• Will the property suit your lifestyle in 5–10 years?
• Is there potential to renovate or extend?
• How will market trends affect resale value?

✅ Why? A property that meets your future needs will be a smarter long-term investment.

📌 Pro Tip: If you’re planning to grow your family or downsize in the future, look for flexible layouts that can adapt to changing needs.

8. Factor in Ongoing Costs

💡 Tip: Owning a home comes with ongoing expenses. Budget for:

• Council rates and land tax (if applicable)
• Water bills and utilities
• Owners corporation fees (for apartments)
• General maintenance and repairs

✅ Why? Factoring in these costs gives you a true picture of affordability beyond the initial purchase price.

📌 Pro Tip: Set aside a contingency fund for unexpected expenses, especially for older properties.

9. Check for Incentives

💡 Tip: There are various government grants and incentives that can help reduce upfront costs, such as:

• First Home Owner Grant (FHOG) (for eligible first-time buyers)
• Stamp duty concessions (varies by state)
• HomeBuilder Grant (for new builds or substantial renovations)

✅ Why? Taking advantage of these incentives can save you thousands of dollars.

📌 Pro Tip: Check the official government websites or speak to a property professional to see what incentives you qualify for.

10. Working with a Property Advocate

💡 Tip: Consider working with a professional buyer’s advocate who understands the local market and can guide you through:

• Find properties that match your needs
• Conducting due diligence
• Negotiating the best possible price
• Handling complex transactions

✅ Why? A property advocate saves you time, reduces stress, and helps you avoid common mistakes.

📌 Pro Tip: At MW Buyer Advocates we provide tailored buyer advocacy services to ensure you find the right property at the right price. Contact us today for a free consultation!

Final Thoughts

By following these key tips, you’ll be well-prepared to make a smart and confident property purchase. Whether you’re buying your first home, upgrading, or investing, planning and expert guidance are essential to making the right choice.