Buying Property Abroad: What To Consider
|Money : Overseas Property|
If you are buying property abroad, there are several factors that you must consider.
The first of these is whether you might want to rent the property out.
If so, then you simply have to consider location, then consider location again - and then, just for a change, consider location.
The bottom line is that holiday homes that people want to rent out simply have to be in an accessible and attractive tourist spot. A lovely house in the middle of nowhere just isn't going to get much interest.
Also consider that if you will want to re-sell in a few years, then you should look for a property in decent condition - not too many people will want to take on something falling to pieces!
It sounds obvious but many look for a 'bargain' then find the pressures of jugging a career too much and never get around to doing up the house, making it very hard to sell on again.
Finally, if buying for investment then research the market and area first - is there massive building going on? Are prices already at a premium? Understanding the area will help you avoid banana skins and give yourself a good idea of netting a profit overall.
Questions about overseas property: