First Home Buyer's Checklist: Questions to Ask Before You Buy

Questions to Ask Your Real Estate Agent

• How long has the property been on the market, and has the price changed?
• Why is the owner selling?
• Have there been any renovations, and were they consented?
• Is there a LIM report available, and have any issues been flagged in it?

Questions to Ask Your Bank or Mortgage Broker

• What's my pre-approved lending limit, and how firm is it?
• Does this specific property type or cladding affect my lending terms?
• What conditions will the bank want in my offer — building inspection, LIM, finance?
• How long will final approval take once I've found a property?

Questions to Ask Your Building Inspector

• What exactly does the inspection cover, and what's excluded?
• How quickly can you turn around a report if my due diligence period is tight?
• Will the report meet my bank and insurer's requirements?
• Can I attend the inspection, and can we discuss findings directly afterward?

Building Your Due Diligence Timeline

Most sale and purchase agreements give you a set window — commonly 10 to 15 working days — to complete due diligence. Book your building inspection as early as possible in that window so there's time to negotiate or walk away if something significant turns up, rather than racing the clock on your final day.

The Bottom Line

A good inspection doesn't just tell you what's wrong — it gives you leverage in negotiation and peace of mind going into what is, for most people, the biggest purchase of their life. Don't skip it to save a few hundred dollars.