An Australian couple living overseas recently asked us for advice about buying a property in Australia. They are confident, successful business people but haven’t purchased a property in Australia for some time and have been working overseas for a decade.
They felt confident to make the purchase themselves but asked if there were any pitfalls in buying an apartment in one of Melbourne’s better beachside suburbs to use for 3-6 months of every year.
We surprised them a little when we outlined the potential pitfalls, money traps and complexity, in buying the type of property they were seeking.
We asked: “before you purchase have you considered ?………”
- The outdoor entertainment area’s orientation. Important to maximise the sunlight and outdoor living.
- The builder’s reputation and build quality – there are potential future costs if you get this wrong and if pest and building inspections are not done.
- Cladding issues – owner’s Corporations are required to replace combustible cladding in Australia. Do the apartments you are looking at have flammable cladding, and what will it cost to replace?
- Will you be able to access quality properties within walking distance to the beach and shops? They are in short supply and sometimes sold off-market. We can access those off-market properties.
- Neighbours – for a lifestyle choice, the precinct neighbourhood buildings must be considered. Do you know your neighbourhood?
- What percentage of properties are rented compared to owner-occupied.
- Future development – are there any plans for adjoining properties that may impact your quiet enjoyment.
- How good is the car parking?
- Is there a storage cage?
- Is the property you want to buy are overpriced? We use a comparable property method to advise you on the value.
- Negotiation/bidding. Can you bid or negotiate effectively from overseas? On your behalf, we bid/negotiate the price, settlement and any special conditions.
- Solicitor/Conveyancer. Do you have a reliable solicitor/conveyancer?
If you’re an Australian citizen overseas wanting to buy in today’s market, you will benefit from the support and advice ela Property Advocates can give you. Call us at ela Property Advocates to help you with either selling OR buying a property. Guy Angwin 0412 022 998 or Geoff Briscoe 0419 740 351.