I am almost ready to go and buy my first property and am considering QLD. I just wanted to know if there is anything I have to be careful of investing interstate as I am from NSW. Here are a few questions I would like answered.
Should I find a solicitor in QLD or close to me for the convancing?
When does a bank send a valuer during the purchase? Will they send one if your property is out of the way?
Is the different between rural and residentual the population of the suburb?
Any help would be much appreicated.
Thanks
AndrewHi Andrew,
Its great to invest interstate although you should be careful of a few issues. QLD is good if you choose the right areas. I wouldn’t go for an apartment in QLD but a nice 2 or 3 bedroom house out in the country of QLD with good returns.
Your questions:
Originally posted by Just_starting:Should I find a solicitor in QLD or close to me for the convancing?
To invest interstate, you don’t need a solicitor in that state. Try dealing always with your solicitor because most of the time, they have connections in other states and countries and they know your circumstances. Also, its probably best to deal with a local solicitor just in case you have any questions, you can drop in and ask them and also when you sign the papers and they explain the conditions of the contract, its best not to have this explanation over the phone but in person – therfore its more feasible to deal with a local.
When does a bank send a valuer during the purchase? Will they send one if your property is out of the way?If the bank is givving you the loan, then that bank will send a valuer – doesnt matter where the area is aslong as they are giving you the loan. Be careful though, some banks will not give loans in certain areas. In this case, they will most likely not send a valuer out. Its usually before the purchase so they can asess the loan amount. Also, the valuation if different from the sale price will need to be ammended to the contract – therfore its before the purchase.
Is the different between rural and residentual the population of the suburb?Sorry, but I can’t understand this last question. try re-wording it. Thanks.
Hope this helps.
Kind Regards,
George.“If You never never ask, you’ll never never know”
Thanks for the feedback george.
Reguarding that last question, when I was appling for home loans and told them that I was considering the north queensland area (rockhampton) they told me to be careful as to whether the property was in a rural of residentual area as they will loan 95% res and only 80% for rural.
I nope this explains it better.
Thanks for your time
Andrewok – i think In understand it now.
the difference is usually a number of factors.
One factor is the population of the town. Another is the number of homes in that town versus the number of Industrial sites of that town. Also, town size. The best way to find out whether it is classed as residential or rurual is to call their local council and ask them what that town is classed as.Hope that helps.
Kind Regards,
George.“If You never never ask, you’ll never never know”
Conveyancing practice is different in each state. I would recommend using a Qld solicitor unless your own solicitor is experienced with Qld conveyancing,
hello just-starting i have been look in rockhampton for last month and to begin with there were heaps of opion but now they are al seem to be snap up by our PI friends one REagent sold 68 proterties in 6 weeks not bad if your in sales but want worries me now is there will be a flood of rental proterties on the market. if you any thouhghts on this let me no
Hi Just Starting,
I would recommend you use a Queensland Solicitor for a Queensland purchase – this will ensure they are more likely to be familiar with any subtle and/or significant state legisaltive differences that may exist when it comes to property purchases.
Most people tend to develop a work pattern that reflects the areas they regularly work in – throwing a curve ball may let something slip through the net, which could be very costly in the long run.
I am sure there are a number of people here who will be able to recommend people/firms they have dealt with in the past who have measured up to the task.
I am not a finance broker but as I understand the classification of your property as being ‘rural’ or ‘urban’ will be determined by local bylaws – in some cases the size of the block can also trigger a change of classification from one to the other. Overall the key determiner is the relavant zoning.
Be aware also that while the bank may be prepared lend to 95% or 80% depending upon classification, the loan mortgage insurer may see the rsk differently and can/may say no.
Hope this helps.
derek
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