Buying a property from another country may seem daunting, but it’s very achievable with the right support and planning. Here are some tips and ways to manage a remote property purchase:
- Engage a Local Representative or Buyer’s Agent: Since you can’t personally attend open houses or auctions, you can enlist help on the ground. Some expats ask a trusted family member or friend in Australia to inspect properties for them. Others hire a professional buyer’s agent to handle property searches and negotiations (see the next question for more on buyer’s agents). Having someone on-site can give you peace of mind – they can attend inspections, bid at auctions on your behalf, and give you honest feedback on properties.
- Use Technology: Take advantage of technology for virtual tours. Many real estate listings have video walkthroughs, and you can also arrange live video calls with real estate agents where they walk through the property for you. This way, you can see the place “live” from overseas. Some expats even purchase sight-unseen except for virtual tours, but it’s ideal if someone you trust has seen it in person.
- Legal and Contract Process: You will need to appoint a conveyancer/solicitor in the state where you’re buying. They will handle the legal paperwork (title searches, contract reviews, etc.) and can act on your behalf to sign certain documents under your instruction. Your conveyancer can usually arrange for contracts to be signed digitally or via courier. In many Australian states, property contracts can be signed electronically, which helps when you’re abroad.
- Power of Attorney: As mentioned earlier, you can give someone (a friend, family member, or your solicitor) Power of Attorney to sign the purchase contract and mortgage documents for you. This can be useful if an auction or contract signing needs to happen quickly and you might not be reachable in real-time due to time zones. Make sure this person is very trustworthy, as a POA gives them legal authority to act for you in that transaction.
- Finance Pre-Approval: Before you even start looking seriously, get your home loan pre-approved (or at least know your budget). This is crucial for expats because it may take a bit longer to sort out finance. With a pre-approval in place, your representative in Australia can bid with confidence up to your approved limit, knowing that you have financing ready.
- Time Zone Planning: Australia’s property market moves fast – auctions and offers often happen over weekends or during Aussie business hours. Coordinate with your representative so you don’t miss opportunities. For example, if you’re in Europe or the US, be aware that you might get a call at odd hours if an offer needs your sign-off. Often expats give their Aussie contact some discretion to act within certain parameters.
- Building/Pest Inspections: Just as any buyer would, arrange professional building and pest inspections. Your absence doesn’t change this step – the reports can be emailed to you, and you can often chat with the inspector by phone.
- Settlement: On settlement day, you don’t need to be in Australia. Your conveyancer will handle the exchange of funds and title. You will have signed everything necessary beforehand (or your POA will). Post-settlement, consider hiring a property manager if it’s an investment property and you need someone to manage tenants.
Overall, thousands of Australian expats successfully purchase property back home each year. It requires building a good team of experts – typically your mortgage broker (us), a conveyancer, possibly a buyer’s agent, and maybe a family member or friend – to act in your interests on the ground. With that team in place and clear communication, you can overcome the distance barrier. AEXPHL has assisted clients in this process many times, so we can also offer referrals to reliable buyer’s agents, inspectors, and conveyancers to make it easier. With careful coordination, you can secure your dream property in Australia from wherever you are in the world.