Tips for investing in property abroad

Investment in overseas property is a major step that you will want to be well-prepared for.

Playing safe with location

You may have heard that certain areas will be the ‘next big thing’ and will be drawn by the cheap deals offered but it is much safer to look for property in an established neighbourhood. It is very important for first time investors. You will be more likely to receive a better response from your mortgage lender also by selecting a property in a secure environment with a proven market.

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Know the rules

If the purpose of investing in overseas property is to rent it out for part of the year, then make sure you understand the legalities before signing the contract. Legislation in different regions and countries can be very different so you’ll want to avoid a situation where things did not work out how you imagined them.

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Clear Title

Make sure that the property owner does have the title deeds and is in a position to sell. Your lawyer will be able to check these details for you. Also, when buying a new property, make sure your lawyer checks that the title deeds are actually there, because this has happened to some people when buying abroad.

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Written Records

It is too easy for information to be lost, miscommunicated or misinterpreted when emails and phone calls fly back and forth. This is more so the case when you’re dealing with a foreign language. It’s important to get everything in writing. Keeping detailed records of all correspondence is also a good habit to get into.