Are you interested in learning about buying property in Australia for non-residents? Key to Australia can help. We understand that you don’t have to be rich to invest in property; you just have to know how.
Many people ask the question, “Can New Zealand citizens buy property in Australia?” The answer is yes, but like anyone else, there are a few pitfalls you should avoid when investing in property.
Letting your heart make your buying decisions. When it comes to investing, it’s essential to let intellect rule over emotion. When you allow emotion to cloud your judgment, you are more likely to overpay or otherwise make a poor purchasing choice. Your investment decisions should be based on analytical research period.
Failing to plan.
We’ve all heard the adage: When you fail to plan, you plan to fail. It’s true. The main goal of most beginner property investors is to develop a lucrative portfolio of property that will eventually provide the financial freedom they seek. It’s doable, but it takes planning, so be sure to start there.
Self-managing in an attempt to save.
When you’ve done the groundwork and secured the right investment, the real work has only just begun. Many investors think that self-managing their portfolios is a great way to save money, but the ongoing management of an extensive portfolio can be a full-time job.
Paying a property manager is an excellent way to keep from becoming overwhelmed with the demands of property ownership.
Check your status.
If you aren’t sure, it’s going to be crucial to find out which Foreign Investment Review Board rules that might affect you, such as the definitions of “foreign person,” “temporary resident,” and “foreign non-resident.”
Obtain FIRB approval. Most non-residents will need to apply for approval before buying residential real estate in Australia. Residential property includes new dwellings, established dwellings to live in, vacant residential land, and more.
Triple-check your application.
Misspellings and typos can delay your approval and cost you extra fees. Check the details on all forms thoroughly before submitting.
These are just a few of the things to check when you’re interested in investing in property in Australia; we can answer any questions you may have and help make the process as easy as possible.
Now that you know what not to do, if you’re interested in buying a house in Australia as a New Zealand resident, here are a few things to keep in mind to ensure the best possible experience.
Here is a full comprehensive article on buying property in Australia for non-residents and or citizens of New Zealand.
At Key to Australia, we assist residents and non-residents alike with buying investment properties and building their wealth. We are highly knowledgeable about investing in real estate in this area and can answer all your questions and provide the education you need to avoid mistakes and enjoy optimal returns.