Should i buy property in cairns

If you are looking at a potential renovation, use the services of a contractor and bring them along to give you a truthful view of what needs to be done and how much it will cost.

Be mindful when you are inspecting the property that it's easy to cover up problems with a coat of paint. Watch out for damp or mould, especially in Queensland; you can often smell them. Building and pest inspections are essential and make sure that you use the services of a professional with a strong reputation in Cairns to do the job well. Most people require a loan to help them buy a property.

Before you start looking, it is advisable to speak with a mortgage lender or broker to determine the amount you can borrow. You will avoid being disappointed if you have a loan pre-approval and don't purchase beyond your means. Often negotiations are channelled through the real estate agent, but conveyancing lawyers will ensure that the contract is in order regarding the law and that everything is included.

This is the time to be honest about what you expect from the deal, ensuring that it is reflected in the contract before you sign. Buying your house is a serious business so make sure to research conveyancing online and check reviews. Choosing a reliable and trustworthy mortgage broker and conveyancing lawyers will make all the difference in the buying process. They could save you money and drawn out legal issues. Sometimes the sale is just not going to work out, maybe the building and pest inspections aren't up to standard, or perhaps the seller won't budge on a critical legal issue.

There comes a point when it has to be recognised as a bad deal and walk away before you get yourself entangled in something serious or a legal matter. There will be other houses. Cairns Conveyancing Solicitors know the stress involved when you are hunting for your dream home. The unit has a well-appointed kitchen with dishwasher and a private tiled balcony. This ground floor, one-bedroom unit is within an attractive resort complex including a pool, spa and tennis court. It has a large bedroom with a walk-in robe and two-way bathroom, a well-appointed kitchen with a breakfast bar and a dedicated carport space and lockable storage area.

The unit comes fully furnished, has two large bedrooms, two bathrooms, and is in a complex with a pool and barbecue area. A total of 23 of 28 units in the complex are in the letting pool. To join the conversation, please log in. Don't have an account? Join the conversation, you are commenting as Logout. All these considerations should be discussed with your property manager. Is the condition of the property important? Yes, it is and for two different reasons.

If you are handy and keen to do some work on a property you may be able to negotiate and purchase a property that needs work and save some money. Some early renovations can even add value and therefore early equity. The other reason condition is important, is that a property in poor condition will cost more in maintenance than a property in good condition, and therefore lower your gross return. Superficial issues like paint work can easily be fixed, but the more costly structural issues can be very expensive.

Make sure you get a pest and building inspection done as part of the contract. If buying a unit look at the disclosure document Make sure you check the financial position of the body corporate when purchasing a strata title. Most importantly if the building is needing work check to see the sinking fund has money to deal with that. Also check to see if there are any likely special levies. What should I know about finance? It is important to negotiate well when purchasing a property but making sure you have the best finance can in some cases save you even more.

Get advice from your financial institution or select a finance broker. This is another person that you need on your team. We have an in-house finance broker; Nick Barr of Mortgage Australia and you contact him by clicking here. Should I negative gear my finance? This is an option and should be dealt with in your initial plan. Your plan should include a detailed cash flow and tax plan.

I am not qualified to give this sort of advice, but you should speak with your accountant or financial advisor. Do I need an investment structure? As part of your plan you will need to establish who or what entity should be the purchaser of your new property. Again, I am not able to advise you, but this is another subject your accountant can help you with. What Insurance should I have? Never overlook the issue of insurance.

I have seen to many disasters happen when insurance is not taken or not renewed. Property and landlord insurance will give you peace of mind and cover you in most situations. The situation is a little different in strata title properties, my suggestion is speak with your property manager. We have written a blog about insurance, click to see the article. What should I do if the property already has a tenant? There are a few considerations you should consider here, and your property manager will be able to help.

Ask for a copy of the lease from the selling agent. Check to see if it is still current and that the rent is at market level. Also ask for the tenant ledger, it will show you if the tenant pays on time or they are poor payers. Have a look at the property and asses if they are looking after it and finally assess how hard it was to inspect and why, this will give you some idea of the cooperative nature of the tenant.

Is a garden important? A neat and tidy garden will always enhance a property. When buying be careful you are not being influenced by the garden. On the other hand, an overly sophisticated garden will be a burden to almost all tenants and any value in it will diminish in time. A good basic garden is the line to follow here. The accidental investor moving out of your home and renting it This is a group of us that I have observed for many years and I should start by saying it does make sense, but you need to understand what you are doing.

I call them the accidental investor and what I mean is that they move from their home typically because they have had a job transfer put it up for rent and purchase or rent in there new town or city.