Property Abroad. Tips For Buying In 2006? by:Robert Horwood
Buying a property abroad in 2006
When buying a property abroad many people forget about the most obvious and relevant point of all which is quite simply what do you want the property to do for you? This simple factor could determine the country and the area you buy in to. Are you looking for a short term property investment? Are you looking for a long term regular income? Or like most people are you simply interested in a holiday home for you and the family?
There are two types of property abroad you can buy. Off-plan and resale property. Off-plan means buying a property abroad before it is built. A resale property is simply buying a completed property abroad from a third party. Both options have their advantages and disadvantages. Be careful when buying an off-plan property as you can be sure that the size of the property will finish off smaller than you imagined it to be. It can also be a long time before the property abroad and the over all development is completed. You can also incur problems if the building is not constructed according to the original plans but overall buying an off-plan property abroad can reap some fantastic profits.
When buying a property in Spain allow approximately 10-12% on top of the asking price for additional costs such as lawyer's fees, taxes and V.A.T. The cost doesn't always equate to 10% but allow that amount anyway just to be on the safe side. Other locations abroad change accordingly. For example in Dubai there are no taxes which makes Dubai a very attractive investment property opportunity. If you assume 10-12% as being the maximum abroad then you should receive some change every time.
If you are buying a property abroad to emigrate then you must check out the infrastructure i.e. Hospitals, education etc etc.There are some fantastic bargains in the merging markets such as Bulgaria, Romania, Estonia and Cape Verde but it's no good living there if you have to travel out of the country every time you have a health problem or if it's an absolute nightmare to travel around. This is why Spain always ends up being number one in my opinion because the infrastructure is leaps and bounds ahead of many of the eastern block countries. You may pay more to begin with but you receive far more for your money long term.
If you want to buy a property abroad for investment and rental purposes then think about what appeals to the majority.
Is it close to an airport? Is it close to the beach or local amenities? Is there sufficient transport nearby? Are you able to rent the property all year round?
If you are looking for a rental income from your property abroad then spend time finding a good agent. www.d2rworldwide.com can give you advice on this subject. If you can afford to do so then buy a cheap good looking vehicle which could add extra value to the property both on rental and resale. Always try to buy a property that appears to be spacious. The inside colour makes a big difference which is something you can change yourself. Never buy a property that doesn't have a view of some form or another. Either a view of the mountains or the sea. The view can compensate for the lack of space inside.
Always check the surrounding areas for potential building projects as the last thing you want to do is come back 12 months later and find the field next door is a construction site. The chances are your tastes are not that much different to other peoples so although you have to be vigilant at all times don't forget the basic rule. If you like it then you can be sure that others will also. So buy a property that you like in a country that you like and the rest should fall into place quite nicely.
About the author
Robert Horwood is Director of http://www.d2rworldwide.com and www.dreams2realty.co.uk both property websites specialise in Off-Plan and resale investment property in Spain .This article comes with reprint rights. Feel free to reprint and distribute as you like. All that we ask is that you do not make any changes, that this resource text is included, and that the links above are intact.
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