The Tips in Purchasing Property in Australia

by Bobby Castro
Move Forward

When in Australia, it is easy to be enamored with the many beautiful model homes and communities spread throughout the country. Buying a piece of property though is a whole different ballgame as there are many issues that often are left uncovered or unrealized during the process of the purchase. The following are recommended questions and their reasons why they should be asked during the processing of the transaction.

What was the value of the property during the last sale? This question is important because it shows the appreciation or devaluation of the property values. While your property agent may provide a figure, it would be best to double check the price with listings during the same period.

What are the area's annual council rates? This question would go into the possible future expenses that one would entail upon ownership of the property. Council rates are taxes paid for local services, such as garbage collection and other expenses included in the upkeep of the property.

What is the possible return on rental income based on the current agreement? This question would go into ownership for business purposes. An estimate of the rental valuation of the property per month may allow the owner to lease out the property for business purposes instead of actually living in the home.

Have there been additions made on the property? This is important to find out if any remodeling has been done that is inconsistent with submitted plans of the home to the local council. If discovered, these modifications may serve to be penalized that would be imposed on the new owner, so knowing them beforehand can prevent a whole host of issues in the long run.

Are there plumbing and wiring reports? This is important to determine if the property has specific blueprints on sanitary and electrical layouting. This prevents any issues later on as to the maintenance and upkeep of the property as well as be safe regarding knowing what the innards of the property would be.

Do you provide the contract of sale? This is important as contracts of sale provided by the property seller or agent may include a whole host of stipulations that may be too burdensome or even not discussed during the initial discussions. This would be a preformatted contract, so one needs to go through it with a fine toothed comb to prevent issues in the long run.

As can be seen, many of the questions are preventive in nature to avoid issues after the purchase of the property. Asking them outright can save both stress, time and money for you as a purchaser of property in Australia.

Bobby Castro is the online editor at the Australia Forum, where he has published a number of articles about housing in Australia and many other topics.

Article submitted Monday, February 13, 2012 & read 1 times.

Leave your comments through Real Cash Cow:

No comments yet.

0-0-0-0-1-ADSO

Most Recent