There are a few major things to look for when purchasing your property that will prevent you from being disappointed or even losing money on the deal. You may have found your dream house and the building meets all Council requirements, but don't forget to take a look outside. If you are planning to stay there for several years and are going to start a family, you'll need to be close to schools. If you are retiring, are there clubs of your choice close by? And don't forget that a doctor or hospital in the area could be really convenient.

What about traffic in the street? If you are a light sleeper, you don't want semi-trailers or planes, thundering past at all hours of the night. Make sure the area is flood free, and if it's a building block with no house yet, be sure electricity, water, sewerage and telephone are all available. In fact, it's a good idea to make sure the area is actually zoned for residential use, otherwise you could have a huge factory next door before you know it.

Check the slope of the land and that of the surrounding blocks. Heavy water run-off could be a problem during storms if there is no adequate drainage. Also consider if you may want to extend in the future and be sure there is enough room to do so. Or if extensions have already been added, be sure that they they've been approved by the Council.

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