Investing on a property overseas may sound promising, but there are several things that need to be considered, even if you're loaded with cash. Legalities may be a bit stressful, and looking for a real estate agent may be hard, most especially if you're miles apart. Listed below are a few tips from the Right Move website and This is Money to help you make the right investment when it comes to buying properties overseas.
Research
Investing time on proper research can make the decision making easier. It is important to get the best deals, backed up by facts rather than word of mouth. Just because the property is owned by someone you know overseas, without seeing it, you'd be taking a great risk.
As around or better yet, have a family member within that area (if you have one) check the property. It's always good to have someone physically check the property before purchasing it.
Secure an Agreement
As per This Money Website, it is important to secure an agreement and have lawyers sign it. Having an agreement gives you a head start and security when investing on an overseas property. The website then added, If you are arranging finance on the property, ensure that this is stated in any contract and, where possible, seek an 'opt-out clause' if the loan is not agreed (which will ensure any deposit paid is refunded).
Reliable Specialist
Having a reliable specialist is a must. Don't just settle for one advice, also make it a point to ask architects, surveyors, contractors, and real estate experts before sealing the deal.
This is Money stated, "They should be proficient in your chosen country's laws and processes and also know the specifics involved in buying a property there. It is essential they confirm to you that all required permissions, licences and planning consents have been obtained."
