For those seeking to acquire assets abroad, there is a need to say that the process in Australia is easier as compared to that of other countries. For those seeking to buy assets in Australia, there exist more than a few approaches that you can avoid making mistakes in this line. In the following section, read more about a step by step guide that will help you avoid such mistakes.
For a start, it is crucial to consider how much you will spend on the property. In this consideration, it is advisable for you to consider doing a lot of investigation, make a plan and choose on the amount that you are going to use in this line. When you have a place in mind consider speaking to a real estate agent to learn more about the area and what to expect in regarding to pricing. Considering your budget is commendable as there are no banks who will lend you money when you are a foreigner.
In addition, it is crucial for you to create a team to help you in this line. As an expat, there are no chances that you will buy property on your own. For a start, you need to consider hiring a legal representative who will be useful in dealing with legal issues. Hiring a mortgage broker in the second person you need to hire. Finally, consider engaging an accountant who will be beneficial in helping you manage your financial statements.
Importantly, get a pre-approved loan. This ought to be your initial consideration before you go for property search. Such comes in handy in assuring that you will get a mortgage at ease.
Also, think of getting a certification from the Foreign Investment Review Board. If you are a non-resident or your visa is temporary, there is a need for you to consider getting a certification in this line. Since there are fees that apply when obtaining approval in this line, checking on the FIRB schedule is advisable.
Find the propertys and bargain on such. When you request to the FIRB has been approved, there is a need to say that this is your next consideration. When it comes to the pricing for houses for sale in most parts of Australia, most of the sellers increase the price with 10%. On the other hand, there is a need to say that the value of the property may vary and you need to carefully choose.
In conclusion, it is advisable for you to exchange contract and pay the down payment. In this case, there is a need to say that we dont expect to pay much in this line as most of the sellers propose 10%. However, always negotiate the amount that you pay for the property.