If you’re interested in buying overseas property, Australia offers great potential for return on your investment. Things are much more stable in Australia than in many other countries, making in an attractive proposition to many investors. Many properties are being bought by citizens of the UK, US, and Canada.
Over the next several posts, I’m going to go over some of the areas you’ll want to be informed about when looking at buying an Australian piece of property (when you aren’t already living in Australia). I hope this information helps you. As always, you will probably want professional advice for your specific circumstances but this information can be a great starting point for you.
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Today we’re going to talk about the professionals you’ll deal with throughout this process. It’s vital to your own stress levels and peace of mind that you work with ethical people with strong customer service skills and vast knowledge about their area of expertise so don’t hesitate to take the time to be discerning about who you work with.
An accountant who is specialised in Australia real estate isn’t a must but is an asset to help you manage things so you can optimise your tax savings.
Mortgage brokers are not a necessity in the world of real estate but they are definitely helpful. If you are interested in doing a bit of shopping around for the best mortgage rate and want to pick and choose from several available deals. Mortgage brokers do the shopping around for you. Many of them have established relationships with a dozen or more lenders and put your business up for bid. This can save you time and help you feel good about finding a great deal. Mortgage brokers generally do not charge you money for their service. The lender pays them a commission when you sign your mortgage.
Tip: Be sure you are dealing with an accredited Australian mortgage broker. Mortgage brokers in Australia need to be licensed.
The buyer’s agent is also optional but this person can act on your behalf if you’re not planning to visit Australia to orchestrate the real estate transaction. This professionally licensed person will work on your behalf to find the right property to invest in.
A solicitor, settlement agent, or conveyancer will be able to help you manage the paperwork side of things with your overseas property purchase. This individual needs to reside in the same state as the property you are purchasing.
The next post in this series will deal with helpful financing info for buying overseas properties in Australia. Hope to see you here again!