An idiot's guide to buying property
Jul 10th 2005, 7:27 am
#1
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An idiot's guide to buying property
We arrived in Australia several Months ago and have spent numerous weekends going around different areas looking at the open houses to get an idea of what we could get for our hard earned profit from our UK pad.
We have a few questions for you in the know type people or those who have bought property in Australia recently.
1) How long does it take (on average) from making an offer to moving in?
2) What checks are made on the property? Is it anything like the UK where you have surveys done and they turn up any potential problems?
3) One property we looked at was zoned "future industrial" everyone in the street was trying to sell their house, obviously not the best sign but what does this say? Are they going to make everyone in the street sell up their house to make way for some industrial estate?
There are a few questions for starters, I have a few more but do not want to scare you all away.
If you could answer one or more of the above I would be most grateful.
We have a few questions for you in the know type people or those who have bought property in Australia recently.
1) How long does it take (on average) from making an offer to moving in?
2) What checks are made on the property? Is it anything like the UK where you have surveys done and they turn up any potential problems?
3) One property we looked at was zoned "future industrial" everyone in the street was trying to sell their house, obviously not the best sign but what does this say? Are they going to make everyone in the street sell up their house to make way for some industrial estate?
There are a few questions for starters, I have a few more but do not want to scare you all away.
If you could answer one or more of the above I would be most grateful.
Jul 10th 2005, 7:51 am
#2
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Location: Dreamland AKA Brisbane which is a different country to the UK
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Re: An idiot's guide to buying property
Originally Posted by Ozzy4life
We arrived in Australia several Months ago and have spent numerous weekends going around different areas looking at the open houses to get an idea of what we could get for our hard earned profit from our UK pad.
We have a few questions for you in the know type people or those who have bought property in Australia recently.
1) How long does it take (on average) from making an offer to moving in?
2) What checks are made on the property? Is it anything like the UK where you have surveys done and they turn up any potential problems?
3) One property we looked at was zoned "future industrial" everyone in the street was trying to sell their house, obviously not the best sign but what does this say? Are they going to make everyone in the street sell up their house to make way for some industrial estate?
There are a few questions for starters, I have a few more but do not want to scare you all away.
If you could answer one or more of the above I would be most grateful.
We have a few questions for you in the know type people or those who have bought property in Australia recently.
1) How long does it take (on average) from making an offer to moving in?
2) What checks are made on the property? Is it anything like the UK where you have surveys done and they turn up any potential problems?
3) One property we looked at was zoned "future industrial" everyone in the street was trying to sell their house, obviously not the best sign but what does this say? Are they going to make everyone in the street sell up their house to make way for some industrial estate?
There are a few questions for starters, I have a few more but do not want to scare you all away.
If you could answer one or more of the above I would be most grateful.
1. Length of contracts can vary alot, anything from 21 days to 3 months but 30 days is very common. It can sometimes be longer if the seller & buyer agree. Basically, anything goes, but be aware that many sellers dont like long contracts especialy in a bouyant market. Also be aware that once you make an offer & its accepted by the vendor, that is a contract which is binding (apart from a short cooling off period where you loose money or if you have a subject to finance or a building & pest inspection clause - see next paragraph)
2. Your solicitor should do basic council searches & tell you if there are any problems with the property. Things like sheds being not council approved & easements over the property for example. Other than that, you should have a buildings & pest inspection done on the property - similar to a survey in the UK & make sure that your contract has a subject to satisfactory buildings & pest inspection clause in it that allows you to get out of the contract if you arent happy with anything.
3. Council zoning can be a tricky & 2 edged sword. If you have a block that can or is zoned other than normal residential zoning, in theory it is worth more than a block that is zoned Res A. On the other hand, if the block is already zoned industrial or Res B or some other zoning, I believe that you wont ever be able to rebuild aother house on the block - you have to build to what it is zoned as (does that make sense?
) . The other thing as you have already realised is that no one wants to live next door to an industrial site :scared: , and if one block in the street is zoned as that, theres a good chance that the others will end up the same way. It really depends on whether you want to take the risk & make the money by sitting on the block. I personally wouldnt, not with industrial, but I would certainly consider buying a Res A block if I thought it may be rezoned as Res B (medium density housing). Hope that helps.
Last edited by MrsDagboy; Jul 10th 2005 at 8:15 am. Reason: typos
Jul 10th 2005, 8:18 am
#3
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Re: An idiot's guide to buying property
Originally Posted by MrsDagboy
but I would certainly consider buying a Res A block if I thought it may be rezoned as Res B (medium density housing).
JTL
Last edited by JackTheLad; Jul 10th 2005 at 8:44 am.
Jul 10th 2005, 9:32 am
#4
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Re: An idiot's guide to buying property
Constipated JTL? 
Jul 10th 2005, 9:33 am
#5
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Re: An idiot's guide to buying property
Originally Posted by Ozzy4life
3) One property we looked at was zoned "future industrial" everyone in the street was trying to sell their house, obviously not the best sign but what does this say? Are they going to make everyone in the street sell up their house to make way for some industrial estate?
What State are you buying in ? Some States have different rules for buying a property.
Jul 10th 2005, 9:45 am
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Re: An idiot's guide to buying property
Originally Posted by ABCDiamond
The real worrying aspect of this is: Your neighbours sell up, and a factory is built where their house was, and all the houses next door suddenly drop in value !!
What State are you buying in ? Some States have different rules for buying a property.
What State are you buying in ? Some States have different rules for buying a property.
Jul 10th 2005, 10:57 am
#7
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Re: An idiot's guide to buying property
Thank you for a very informative reply there MrsDagboy, Once again you have come to my rescue Also thanks to ABC who I know has been most helpful to myself in the past.
I am in Brisbane at the moment but the property with the land zoning issues is actually in the council area of Ipswich, it is a large block (around 3/4 acre) and we are very interested but only if we know there is not going to be some industrial unit built on next doors block in a few years time.
Just one more thing - I sound like Columbo there - my Daughter is a keen horsey type and we have always promised her a horse one day, if and when we buy a large block is it possible to keep a horse on a residential property or must it be kept elsewhere?
Cheers and beers to you all.
Also thanks to ABC who I know has been most helpful to myself in the past.I am in Brisbane at the moment but the property with the land zoning issues is actually in the council area of Ipswich, it is a large block (around 3/4 acre) and we are very interested but only if we know there is not going to be some industrial unit built on next doors block in a few years time.
Just one more thing - I sound like Columbo there - my Daughter is a keen horsey type and we have always promised her a horse one day, if and when we buy a large block is it possible to keep a horse on a residential property or must it be kept elsewhere?
Cheers and beers to you all.
Jul 10th 2005, 11:09 am
#8
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Re: An idiot's guide to buying property
I'd stay away from the industrial one, unless you were willing to buy it as an investment, your chances arent good.
As for the horse issue, you will have to check with whatever council you end up buying in, & check their zonings, but usually you arent allowed to keep a horse on any block zoned residential (usually A & B). Rural residential, future urban are OK.
As for the horse issue, you will have to check with whatever council you end up buying in, & check their zonings, but usually you arent allowed to keep a horse on any block zoned residential (usually A & B). Rural residential, future urban are OK.
