Buying property abroad is becoming more popular than ever and thousands of people every year are realising their dream and either investing or moving abroad. I have written a 3 part guide to help you with the process of buying abroad.
Before you buy
Always do your research and asking yourself some basic questions, this will help you immensely in the long run. Here is a list of questions you should ask yourself. Write these down on a sheet of paper and keep in your property research file.
There are three areas of buying we will concentrate on:
Why are you buying – For investment, holiday home, permanent move?
For investment
How much can you really afford to put into a property abroad?
This seems a very basic question but one that a lot of people have not really thought about. Investors are human too and can get caught up with their hearts ruling their head and get excited about potential claims that their property could be worth thousands more ina few years time. Do the sums and make sure you can afford to lose what you are going to put into your investment, in other words don’t put all your eggs in one basket.
How long can you tie yourself into the investment?
Are you planning on investing long term e.g. a buy to let or do you want to buy off plan and sell immediately after completion. If you have a great location in a high end market then letting could be a great way to bring in money whilst paying for the property. Make sure your potential rental yield is high enough before investing in a buy to let.
Where are the current hotspots?
This will take some research in itself but there are plenty of websites willing to help you out on this one. Go to property seminars and property trade shows to get some idea.
Is the economy stable?
Again all the research can be done on the internet, join forums and ask questions and check the reputation of the people in there before taking advice. Some good property forums are:
If you can’t sell the property immediately would it be a good letting area?
Always have a backup plan. If you were planning on selling immediately and it doesn’t work out make sure the property you buy is good enough for letting as well as selling immediately. This way you cover your bases.
How close is the airport to your property?
This is often overlooked by investors. If your property is 50 miles away from an airport you have less chance of that property being rented out all year round. So if you are planning on a buy to let property make sure it is near an airport. On the flip side if it does not have an airport and you know there will be one soon, it could be an area to invest in before prices start to rise. An airport being built or a new route to your area of choice is a good indicator that your area is up and coming.
Does the area have good transport links?
Nothing worse that being stuck in the middle of nowhere and no good transport to take you round the area.
Is it easy to buy in your country of choice?
Another important area to look into is the legal side of buying and selling abroad. Make sure you enlist the help of an English speaking expert to help you in this area and they can be your guide to buying property abroad. There are charlatans out there so if you know someone who has done this already ask them to recommend someone for you. Failing that go to the property forums and ask the question.
Is it easy to sell in your country of choice?
Again enlisting the help of an English speaking expert will help you a great deal and help you to avoid the pitfalls of the legal system in your country of choice.
Other websites to help you buy property abroad
Popularity: 88% [?]
