Relocating from Europe to Australia: what you need to know about property
Have you recently found yourself a job in Australia, while living in Europe, and need to make plans to immigrate? Are you tired of living in Europe and are looking for a change of scenery, considering Australia?
When many people buy a house, they think it will be their forever home, but sometimes you might decide, later on in life, that you want to move to a different country and have a change of pace and lifestyle. This can be an amazing and exciting adventure, whether you are going alone, with a partner, or even a whole family, but this doesn’t mean it will be any less stressful than just moving within your country. In fact probably more so. The worst part about immigrating overseas is that there is a much smaller chance that you will get the opportunity to view the house you want to buy in person, leaving room for lots of disappointment if it’s not up to scratch.
The process of relocating overseas is terribly complicated and you might find yourself confused or not know how to go about it. Here is what you need to know if you are moving from Europe to Australia.
Get professional help
Moving country and buying a house at the same time can be a lot to deal with and can get very confusing. Just buying a house can get a bit tricky. There are so many different factors to consider from location, to amenities, to more legal things, and many different laws to know. All of this differs from country to country and the best way to minimise the stress of it all if to get a professional to help you. A professional buyer’s agent will help with almost everything involved in buying a house from finding the listing, making sure inspections have been done correctly, and even helping make an offer on the house, making your life that much easier.
Average cost of housing
Buying a house in Australia can be extremely price and properties on average are very expensive. When looking at different places to live, it is important to remember the average price of a property will differ from place to place depending on the where you are. If you are looking in major cities you will notice the price tag is a lot steeper than on those in less popular areas, such as Sydney and Melbourne reaching average prices of around $805,000 and $605,000, and places like Adelaide and Hobart ranging between $355,000 and $439 000.
Before you start buying anything, you should do extensive research into the market and the area where you are looking to buy just to see if living there is actually affordable and doable with your income and savings.
How to get mortgage in Australia
As in all other countries, when buying a house, most of the time you will need to have a mortgage, unless you are super rich. Buying property in Australia can be extremely expensive and it is important to prepare yourself for the amount of money that you are going to have to pay, and if you don’t have this kind of money, then at least prepare yourself for the kind of mortgage payment you will have to pay.
There are certain steps to follow when getting a mortgage in Australia and skipping one or not having proof of something will leave you disappointed. These steps include, proof of income from a previous employer as employer payment slips and tax returns, and having deposit of at least 10%. Also keep in mind that they will most likely check your credit rating, so try to keep it looking as good as possible.
Consider all costs
These are so many smaller hidden costs to consider when it comes to moving or relocating to Australia from Europe. On top of all the regular expenses that come with buying a house like the actual buying of the house, you need to consider the cost of an agent, different council rates, loan fees, and building and pest inspections to name a few. These hidden costs tend to add up very quickly and should be factored into you budget before you start buying anything. By being prepared, you won’t be hit with a shock of surprise costs that will end up adding a lot to your house payment