PROPERTY LAW I BUSINESS LAW I ESTATE LAW
Are you thinking of purchasing an overseas investment property?
If you have been thinking about purchasing an overseas investment property, you are likely to have considered some of the possible benefits compared to Australian properties, such as, higher rental income, cheaper purchase price and higher capital growth.
However, it is important to also consider the following:
Finance: Receiving finance from most Australian banks may present difficulties, particularly if the security is the overseas property that you are purchasing. Most banks prefer Australian security. Finance will likely be offered at a higher interest rate.
Managing Agent: Having a good real estate agent is imperative. It is also helpful to check that there are trades people available locally to assist with repairs and maintenance.
Currency: You must be mindful of the currency movement for income/expenses.
Ownership restrictions: You will need to be aware of the current restrictions and be mindful of future restrictions.
Local laws: You must be wary of overseas property laws.
Succession: Consider how the property will be passed to your beneficiaries (consider estate planning and future estate administration)
Local taxes: You must be aware of local taxes, which may include taxes such as death tax.
If you need assistance buying or selling a property, we can assist you with conveyancing, or if you need assistance obtaining finance, we can refer you to a reputable broker. Give us a call today:
0415 677 407
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