Buy Land (Residential)
I believe every human being would want a suitable home for his family. Their own homes where peace is the pillar of unity and so most people would prefer to buy the land of their own and call it home. Just like all the other places. Australia is of no exemptions to this. We are going to look at the various ways of how to buy such lands in Australia.
Getting to understand the value of buying land in Australia
Australia has been cited by the foreigners to be their number one country’s destination. Australia gives a promise on an easy move because of the existing differences in cultures. It offers a good quality life and a living cost that is relatively lower and this will really make your destination to be exciting and interesting. Therefore buying a land in Australia has been highly influenced by the good quality life with a wide range of facilities offered in when each and every person would really enjoy.
When choosing a land in Australia, you should also put in mind the weather conditions because some of the areas are extremely hot during summers while others rain unexpectedly. When you buy land in Australia, you are likely to benefit from the lower properties and fewer contractions of the economy.
Consider the most popular locations for buying the land
Some major cities have the highest rises in the land prices. Since most numbers of Australian buyers usually purchase due to some permanent moves, these centers tend to come up with the best work potentials. Just as we have said, there are very popular places that you can buy your land. Such places examples include the Gold coast.
Cover the legitimate issue
If by any case you are not an Australian citizen or don’t have permanent residence status, it is very important to ask for permission for purchasing the land from the Foreign investment Review Board. After application, you will have to wait for 40 days so as to be given the feedback while it may also be extended to 130 days in those weird circumstances. There is exchanging of contracts just before getting their approval.
You should make sure that the contracts conditions on approval receipts if not so it will be termed as a contract breach and you will be fined for that. This is very dangerous as it eliminates you from all the possible options of buying at auction. if you purchase a property that has already been built, then the chances of seeking this permission are so low because your solicitor will give you guidance if the land you have interest in is exempted or not.
Finance your investment
If you have plans of emigrating into Australia and sort out the issues to do with buying of land while you are there, it is a very wise idea for you to take your credit history copy and also a letter from the manager of the bank. This will surely make easier the application process. Most of the Australian lands are repayment and there is nothing like a self-certification loan this means that all the land applications need to be supported by an income proof. Currently, there is no any UK banks that will give money on an Australian property, therefore, if you have the desire of raising finance from home you will be left with no option other than seeking other means.
Know the relevant taxes and fees
Just like every other country, buying a land in Australia is expensive. Your budget should be around 6% of the purchasing price in order to cover the red tape. There is also a land registration fee that differs with different states. The taxes of Australia do vary; therefore it will depend on which state you live in. However, if your stay in Australia is more than six months then you become liable for the income tax.
Be aware of the health standard
The Australia health services center is known as Medicare, and is made available to the Australia citizen. When buying a land, it is of so much necessity to consider the health standards of the place. Ensure it is a clean environment free from all diseases. You should ensure you buy a land in an open sort of place and not an abandoned one. Another factor to consider is the availability of schools in the area. Australia is one of the countries that offer good and quality education for its students. Therefore, purchasing a land in such areas that offer opportunities to your kids is of huge importance.
Consider the transport options
Most of the cities usually have public transports of very high standards, with vehicles available on them. In Australia, the roads also have taxis that charge relatively less amount. If you are looking for the best place to purchase the land, it is necessary you consider the transport factors. We all know that most of us usually don’t like walking long distances from the bus station to the houses. Therefore many people will prefer to secure a land in those places that are nearer to the bus stations so as to avoid the long walks and the inconveniences associated with such places. We have really given a lot of things to be aware of and what to look at especially when you want to buy a land in Australia. This will benefit most of us if we thoroughly follow it.