When investing in a property abroad, you need to be clear, right off the bat, about why you are buying. Identifying this clearly will help you avoid making an expensive mistake that doesn’t meet your needs.
It is not simply a case of choosing somewhere that you enjoyed visiting, although “trying before you buy” is always recommended if you intend to spend time in the property yourself. By weighing up your motivations before you start looking, you can ensure that the end result is going to work for you.
Start by asking yourself, is the property going to be only for your personal enjoyment, something which you will be renting out at certain times to cover its costs, or an investment that will earn you regular income and appreciate in value?
Questions to ask yourself:
Why do you want to buy overseas?
Ask yourself exactly what you want from a property. Is this a lifestyle choice? Or an investment?
What is your budget?
Make the needed comparisons between local property prices with the travelling costs to get there and running costs. Consider also, will there be easy access to borrow money?
Access is crucial
Consider how many times you want to go, how long it will take and reliability of transport.
Is rental income important?
If so, focus on dual season locations which bring in a greater number of weeks’ income.
Buying an international property for you and your family and buying it as an investment are two very different things. One has to suit you on a personal level, the other needs to be a product that will produce an income in some shape or form, be it through rental fees or capital appreciation. …
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When investing in a property abroad, you need to be clear, right off the bat, about why you are buying. Identifying this clearly will help you avoid making an expensive mistake that doesn’t meet your needs. It is not simply a case of choosing somewhere that you enjoyed visiting, although “trying…
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