Australia is one of the most exotic, untamed areas on the globe. Australia holds a vast variety of interesting landscapes, including rain forests, arid deserts, sandy beaches and unique floral areas. 91% of the continent is covered in vegetation, while 1.35 trillion bottles of wine are produced each year. Much of the Land Down Under is extremely profitable, and extremely smart to invest in. The Australian real estate market has become very profitable lately thanks to investments from China. Jumping on the real estate boat now is as good a time as any. Here is a quick guide to buying an investment property in the wonderful Land Down Under.
Guide to Buying an Investment Property
- Location, Location, Location!
- Think Long Term
- Choosing Your New Home
- Dealing with Real Estate Salespeople
Location is the most important aspect of investing in real estate. It will determine the kinds of tenants you can attract and how much rent you can expect to charge. Australia has seen a rise in economy in recent years, with employment increasing by 25% in the early 21st century. Meaning more Australians are able to comfortably afford higher priced living expenses. The South Coast land is of particular interest for property buyers in recent years.
Fixing and remodeling less than desirable parts of a property can definitely boost your return on investment. However, do not go too overboard with repairs, especially if you are renting.
Long term ownership means you can ride out market swings. A property will always appreciate points over the rate of inflation.
If you are looking for a new home, rather than a rental property, take into location, work possibilities, nearby recreation and expenses. Do not be afraid to take out a loan when financing your new home. Loans will allow low to middle income buyers to afford and pay off a house over time that they would not be able to purchase for the asking price.
Realtors can be a great asset to an inexperienced buyer. But be careful of someone attempting to overcharge you to make extra commission. They are salespeople and will try to get you to buy the most expensive property possible.
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