There was a boom in investments in international property just a few decades ago. Many people were interested in buying properties in sunnier climates like Spain and Portugal. Some were buying timeshares in apartments or houses they could use during the holidays. Others were keen to buy a property they could call their own to use as they choose. Some people invested in properties that weren’t yet built. Not all of them ever did get built. Others invested in property management companies that no longer exist. It’s not surprising many of us are wary of buying overseas these days.
Of course, property remains a viable investment. The value of many properties can continue to rise as a long-term interest. So how can you be sure you’re investing in something that is going to offer you a good return? What are you looking for?
Location, Location, Location
It doesn’t matter which country, region, or town you’re interested in. You must know the location well. You can choose to hire someone to provide you with a property research pack. This will include historical data and statistics. You may need to pay a local authority separately to receive the most up-to-date planning information for development in that area. It could be considered a good investment to pick an area that has secured funding for regeneration. This often suggests it will become a desirable area soon.
Money, Money, Money
Not everyone has enough money upfront to cover the cost of an apartment or house. Look for companies like Enness International that specialize in international mortgage solutions. As laws and regulations differ from country to country, you will need to make sure your money is protected and welcome for that transaction. Some properties are not eligible for international buyers. Others may have caveats or covenants that are not in your best interest. Invest some cash in finding the right people to give you the right information.
Why do you want to buy a property overseas? The purpose of your purchase is likely to come under scrutiny when it comes to your finances, as well as with local interested parties. Are you planning to rent it out? Is it to become your summer residence? Or maybe you’re planning to live there permanently? Make sure your intentions are clear. If you think you may have a second purpose for the property, now is the time to declare it so you can be sure you’re in the clear to use it that way in the future.
Over time the property markets will fluctuate. If you want your property to hold and improve its value, you will need to look after it. Beyond the cosmetic appearance of the property inside and out, you will need to make sure maintenance is up to date. It might be in your interest to support local ventures that could see the area become more desirable.
Buying international property may present more challenges than buying locally. But you have a much wider range of choices and perhaps more opportunities to invest. Do your homework thoroughly, and property may soon become your next investment.