Welcome to part 5 of our Buy Property in Australia from Overseas Series. This week will be about searching for your Australian property. (To start at the beginning of the series, read Part 1: Real Estate Industry Professionals Foreign Investors Should Deal With)
Australia leads the race when it comes to destination locations for overseas property buyers. The great weather, beautiful beaches, and friendly people are all a big draw for people wanting to retire, purchase a vacation home, or move permanently to Australia. But how do you search for your ideal property when you’re thousands of miles away? Online real estate sites offer great pictorial tours of property and homes, but is it the same as being able to visit a home and really get a feel for the area? Here are some ideas to help make your Australian property search go smoothly so that you can find your dream home or property location.
Get a Visa and Know Which Properties You Can Buy
You will need a Visa to enter Australia, whether you plan on visiting for one day or one month. A tourist Visa usually suffices for anyone just wanting to visit and research properties or new homes. If you know for sure you will be moving to Australia soon, apply for a permanent Visa so you can travel back and forth freely.
Your real estate agent will know exactly which types of homes or properties are best to show you, but as a foreign investor there are rules and regulations in place by the Australian government regarding which types of properties they’ll approve of for you to purchase. The main goal of the Australian government when it comes to foreign real estate investment is to increase the current supply of homes in Australia. This means that you are most likely to get approved for vacant land that you want to build on, homes in brand new developments, or a large building that you will remodel into a number of different units. In some circumstances, you may get approval to buy a pre-owned home, but success can be better eexpected if you invest in either vacant land or brand new housing.
Research the Area
Let your real estate agent know exactly what amenities you want from the local area. Are you looking to escape a large city and want something quiet and country? Do you want to be near the ocean? Is nightlife important to you? As a foreigner, you will need to trust your agent to know which areas offer exactly what you want. Have him or her send over a list of things that incorporate what you’re looking for, such as cultural activities, distance from the ocean, area schools, commute from the country to places of employment, and so forth. This will help you narrow your search down to certain areas.
Consider the Benefits of Buying Pre-Planned Homes
Since you’re likely to get approval to purchase a new home, consider the different benefits when looking at developments. You will be able to choose your own colour schemes and fixtures, the value of the home may rise from the time you purchase it to the time you move in, and you may even be able to figure out certain tax deductions or stamp duty reduction rates for buying a pre-planned, or off the plan, home. No matter which type of property you choose to buy, pre-planned, vacant land, or a large property to redevelop, knowing what you want and being clear with your agent will help land you the property of your dreams.
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