Property investment can make or break you, depending on how you go about it in Australia. For anyone not familiar with this process, you need all the best tips to help you make the best property assessment and acquisition choices.
One of the biggest challenges of getting a property in Australia is access to financing, and that's where Islamic home loans come in. However, before we dive into this, let's talk about the various types of investment properties available today.
Investment properties are real estate assets acquired explicitly to generate profits, either through resale in the future or periodic rental income. Depending on the purpose of your investment, you can choose to make this a short-term or long-term one. There are three major types of investment properties, and we've outlined them below.
A primary key to successful property investment in Australia is working with the right team of real estate agents that will equip you with all the correct information to make the best decisions.
As a foreigner from New Zealand or an Australian citizen, you're eligible to buy property in several cities in Australia, including Melbourne, Queensland, Perth, Canberra and Sydney.
You're good to go as long as you follow the rules and regulations of acquiring real estate properties in these locations.
When looking to get an investment property in Australia, it's essential to inspect it before sealing the deal. As we mentioned earlier, this is where a local real estate agent comes in.
Pay attention to insurance with different rates and calculate all extra costs involved. To ensure that your investment process runs as smoothly as possible, you need to save a reasonable amount for the house deposit.
However, don't complete any contract without seeking legal advice on how to go about this.
Even as an Australian Muslim, you can purchase investment properties without going against your belief. This is why it's best to apply for Islamic home loans to help finance your property ownership dream.
You should have a decent idea about the property market and the price of properties you wish to buy by this time.
Depending on the city you're going for, this could be as high as one million dollars, especially for the Sydney and Melbourne markets. A great place to check for information on the prices of residential properties is Realestate.com.au.
If you're a first-time homeowner in Australia, you could be eligible for the First Home Owners Grant scheme worth ten thousand dollars. You can use this to build or buy a house that costs less than this amount.
The basic requirements for this are you should be an Australian citizen or at least a permanent resident in the country, the property is worth a maximum of $750,000, no one has lived in it, and this is your first home.
Islamic home loans are available as a financing option for your investment property. To get proper guidance on how you can access them, visit afiyah.com.au.
Our investment experts are ready to help you through the process of getting your property, even as a first-time homebuyer.
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