subject: An Overseas Investor's Guide To Buying A Real Estate In Australia [print this page] In most cases, foreign nationals who are planning to purchase residential properties in Australia primarily have to acquire permission from the Foreign Investment Review Board, otherwise known as FIRB. On the other hand, there are still numerous options on how people who live overseas can make a purchase of real estate in Australia. This includes processes that involve approval from FIRB, and procedures that do not necessarily require permission.
More often than not, non-residents of Australia are not permitted to buy an established property for the purpose of direct investments. Nevertheless, one can still purchase estates with the intention of redeveloping or renewing the property, which will increase the number of inhabitants of the country. If you are planning to acquire a home or land in Australia, it is advisable that you seek assistance from the FIRB and communicate with them your intention and concerns. Furthermore, bear in mind that you can only redevelop a property in a span of two years after the date of purchase.
Concerning the value of Australian properties, you have to keep in mind that it often experiences shifts in pricing, and it usually depends on the country's economy and timing of your purchase. It is substantial that you do not buy properties when the costs are extremely high, and as much as possible, try not to have a loan of too much money upon purchasing estates. One of the most common mistakes that people make in procuring properties is obtaining investments that they specifically prefer, or those that are close to their area. Prior to making a purchase of an estate, you should think of its marketability and impression, which are both critical factors that most prospective clients consider.
In addition, it will be helpful if your property is close to various facilities and services. With regard to the cost of the purchase, try to negotiate to lower the price if at all possible. Once you have bought your first real estate in Australia, you should obtain an approval from the Australian Government Expert, which can offer you professional guidance on how you can maximize the benefits of your newly acquired property. With the help of a professional property management services, you can evaluate the reliability and marketability of your investment, and the type of rental income and capital profits that you can receive from it. Lastly, a legal advisor can assist you in examining and approving all the documents and changes that need to be done before and after you have procured a real estate.
