Find Your Investment Dream Overseas
Firstly, if you buy overseas, you can take advantage of the exchange rates on the market. A UK investor might benefit from the exchange rate in America. A condo in Florida that would be worth 500K in the UK might just be just 200K in Orlando. Or, how about people who want to invest in the UK? You might have heard about the impact that Brexit has had on London. The capital city has seen a dramatic slowdown in property prices. As such, now could be the perfect time to invest in what was once and arguably still is a city at the centre of the world economy.
The other benefit of buying property overseas is the ‘out of sight, out of mind’ type of attitude. When you look into property investments, you are probably hoping it’s going to be a hands-off experience and it definitely can be. The problem is that if you buy a property too close, you’re always going to be worried about it. You’ll find that you drive down there at the weekend and it takes more and more of your spare time. We’re sure you don’t want that, and with an overseas property, you have no choice but to simply let go and hope the money grows without you, which it will.
You can also make sure that you buy a place that is going to have a lot more interest, particularly for letting. There are a few options. You could purchase an apartment in a major city where you’ll find plenty of business professionals looking for luxury accommodation and completely able to pay the cost. Or, you could purchase a place in a holiday hotspot. That way, you’ll be able to get those holiday goers, desperate to find a place in the sun.
These are some of the greatest advantages but how do you move forward with this investment possibility? What steps do you need to take?
The best advice we can offer is that you make sure that you are aware of all the possibilities on the market. Obviously, you should be looking further than your street, town or city but in unexpected places as well because this is where you’ll find incredible deals and killer opportunities. An HDB resale is perhaps an option that you wouldn’t normally consider but you should. On the market at great price in a prime location, this could be exactly the type of property that you should be searching for. You don’t want to play it too safe, and instead, you need to take risks because they just might pay off.
Help With The Selection
You might feel as though you’re not equipped to find the right property for you overseas, and perhaps that’s true. Investing in any property and particularly overseas property is always going to be a risk. As you’ll soon discover this is an investment that will not be completely within your control and that means that there is always the chance it backfires. But, if you use a property broker this shouldn’t be the case. A property broker is an expert on the market and as such will be able to find you the right deal that you should be excited about investing in. They will match your budget, your sensibilities with the options on the market and find the right property purchase for you.
As well as this, a broker will also aid you with the sale transaction. Are you worried about buying property overseas and the issues that you could have with the seller? There’s no need to panic with a broker by your side. They can handle the transaction for you and make sure it is an easy sale for both parties.
Careful Of Trouble With Unreliable Sellers
You’ll find that most property sales on the international market are completely legit. However, if you decide to brave the market alone, you might run into a scam or two so you have to be careful. The first piece of advice we can offer here is to make sure that you get everything in writing. It is important that you have a paper trail of all your transactions and your agreements. Otherwise, international law might allow a seller to back out of a deal without warning.
You also need to make sure that the title deeds are in place for the property and do in fact exist. Finally, make sure that the person selling the property does actually have permission to sell it to you. You might think this is paranoia, but there are sellers on the market who see international buyers as a fantastic opportunity because they know they won’t be well versed in local real estate law. As we said, it’s only a slim chance, but it is one that you have to bear in mind.
Before you do decide to buy, even using a broker, you should head over there and see the property for yourself. You can think of this as the chance for a holiday or a mini-vacation. You need to get a feel for the area, figure out what some of the benefits are there and perhaps even a few issues. Talk to some property owners in the local region and find out what problems you could face.
Hire A Management Company
Last but not least if you want this investment to be hands off you should make sure that you hire the services of a management company. This will mean that you don’t have to constantly head over there to find out what’s going on with the property or if you’re renting, bring in new tenants. Instead, everything can be kept simple, and your hands will be free to collect the money pouring in.
Hopefully, this helps you navigate the issues investing in overseas property and allows you to understand why it’s such a great opportunity.