When it comes to buying property abroad, who can you trust to give you entirely honest answers to your questions? Is there anyone who will volunteer all the information you need to make a sound property investment, and will answer crucial questions you might not have thought to ask?
Most purchasers have little or no experience of investing in property abroad – they simply want a nice holiday home in the sun, in a desirable location and within easy flying distance. Knowing you have made a good investment is an added advantage and a comforting thought.
There is a successful formula for buying correctly. Your property needs to tick all the boxes if you want it to be a good future investment, retain its desirability, command capital growth and be easy to sell in the future.
Unless you are dealing with the many different aspects of buying property abroad on a regular basis, you cannot be fully familiar with the marketplace, buying framework, legalities and transaction costs. Without considerable local knowledge, you cannot possibly know all the do’s & don’ts of what makes a property a good investment. Mistakes can happen which could easily have been avoided - had you known the right questions to ask and had a trusted source of advice in the first instance.
Who is going to have the knowledge to foresee a problem that will affect your investment in the longer term? The last thing you need is advice from slick salesmen on hastily arranged inspection trips, or estate agents whose only priority is to persuade you to buy what they want to sell.
It pays to be cautious, but you may also need to compromise. It’s important for you to know which compromises are sensible, and which are not, relative to capital growth and future re-sale prospects for your property.
A property which seems beyond your budget today could be within your reach tomorrow! A skilled negotiator with in-depth knowledge of the local property market, working solely for you, will have the best possible negotiating position and may be able to secure a bargain price which might have been refused in the past.
When you are ready to buy, independent and reputable legal representation is essential to protect your interests - there are no shortcuts here.
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