Tips for Buying Property in South Australia

Thinking about buying a home in the beautiful and temperate southern Australia? Here are some tips to get you started:

Buying Land versus Homes

The southern parts of Australia are known for vast stretches of land, often covered by stunning gardens and vineyards. So when you are looking to buy residential property, don’t limit yourself to the cookie-cutter homes in the suburbs. You might be able to secure a stretch of land to build a home as you like. Keep your options open when you initially search for properties unless you are certain of what you want.

Don’t Neglect Property Inspections

Inspecting a residential property before purchasing is an absolute must in South Australia. There are several well-known problems that plague homes and apartments in this region. One concern is rampant pest infestations because of the Mediterranean-style weather that can lead to moisture build-up.  Mould is a concerns as well as meth. Not so long ago, one of the largest meth labs ever found in Australia was located close to Adelaide.

If you don’t hire a professional building inspector Morphett Vale for a thorough check-up of the property, you may never know what problems plague the home until you move in. Meth lab properties, for example, require extensive chemical cleaning before the residences become habitable again. Because of these issues, never pass on a home inspection just to save a few bucks. It could become a mistake that costs you thousands of dollars later.

Mind the Taxes

There are several layers of taxes you have to pay when you purchase a home in SA that’s worth over $332,000. Land tax accumulates if the value of the home rises. In addition, you would have to pay stamp duty, as it is so anywhere in Australia. It’s important to calculate the taxes before you purchase any property. Make sure you can indeed afford the tax rate with the mortgage payment. In any case, it’s better to be informed than caught off guard.

Calculate the Legal Fees

The property buying process will involve a lot more fees other than the sale price and taxes. Mainly, legal fees. The average cost for hiring a lawyer to secure a property sale contract is about $500. But legal fees can go as high as $3,000 depending on how complex the contract is. If the buying process  is complicated in any manner, you would end up paying a more in legal fees. You should take that into account when hiring a solicitor.

Don’t Ignore Government Benefits

Depending on your age and other factors, you may qualify for government aid in buying your first property, especially if it’s a home. The South Australian government grants benefits to first time home buyers. There are requirements that you should meet when applying to these grants. Do check them out and see if you qualify to reduce the financial burden of buying a home in this area.

Research the Neighbourhoods

As always, do your research into which neighbourhoods are the best for your needs in Southern Australia. The best suburbs will vary depending on yours and your family’s needs. You can consult with a local property developer or a real estate agent regarding which area would be the best for your needs.

Use the above tips liberally to make your property buying process in South Australia as easy as possible.

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