Buy houses or buying a house in Australia is not an easy thing. No doubt every person in Australia has a dream to buy. The increase in cost of property has made home ownership quite difficult for many people. On account of high cost of property prices, there is always a thought in most of the people’s mind whether to buy houses or stay on rental basis. The question of affordability is a big factor for many individuals. But the most positive aspect of buying a property is that it is an asset. In between there was a boom in prices of property. It clearly reveals how property can accumulate wealth in future. Each state in Australia has different rules pertaining to real estate transactions. In Australia if you are buying house for the first time, you are eligible for the First Home Owner Grant Scheme. The amount offered is worth $7000. The Government has subsequently increased this amount depending on certain conditions like salary of the individual. The grant is directly paid to the buyer of a house and is not payable for any land purchases. The First Home Owner Grant Scheme is applicable for migrants also with permanent residence.

Basic tips for buying houses in Australia

There are many things that need to be considered while purchasing a property or house like cost factor, location, surroundings or facilities available, transportation and property market conditions.
Some of the common tips to buy houses are:

• Where do you intend to buy the house?
• What type of house do you intend to buy, whether a big palatial house or medium sized or small house?
• What is your budget and in case of home loans, how much can you afford to borrow
• Look at everything right from foundation while doing the purchase
• Better to be prepared for negotiations and be flexible. Negotiate prices before fixing it.
• It is ideal to view property twice or thrice and then take a decision to buy
• You can also appoint a real estate agent for convenience
• Ideal to compare prices before buying and ensure that the price of the house is not over valued
• Whether the surroundings are good, there is transportation facility and other facilities are available
• Whether the property is free from all encumbrances
• Better to seek a legal opinion while preparing documents

When you buy houses, you need to pay Stamp Duty on the buying price. In cases of low priced properties, there are discounts available on stamp duty. Each state has its own stamp duty tariff. In some states of Australia like New South Wales, Western Australia the discounts are somewhat on the higher side. For expensive properties, the rate of tax is also on the higher side.

Advantages of Buying Houses:

The most obvious advantage of buying a house is that it is an asset and which could appreciate in value in due course of time. Owning a house provides a sort of security as well as control. There is no question of paying monthly rents. You can carry out alterations as and when you feel the need to do so. To buy houses, it is better to think from an investment angle as well as long term perspective.