Things to look at before purchasing properties in Gold Coast

When you considering purchasing properties, you need to think about having a pre-purchase pest inspection on Gold Coast properties you look at.

It’s not only about paying the price you can negotiate; there are many considerations you need to look at including:

Who will buy the property?

Sometimes, people purchase properties in their own name, but is this the best option? Maybe it’s better to place it in your company’s name or a trust.

It’s worthwhile considering the advantages and consequences of each option considering the cost of inheritance taxes and death duties.

Is the property on the water?

With many sea or riverside side properties there can be responsibilities that can include such things as managing sea walls, jetties and complying with local body by-laws so you must make sure you know all the relevant issues.

The property subject to GST

You must be aware of the GST content and who is going to pay it as well as who is entitled to any rebate. The law states that it’s the buyer’s responsibility to pay the GST directly to the ATO. But the seller must provide their ABN and disclose if there are any withholding obligations.

Pests

Having a proper pre-purchase pest inspection on all Gold Coast properties is very necessary as destructive pests such as termites can quickly destroy your home or investment. Having the property pass a professional pest inspection as a purchasing condition is a vital precaution that lets you know the exact condition of the property.

Do you need to include any special conditions?

Maybe you will need the contract to include special conditions such as:

·       Subject to finance

·       Subject to the sale of a current property

·       Subject to local bylaws and town planning issues

·       Subject to building and pest inspections

·       Subject to a body corporate search, flood search, etc

·       Sunset clause or subject to receiving a better offer

There can be a number of other conditions you may want to consider adding to the contract depending on your needs.

Is there a pool

Many properties have pools and these are subject to local by-laws and safety inspections. The seller is required to provide a safety certificate associated with achieving compliance or you could face the cost of compliance and certification.

Is the property tenanted?

You need to establish what the current tenancy agreement is and how much notice to vacate the property you need to give those tenants to comply with the relevant tenancy laws.

Is the sale price more than 4750,000

For houses that sell for more than 4750,000, you are at the present time required to obtain a Foreign Resident, Capital gains withholding tax clearance. This must be done before the settlement or if the seller is a foreigner you are required to retain 12.5 per cent of the total purchase price for the ATO

When looking to buy, have a pre-purchase pest inspection on any Gold Coast property that you’re considering making an offer on and make sure all the paper work is clear and you understand all the provisions before you sign anything.