Case Study: Michelle & Kevin Buying Property International Success Story
Is It Possible To Buy Property From Overseas Without Physically Being There?
In today's fast-paced real estate market, the challenge of finding the perfect home can often lead homebuyers to explore opportunities far beyond their current location. This trend is particularly notable among those looking to return to their roots or seeking a significant lifestyle change, with many Australians living abroad now setting their sights back on home soil. The appeal of a change in scenery, combined with the flexibility of remote work, has made purchasing property interstate or internationally an increasingly attractive option.
But what does it take to navigate the complexities of buying property in a new location, especially when you're returning from overseas?
This case study shines a light on the journey of Michelle and Kevin, expatriates who decided to return to Australia and set their hearts on finding their dream home on the Sunshine Coast. Their story is a prime example of how engaging a buyer's advocate can streamline the process of purchasing property, particularly when you're unable to be physically present due to living abroad.
Client Overview:
Client: Michelle and Kevin
Location: Arizona, USA
Service: Start to Settlement
Brief: International Relocation - Dream Home
Result: Off-market purchase
Reason: Returning from living abroad for many years and wanting to secure their dream home on the Sunshine Coast.
The Decision to Invest in Property Internationally Proves Difficult
Michelle and Kevin faced a series of initial hurdles:
Unfamiliarity with the local Sunshine Coast real estate market and Queensland property laws.
Living abroad had left Michelle and Kevin with a limited grasp of the Sunshine Coast's real estate nuances and the specific property laws of Queensland. The local regulations and market details were largely unfamiliar, presenting a considerable obstacle in making informed decisions about their investment.
Overwhelmed by the Sunshine Coast's diverse property options.
The vast diversity of the Sunshine Coast, ranging from beachfront havens to hinterland hideaways, left Michelle and Kevin unsure of where to start their property journey. The multitude of choices made it difficult for them to pinpoint the exact location and type of property that would best suit their lifestyle and investment aspirations.
Constraints related to travel expenses and time scarcity.
Being based overseas compounded the logistical issues of traveling back to the Sunshine Coast for property inspections. Balancing their work-life commitments and managing the costs associated with international travel made it nearly impossible for them to undertake extensive property searches in person, complicating their search for the perfect home.
Uncertainty about local property prices.
Without prior exposure to the Sunshine Coast property market, Michelle and Kevin found it challenging to gauge the appropriate prices for properties they were considering. Their lack of insight into local market trends and valuations hindered their ability to negotiate effectively, leading to concerns about potentially overpaying or overlooking valuable investment opportunities.
In these situations, the expertise of a seasoned buyer's agent from the Sunshine Coast becomes indispensable.
Given the unique legal frameworks and market conditions that vary from state to state, enlisting the support of a knowledgeable Sunshine Coast buyer's advocate proved crucial for Michelle and Kevin. Their experience highlights the value of having an expert who possesses an in-depth understanding of the local market, ensuring a smoother and more informed purchasing process.
How To Buy Property As Expats: With Tailored Assistance
When it comes to buying property while residing overseas, it's crucial to do your research and be prepared. The process can be overwhelming, but with tailored assistance by a local based Sunshine Coast buyers agent, it can become much more manageable.
For Australian citizens residing overseas, the dream of owning property in Queensland is within reach, thanks to streamlined regulations. As long as both parties, or at least one, hold Australian citizenship, purchasing a property in Queensland presents no hurdles, granting them equal rights as local residents.
Moreover, with no Additional Foreign Acquirer Duty levied on Australian citizens, the transfer duty remains consistent with standard rates, ensuring a fair playing field for all buyers.
However, navigating the financing process demands careful consideration. Lending criteria may pose challenges, particularly for those returning to Australia without a stable income or amidst a career transition. Adequate documentation, meeting Queensland's Verification of Identity requirements, is essential. To facilitate this, a secure online verification service, by most conveyancing solicitors, offers expats the convenience of remotely verifying their identity from abroad.
While steering clear of offering tax advice, it's prudent for expats to seek counsel from an Australian accountant regarding potential taxation implications tailored to their circumstances.
Practicalities such as establishing an Australian bank account can impact transaction timelines. To mitigate delays, allowing extended deposit payment periods, typically around 5 to 7 business days, accommodates international fund transfers.
Furthermore, nuances in mortgage documentation processes warrant attention. While some banks embrace digital signatures via DocuSign, others mandate original hard copies, signed and witnessed by a Notary Public or Australian Consulate Officer. Hence, meticulous planning between the Finance Date and Settlement Date ensures seamless progression, especially when original documents are indispensable.
Disclaimer:
This information is provided for general informational purposes only and does not constitute legal, financial, or taxation advice. Individuals should seek professional advice tailored to their specific circumstances before making any property-related decisions.
Location Matters: Choosing the Right Area for Your Investment
Property Inspection and Due Diligence
Investing in property is a major decision that requires careful consideration and thorough research. Whether you’re a seasoned investor or a first-time buyer, it’s important to conduct a property inspection and due diligence before making a purchase. This process is crucial in ensuring that you make a wise investment decision.
“Living overseas, Michelle and Kevin dreamt of owning property on the Sunshine Coast, yet distance posed a significant barrier. However, their aspirations found a lifeline through the expertise of a seasoned buyers agent like Keeta Gibson from Ocean Buyers Agent.
Keeta’s invaluable services transcended geographical boundaries. Leveraging technology, she orchestrated virtual property viewings, offering insightful commentary and addressing Michelle and Kevin’s concerns every step of the way. ”
Due diligence is also essential when investing in Sunshine Coast property. This coastal region in Queensland, Australia, is a highly desirable location for both residents and investors. By conducting a due diligence service, you can evaluate the property's location, market value, rental potential, and any legal obligations associated with the purchase. This will help you ascertain the long-term viability and profitability of your investment.
A property inspection and due diligence are crucial steps in making a wise property investment decision. Whether you’re buying property interstate or considering real estate on the Sunshine Coast, it’s important to gather all relevant information and seek professional advice. By doing so, you can minimize risks and ensure that your investment aligns with your financial goals.
Closing the Deal: Finalising the Purchase and Transfer of Ownership
Thanks to Keeta's unwavering dedication, Michelle and Kevin discovered their dream residence in their perfect location of the Sunshine Coast. Under Keeta's expert guidance, they seamlessly transitioned into their new home, embracing their coastal lifestyle with newfound ease and confidence.
The culmination of a property purchase journey is a blend of excitement and apprehension. Engaging a local buyers agent like Keeta ensures a smoother process, allowing you to concentrate on the logistics of the move itself.
Reflections on a Successful International Property Purchase
Time Saved: Michelle and Kevin enlisted the expertise of Ocean Buyers Agency, enabling them to discover their dream home within a mere six weeks. This expedited timeline drastically reduced the usual duration spent on house hunting and negotiations.
Cost Savings: Under Keeta's adept negotiation, Michelle and Kevin successfully secured their property at a remarkable 5% below the asking price. This strategic approach led to significant cost savings while maintaining the quality they desired.
Client Satisfaction: Reflecting on their relocation journey, Michelle and Kevin expressed their satisfaction with Ocean Buyers Agency in a post-relocation survey, rating their experience at an impressive 10 out of 10. They commended the exceptional service and unwavering support received throughout the entire process.
Key Takeaways:
Michelle and Kevin's seamless relocation, coupled with tangible benefits, showcases the invaluable role of partnering with Ocean Buyers Agency.
Whether you're transitioning internationally or embarking on a local move, entrust us to navigate every facet of the process, ensuring your relocation journey is both smooth and stress-free.
Buying a property should be one of life’s greatest moments
Ocean Buyers Agency -
Keeta Gibson - Business Advisor & Analyst, Property Developer, Economist, Investor
Ocean Buyers Agency is founded and directed by Keeta Gibson a local to the Sunshine Coast.
Keeta is a well-connected buyers’ advocate on the Sunshine Coast, specialising in property purchases in Mooloolaba, Noosa, Caloundra and Coolum with local experience and comprehensive market knowledge.
Her extensive network within the real estate industry, coupled with her excellent rapport with both local and regional agents, empowers her to curate a diverse portfolio of exclusive pre- and off-market opportunities for her valued clients.
Keeta delivers a little bit of fun and a whole lot of care to the property buying process, making sure the joy of finding the home you’ve always wanted far outshines the stressful process of searching out and negotiating your purchase.
The culture of Ocean Buyers Agency business is built on the strength of trusted relationships, discretion, and professionalism while welcoming creative and challenging input in the process.
Considering a property purchase on the Sunshine Coast, Queensland?
A dedicated buyers agent can enhance your property search, whether you're a local, interstate, or global buyer.
Feel free to reach out with any questions or request a quick chat to discuss your unique situation and explore how our experienced buyers' agent can help you find your ideal property.