Many of us have at some point considered buying property overseas. Indeed, the chance of high returns for a relatively small property investment is a major attraction. At the same time, buying property is a big step financially, and you need to be aware of possible traps.
1. Don’t rush into things.
There’s always the temptation of buying quickly before the developer marks up the property; prices can change from week to week in some places. Try to resist the temptation as far as possible. Use common sense: visit the location yourself; decide how much time you’ll be spending in your holiday home. Other considerations include your budget, the language spoken in your country of choice, quality of health care, accessibility of the property, direct flights to the destination etc.
2. Buy low
This is a must for anyone looking to get on the property ladder.
One way of buying low is off-plan schemes. Here you buy a property when it’s at the drawing board stage or initial stage of build. Buying off-plan today gives you the ability to buy the property of tomorrow at today’s prices. By the time the property is finished, value could increase substantially, making you a significant return on your investment immediately. If the purchase looks right, don’t miss the boat.
3. Keep the future in mind
Choosing a property with a good location and view makes sense not just for your own enjoyment, but also in the event you want to sell it as some point in the future. Typically, penthouses sell faster and for more than other units.
4. Location, location, location
Sound familiar? Ideally, the property should be easily accessibly by road and to local amenities. In the case of rural properties, it’s a good idea that they’re located not too far from an international airport or major city. Also consider the availability of management companies who can help sub-let the property when you’re not using it.
5. Resale potential
If the area you’re buying into is full of vacant houses, that’s not necessarily a good sign. It could well be that demand is low. Ask around, talk to the locals.
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To see the next 5 common mistakes, problems and thinks to think about when buying abroad, proceed to the second part of this article on CyprusLikeThis.com
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