Buying property abroad is an exciting experience, as it is a gateway to potentially experiencing a brand new culture and lifestyle on the other side of the world. However, it is important to conduct proper research and planning to ensure you make the right financial decisions and don’t risk sinking a large amount of money into a bad purchase.
Whether you are buying property internationally as a new home or wish to have an investment property, our team here at Setlr Buyers Agents will help you make the right choice when purchasing in beautiful Brisbane. Below are some of our best tips for ensuring you end up with the perfect property even when you’re not in the country.
As a leading Brisbane buyer agent, we’re here to assist you in finding your dream home or the right property for your portfolio. Call us on 1300 1SETLR, send an email to hello@setlr.com.au, or reach out through our online contact form to speak to a member of our decorated team.
Our Advice for Buying Property Abroad
Partner with a Local Agent
This one may seem obvious, but when buying property internationally it is important that you engage the services of an agent that is knowledgeable of the local area. They will act as your eyes and ears when scouting for properties, especially if you are unable to visit the country personally. By having a local agent in your corner, you will learn things about the area you would never have discovered on your own, while also having an on-site representative for any negotiations and inspections.
Research the Location
It goes without saying that when you are buying property abroad, you should carefully research the local area where you are looking to buy. If you are planning on raising children, make sure the area has a school nearby, and if you are someone who likes to get out and about, research the local nightlife and dining options. Researching the location also gives you a good sense of the overall vibe of the area, revealing if it is somewhere you wish to call home.
Hire a Lawyer
When engaging in anything that involves contracts and potential legal ramifications, it is wise to hire the services of a solicitor . Buying property internationally is often a complicated process as you navigate laws that are unique to the country you are looking to buy in. With a lawyer on your side, they will guide you through any complicated terminology or obligations you must be aware of before making a purchasing decision.
Be Aware of the Tax Implications
Different countries have different taxes, so when buying property abroad in Brisbane, it is important that you are aware of the tax implications. When purchasing property, you are often forced to pay transfer tax or stamp duty, which ranges from 1% to 10%. This tax amount can be significant if the price of the property stretches beyond $1 million. If you are planning on renting the property out, you will likely need to pay taxes on the rental income as well.
Have Your Finances in Order
One of the most important things you should do before buying property internationally is to have your finances all figured out. Consult with a financial advisor about how the property investment will affect your overall financial plan. It is also important that you have enough money saved to handle things like maintenance and renovations. There is always more that goes into buying a house than just the initial purchase price, so it is vital that you have enough money saved away.
Research Rental Options
If your intention is buying property abroad so you can then rent it out and make some extra money, it is important to be aware of any rules or restrictions that apply for overseas investors. These could include only being able to charge up to a set amount per week for rent, or even needing to get a license to legally be allowed to rent out the property. You will also need to hire a property manager to inspect and care for the property in your absence.
Get Ahead When Buying Property Abroad
At Setlr, we are the international buying agent you want to have in your corner. No matter where you currently reside in the world, we take the time to learn exactly what you are looking for and work tirelessly to pair you with the perfect property that matches your needs. We even take care of all the legwork and negotiations on your behalf so you can relax knowing you are in safe and capable hands.
If you’re ready to get started, get in touch through our online contact form, send an email to hello@setlr.com.au, or give us a call on 1300 1SETLR to speak to one of our buying agents.