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What should you consider before buying a residential property in Queensland?
If the property is to be your residence, own it in your name or joint names with your spouse or partner to ensure you do not pay CGT when you sell the property?
If the property is to be an investment property, consult with your solicitor and accountant to determine what is the most appropriate entity to buy the property having regard to tax, asset protection and succession planning. For example, you should consider whether the property ought to be held for the benefit of a Family Discretionary Trust.
Have you considered the location of the property, and in particular:
- whether the property is likely to flood
- whether there is likely to be any further development in the area, including private developments (units, subdivisions, town houses and the like) or council and state developments such as main roads and rail, or other services
Do you know the zoning of the land and the surrounding land?
Have you looked at the town plan? For Brisbane, this can be found at the Brisbane City Council website, www.brisbane.qld.gov.au
Are there any easements on the property or services on the property restricting further development?
Are there any covenants affecting the use of or restricting the development of the property?
If the property is on community title, have you considered the by-laws applying to the property? Have considered the age and state of repair of the common property and considered the sufficiency of the sinking fund.
As soon as you sign the contract, take out a cover note with a reputable insurer, to insure the property improvements for an amount sufficient to replace the existing structures.
For assistance on how to research your property purchase, call our office on (07) 3009 8444.