Benefits of Buying a Home in Australia
Buying a house is a lifetime investment and there is no doubt about it. Even if someone buys a property, it never goes to waste after all property is bought after proper consultation with the real estate agents and family members. Buying a house is not a decision taken in a second. It requires days to think about it. Buyers have to go from thinking about the budget, location, future prospects, and whatnot. There are a lot of factors that impact such a big decision in life.
People buy homes not just to reside in but also to use as an investment property.
For whatever reasons you buy a home, let us tell you that this would be one of the major and beneficial decisions you will ever take in life. Buying a home in Australia will serve you a lot of benefits such as:
This is a sort of guarantee for homeowners that they will not lose as much money on an investment. Australia has a tax break which is referred to as a negative gearing.
The term means that your expenses and interest payments are more than your returns. This means that even if the prices of the houses appreciate every year and you have positive cash flow, it may still be losing money.
On the other hand, negative gearing loss includes the computation of a lot of factors such as your property income, property expenses, and depreciation.
You will have to figure out the amount you can deduct for depreciation, but you can also hire an accountant for that. The expenses include capital items, revenue deductions, building allowances, and much more.
If you see a loss, you can even get a tax break on all your income. It works by offsetting the net rental loss against your other incomes.
The result is that, for tax purposes, you get less income. It means you pay fewer taxes at the end of the financial year. This advantage is one of the major reasons why buying rental properties in Australia becomes appealing to investors.
Did you know when the United States real estate market crashed in 2008, Australia managed to stay afloat? Even if the other countries such as Spain and Ireland suffered from the bust, the Australian government was able to stop house prices from falling in 2019 primarily.
One of the best decisions they made was to give a higher amount of grants to first-time home buyers. For instance, from $7,000, they increased the grants to $14,000 and $21,000 for established and new Australian homes, respectively.
Many people even opposed the massive increase. However, it is still one of the biggest factors behind home prices in Australia remaining on the top.
Real Estate Market is Strong
The real estate market is normally very dynamic. You may never know when things will change. But if you have a real estate agent by your side, you will be able to take a wise decision. A good real estate agent will be able to tell you the difference between a buyer's and seller's market. Once you know this, you will be able to take the right decision.
Buyer's Market – It is a market condition in which the supply is greater than the demand.
Seller's Market-It is a market condition in which demand is greater than supply. In this market type, more people look forward to buying homes than there are people who are looking forward to selling homes.
So, you can ask your real estate agent about the same and if you go by the decision of the real estate agent, you will definitely benefit from it.
Amazing Scenic Views
It is no secret that Australia has some of the best scenic views in the world. If you want easy access to such views, then moving into the country will be a wise move.
However, different regions offer different types of views. So, you will also have to take that into account when choosing where to buy a property in Hampton Park, or nearby suburbs.
In this aspect, Australia has a good performance. It measures greatly on aspects such as income, education, environment, health, life satisfaction, and others.
Overall, it is a good place to look if you want to move somewhere with a guarantee of getting a great standard of living.
Taking about public transport, it is of high standard in Australia. You can easily commute using buses, trains, trams, and taxis.
If you plan to explore the other regions too, flying tuns out to be a great option. This is because of the low prices of the domestic flights. Infact, buses and interstate trains are also available and these are some of the cheaper options.
When it comes to weather, Australia has a much warmer weather, so it is a plus if you do not like the harsh winters.
Accessible for Foreigners
This is also one of the major benefits. Australia has strong policies for foreigners purchasing properties in the country.
The Foreign Investment Review Board (FIRB) is the one that regulates investments by foreigners, whether in property or in the business.
You will definitely have to go in through some hoops to become eligible to purchase a home. You will also have to follow some rules too.
For instance, you cannot buy an established home if you are not planning to live in it full time. You can, however, buy a newly built property if you plan to only live there a few times. You can also buy new ones for investment purposes.
Future potential growth of the property market
Buying properties is always a popular choice for investors in Australia, and with good reason. Our market has consistently delivered results over time, and for mortgage brokers, investment clients are just as valuable as the traditional home buyer segment.
Real estate investment is based on three factors: the ability to find a tenant to keep up with repayments and deliver rental income, the ability to develop equity in a property that can be leveraged over time and the chance to use bricks and mortar as a form of managed funds, letting assets sit and accumulate over time.
Security and Stability
Even if your property is sitting in the market, you have a great opportunity to lease it and reap the benefits. So, if it is not selling at a moment, you can always turn it into an investment property.
Access to Equity
Equity is the counter argument to the claims that money invested in buying a property is hard to get out.
Well, it might be a complicated and a time-consuming process to sell a house in Australia, it is always possible to leverage the equity gaining in real estate to buy a new house. Or you can even get a better deal from your mortgage broker on refinancing.
If you have a real estate agent by your side, you can even sell your property in no time. For that you will have to contact the best real estate agent in Hampton Park, Cranbourne, and nearby suburbs.
More Control in Decision Making
Investors love to be in control which is another benefit to a long-term investment in property in Australia. If you buy an investment property in Australia, you get more control over your decisions regarding your home.
For instance, rental yield often rises and tenants can be changed every 12 months. This is done to keep maximal revenue coming in. Also, you can invest more money anytime on your property. This will enable you to improve and enable price growth either through higher rents or by selling the property at a greater value. So, this is how a buyer gets full control in taking decisions. This is probably not possible in the case of other investments.
On the whole, buying a property in Australia will always pay off, if not today but in longer run. It will prove to be one of the safest and the best investments you will make in your lifetime.