Buying Property Abroad Safely
|Money : Overseas Property|
If you want to be quite safe - or at least safer - in your choice of property abroad, buy something pretty new.
Whilst in your home country you might know it can be good to buy something old and do it up and sell it on, due to the market, this is not always the case.
Overseas many areas have the property price defined almost exclusively by the location almost regardless of the property.
Example: a run down old property in an area of old properties may not fetch a lot of money. But the one next to it that you bought, completely re-created and made 'new' will not actually reach much more, because prices are so rigidly defined by the area.
Therefore renovating an old property just doesn't make sense - it can cost you the purchase price again and, apart from in a very few areas, it just won't be able to lift the price above the other properties in the area enough for you to make a profit.
Therefore go for the safe option, a newer house with less surprise costs and less maintenance required.
Questions about buying property abroad: