Tips for investing abroad this summer
Wednesday, 08 Aug 2007 12:31
Tips for investing abroad this summer
An increasing number of people are looking to invest in property abroad.
However it can be an arduous process if the necessary research is not complete according to property specialists at Morpheus Investments.
One trend is for holidaymakers to invest permanently in their favourite destination. However, concerns have been raised:
"People need to look at various factors when buying abroad such as how busy the local town is all year round and whether it has enough amenities and tourist attractions to make it a desirable rental property," warns Dani Maxton, managing director of Morpheus Investments.
The organisation suggests a host of factors to consider before making a purchase:
Examine the local property market. Are prices headed up or down, what are the predictions for the future?
Research the future of the area. Is there a local government plan for regeneration that could assist the price of your property? Or conversely has planning permission been granted for a development that could overshadow your investment?
Consider the local crime statistics; are they increasing, what are the dangers locally? Also look at population figures, is the area developing?
Ensure you do not inherit any debt or outstanding liabilities with the acquisition of your property.
Investigate the competition. Are there other developments planned for the area, what are the starting prices for other properties?
Never sign a contract you do not understand. Ensure a solicitor examines all documentation before you join.
Most importantly, however, never rush into a purchase. It is essential to consider your acquisition carefully and to determine exactly how much the property will cost when all fees, taxes and overheads are included.