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Buying a home can help you provide a secure and stable life for you and your family by creating roots in your community. However, a home purchase will likely be the largest single purchase that you make in your life, so it is important to remember that the home is an investment in your future. Before signing a real estate contract, make sure that you remember a few things before buying a home.
Location, Location, Location
Purchasing a home in a good location is a good step in securing a solid investment. Location is the most important aspect of making a real estate investment. If you live in a community that is close to the city action, near public transit or by good schools, these factors will likely increase the value in your home. However, it is also important to investigate if there will be any expected changes in your neighbourhood in the next ten years. For example, project developments may be taking place that turn your ideal community into a long construction project. It may also be zoned for more commercial buildings. Make sure that you invest in an area that will hold its value for years to come.
Government Approval
If you are a foreign investor and you do not have a permanent resident visa, you must gain approval to purchase real estate from the Australian government. This is a critical step that must be undertaken before you sign any contracts because you could be forced to sell the home at a loss if you subsequently find out that you were not approved. There are typically restrictions on buying a pre-owned home, and you may only be able to be approved for new construction. Solicitors may promise that they can get you in a pre-owned home, but these are typically scams that are played on foreigners that are not familiar with the real estate laws in Australia.
Checking the Property
It is important that you employ the services of property lawyers and agents during the real estate transaction. A property lawyer can investigate the property and determine if there are any problems with the title of the property or any encumbrances on the land. A real estate agent can investigate the prices that other homes in the community sold for and negotiate on your behalf. These steps will save you time and money off the purchase of your dream property.
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