The first thing to do is to determine the reason for purchasing a property in Brisbane. Is it going to be a forever family home, are you a first home buyer and this is an entry level home, or will it be an investment property? Maybe you’ll buy and hold or maybe you want a property where you can add value and sell for a profit. This will dictate the type of property you are looking for and possibly your area of search.
Finances
Have your finance sorted. This includes knowing how much deposit you need, what the additional costs are like:
- conveyancing and legal fees
- stamp duty
- building and pest inspection
- mortgage registration fee
- transfer fee
- loan application fee
- lenders mortgage insurance and
- council and water rates
https://www.realestate.com.au/advice/hidden-costs-buying-home/
Hidden fees can cost upwards of $16,000 depending on whether you are a first home buyer or not. Having a good mortgage broker or banker can assist you to understand your finance and have it ready for when you find the perfect property.
Investment Property
When buying an investment property, the structure that you use to purchase your property is very important and your accountant or financial adviser is best placed to support you here. There are also opportunities to use self-managed superannuation (SMSF) to purchase a house and while you can’t live in your SMSF house, you can use it to buy investment properties. Again, it’s really important to get professional financial advice.
https://www.realestate.com.au/advice/super-investment-how-to-use-super-to-buy-your-property/
House and Land Packages Brisbane
There are benefits to purchasing a property in a new land development. You get to customise your home for your personal needs and many house and land packages Brisbane offer multiple housing options to suit a variety of budgets. You can also choose from a range of packages with pre-determined designs and features at pre-set prices or engage your own builder and customise your home to your needs and budget. There are often more affordable options for the homebuyer with different home designs and land sizes and there is often a six-month gap from when land goes on sale and a deposit is paid to when the land is titled which can give you more time to save.
https://www.realestate.com.au/advice/benefits-of-buying-in-a-new-land-development/
For investors, a new home can offer additional tax deductions through depreciation. Talk to your accountant or financial advisor to help you develop a strategy tailored for you.
First Home Buyer
If you’re a first home buyer in Queensland, the Queensland State Government offers a grant of $15,000 towards a new home purchase where the value of the house and land does not exceed $750,000. It is only available to people who have not previously owned property in Australia and you must live in the property continuously for six months. There is an eligibility tester on the Queensland Government’s site https://www.qld.gov.au/housing/buying-owning-home/financial-help-concessions/qld-first-home-grant that may be helpful if you’re not sure if you qualify for this grant.
Renovating your property
You’ve probably heard of the term “buy the worst house in the best street”. This is because the land is the most valuable part of the property, and you can add value to your property through renovation. It may be that the property only needs cosmetic upgrades, or it may need more substantial work. To add value quickly, you may be able to add a garage, an extra bathroom or bedroom or remodel the kitchen.
Know your strategy for purchasing property – it will help you know exactly what you’re looking for. ELDAD Property Group can help you find the property you’re looking for. Contact us for a confidential conversation or see what properties are currently available.
Once you’ve found a property that you want to make an offer on, you will need to understand The Buying Process. Read more here…