If you’re a regular reader of my blog, you already know that I love sharing tips on how to buy property abroad. Over the past months we’ve covered countries like Greece, Spain, France, United States, and many others, but I noticed that I haven’t discussed one of my favourite countries yet. So for this week’s blog I’ll be sharing some strategies and little known facts about the country/continent- Australia!
Why buy in the land down under?
Most people rave about the great weather in Australia, but I know that there’s more to love in the land down under other than the sun, kangaroos, and koalas.
This country is the perfect place to live in for people looking to escape the busy city life. You can drive for hours across open plains and stunning seaside views or you may choose to spend your days enjoying numerous outdoor activities.
Another incentive to buy Australian property was described by Rick Otton, an author of a best-selling book on property investment, and he reveals that it’s not just the beautiful weather and scenery which makes foreigners flock to this country.
“Our universities are some of the best in the world, that’s why we have a massive amount of foreign students who arrive and stay to study. For example, there are many foreign students studying in Australia, so to prepare for this kids’ college years; parents would purchase a remote property investment in Australia and let their kids use it for 4 or 5 years,” Mr. Otton said.
How can you make it happen?
Australia has a lot of villas, houses, and apartments for sale, and you can find them all online property portals like Rightmoveoverseas.co.uk , if you don’t have the time and money to check these properties personally.
In most cases, the Australian government requires foreigners (like us) to secure permission from the Foreign Investment Review Board (FIRB) before we can buy a house in their country. However, even without a formal certification, some buyers choose to go ahead with their property search. Just make sure that when you do this, the contract you create includes a condition to only make the sale final after receipt of the FIRB certification.
Remember that there are 2 main exceptions to the FIRB certification: buying newly-built properties and having an Australian spouse. If your situation falls within any of these 2 exceptions, then you no longer have to secure a certification from the FIRB before buying cheap houses for sale.
It’s also advisable to hire a solicitor when you buy property in Australia, because they can guide you through the administrative process of property transactions and tax liabilities!
How much money do you need?
Aside from the total purchase price, you’ll need to prepare between 5 to 7 per cent of the price for additional costs. Better familiarise yourself with these following costs, because you’ll encounter them soon: land transfer registration fee, legal fees, solicitor’s fees, government taxes, termite and pest inspection, strata inspection, survey fee, and building insurance.
If you’ve been eyeing out Australian properties, perhaps now’s the time to take a closer look at your options. Just follow the advice I’ve mentioned above so you can assess whether buying an Australian property is right for you. Cheers mate!