When looking to make investments
in overseas property, it can be hard to know where to find the best
deal. The first thing to do is to decide what kind of investment
you want to make. Are you looking for a buy-to-let property which
you will be letting out for an extra income, or for a second home
for you and your family to visit regularly, perhaps to retire to
in the future. Location is another factor - for how long will you
be willing to travel to your new property - perhaps you are only
looking for areas that are served by low cost airlines. All of these
options should be considered with your partner and/or family beforehand,
so that you know exactly what type of property you are looking for
before you go house-hunting.
Do Some Local Research
If you have decided on the area in which you’d like to buy
your property, do some research there. Take a week or two to properly
explore the area, driving around to see what the place is like at
all times of day. Essentially you are looking for anything that
you may find off-putting, like busy traffic jams, or crime-prone
areas.
Dine out in local bars and bistros and get talking
to the locals. Find out what they have to say about their town -
places they like, places they avoid, positive and negative opinions
that will help you make an informed choice.
Use the Internet
The internet provides an invaluable source of information for those
looking to make overseas property investments. Most estate agents
will have online mailing lists. When you have identified the area
in which you’d like to make a purchase, join some local estate
agent mailing lists, as well as international estate agents mailing
lists to ensure that you are kept up-to-date with the latest property
entering the market. You may also want to sign up to the mailing
lists of new build overseas property companies. A good way to get
a great deal with them is to buy off plan, or wait until developments
are nearly full before investing.
Avoid High Season
The best time of year to buy in order to get the best deal is off-season.
In Europe and the USA this usually means around February. It is
all too common for buyers to impulse-buy at the last minute, usually
at the end of their holiday. Enjoying a relaxing and sun-filled
two week break makes it easy to get carried away with romantic notions
about your holiday home. But any investments made in overseas property
should be carefully considered, and not purchased on a whim. If
you visit estate agents in your chosen area off-season, you will
find people who have their houses on the market are more keen to
sell during these periods, increasing the chances of you getting
the best deal.
