Purchasing a house will be the most important financial decision most Australians make. To avoid the risks and make a wise investment, you need to be well informed.

Property experts often highlight the need to do your due diligence, but what does that mean? Tim Stafford, Head of Research at WBP Group, reveals the critical information property valuers collect for their due diligence and shows you the best place to find it.

Imagine two houses, identical in size, for sale on the same street. The house at the north end is zoned to a school with an excellent reputation, is a five-minute walk to the local shopping strip, and sits on a rectangular allotment with a wide frontage.

The house at the south end of the street is zoned to a different school with a poorer reputation, sits on a narrower allotment that’s susceptible to flooding and has high voltage transmission lines nearby.

You’re unlikely to uncover some of these negative features without thorough due diligence. And given these two houses are identical in size and are on the same street, your lack of due diligence may lead you to conclude that they should have a similar value.

With all the relevant information in hand, you realise the value of the first house should be significantly higher, especially if this hypothetical street is in a prestigious suburb.

And if you were aware of just how unappealing the second house was, would you have gone to the trouble of making an offer?

Due diligence is often challenging, even for property valuers, as the relevant information is scattered across countless websites and databases. Fortunately, a new website has transformed the way valuers at WBP Group go about this task.

Landchecker, a website first released in 2015, has sought to simplify the due diligence process by providing property data in one place. With their powerful analytics tools, you’ll have all the critical information you need right at your fingertips.

While Landchecker’s Free Plan includes plenty of valuable property data, you’ll need their Professional Plan if you want to go through a thorough due diligence process. While there is a monthly fee for this plan, imagine the time you’ll save when you have convenient access to the most relevant information. Also, consider the potential financial risk and emotional heartache you’ll avoid by being well informed.

If you’re interested in learning more about Landchecker’s capabilities, check out their demonstration video.

If you would like to get more helpful valuation insights and property related news, follow WBP Group on LinkedIn.