Once you find a property you like, spend time in the local area at different times of the day or night to make sure it fits in with your buying criteria. It would be an unfortunate experience on the first night in your new home to find the nearby hotel runs a nightclub until 6 a.m. every night of the week. It would also be a disappointment to find that parking outside your front gate is governed by clearway rules at inconvenient times of the day.

Before finalising the buying process by making an offer on your home-to-be, or preparing to make that all-important first bid at auction, buyers need to address the following questions:

• Is the home's advertised price within my spending range?

• Is it of a style or period I admire or which meets my needs?

• Can I identify with the surrounding suburb and can the suburb offer me the facilities I need?

• Is the house/flat of sound construction?

• Is there room for future renovations or refurbishments?

• Do existing renovations appeal to my sense of style and are they "legal"?

• Is it a viable investment for my money and can it deliver a rental income if I decide not to live there?

As we've mentioned, real estate agents can help you understand the market. But their ultimate interest is to generate big commissions through big sales. Beware of real estate agents:

• If they quote expected selling ranges. They are likely to under-quote the expected selling range by between $25,000 and $75,000 - so add to their range.

• If they talk of the potential for medium-density developments in the local area. Such talk might mean a block of flats has been planned for next door. Check with the local council to discover if any building applications have been lodged by your future neighbors.

• If they mention recent work completed to the house or flat. Recent work may have been carried out to cover any flaws in construction. Builders' or architects' inspections can detect most problems such as rising or falling damp, leaking roofs and the need to re-stump.

• If they refuse to pass on to the vendor an offer before auction. Agents may refuse to pass on an offer before auction in case the vendor actually accepts it. Agents don't like missing out on their auction fees!