This might sound easier than what it actually is.  The opportunities can be limitless and it can be very tempting to look at properties you really can’t afford and, in an emotional moment, commit yourself to something you’ll end up regretting.

So, before you start, sit down and write out exactly the type of home you’d like to live in - one that is appropriate to your lifestyle, savings and budget.

Apart from price, things to note down include:

• Renovate or relax? Do you want to move straight in and continue enjoying your lifestyle, or are you prepared to do some renovating? If renovations are planned, you’ll need to take account of the additional costs.   Also consider how much will it take in time and money to maintain your new home.  This will help you decide on what materials the home is built from and the size of the property.
  
  
• Location, Location, Location. Your home is more likely to appreciate in value if it is:
  - close to schools, shops and public transport
  - in a quiet area with no major or noisy developments planned
  - the value of other properties in the surrounding area are higher
  
  

• Size. This doesn’t just apply to number of bedrooms, but size of kitchen, number of bathrooms and size of yards and garages.

Once you’ve determined your needs in these areas, it’s time to start looking.  You can do this yourself or find a trusted real estate agent, give them your list and ask them to search for you.

Always remember that this will be your home and like any important purchase, always do the checking yourself before you sign any contracts.  There can be more traps in buying property than almost anything else, so always seek professional advice first.

For further tips on buying a home, visit the Real Estate Institute of Victoria’s website.

Another option is to buy property as an investment.