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Buying Overseas Property – Six Tips You need
to Know
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Buying
Overseas Property – Six Tips You need to Know
Buying overseas property has become very appealing to many Americans
– they’re looking at the option of cutting their cost of living
by up to 80% by moving abroad.
Today, there are four million Americans living outside of the
USA - and more look set to buy overseas property as an investment,
second home, or as a place to live.
If you want to buy overseas property, you need to do your homework
and look at the big picture.
Firstly, check with the U.S. State Department about the stability,
and safety of the countries you may be interested in investing in.
Here are six tips for buying overseas property as an investment:
1. Get Local Help
If you're thinking about buying overseas property, you may want
to enlist the help of a local real estate broker to help you with
local laws and customs.
When buying overseas property for investment you can’t know
everything about the local law (unless you are prepared to spend
a lot of time) so for the cash outlay, it’s worth getting professional
help.
2. Count on Paying Cash
To figure out what you can afford to invest in overseas property,
assume you can only pay cash.
You won't find many mortgage lenders offering you a loan in
many countries, such as:
. Mexico
. Greece
. Spain
. Russia
.
Bulgaria
. Slovakia
Plus many more countries - property is historically paid for
in cash.
If you can't afford to buy property without a mortgage, you'll
want to check countries that do offer mortgage facilities. Good
choices are – Singapore, Hong Kong and South Africa - but you’ll
probably still need a 50% deposit for your overseas property investment.
3. Check your Rights
When you buy property in America, you get a warranty title that
states that you are the owner of the property. However, if you buy
overseas, sometimes the distinction isn't as clear - it depends
on the country you're buying in.
For example, someone could come back and make a claim on the
land even though you have bought it! This happens a lot in Eastern
Europe where World War 2 displaced millions of people, many boundaries
changed and fights continue for ownership of property, seized during
and after the conflict – be careful.
Another example, is Nicaragua – even though you’re a foreigner,
you get the same rights as a Nicaraguan resident - but if the Sandinistas
get into power, that could all change!
4. Look at the Big Picture
When you buy overseas property, look at how stable the country
is now - and how stable it’s likely to be in the future - things
can change.
5. Property is Cheap for a Reason
If overseas property is cheap - there’s a reason for it.
Overseas property investments are cheaply available in Haiti
- but of course, you wouldn’t invest there. This is an extreme example
- but people have an obsession with cheapness – remember it’s value
and long-term growth potential you’re after.
Of course, things can change but don’t take a salesman’s word
for it - some areas will do well but most won’t. If you’re looking
for hot overseas property investments, then they’re available in
most countries of the world - study all the facts and make up your
own mind.
6. Buy in a Market with a Track Record
Don’t buy overseas property investments on the basis that the
market will take off - buy in a market that’s already moving - i.e.
prices are already increasing - and look set to continue.
Many property markets touted to take off never do. If you want
to be a pioneer go ahead - but remember most of the early pioneers
were killed!
You should look for a trend in motion - prices rising, and investment
in the country on the increase – as well as good future potential.
Do your Homework
Do your homework when buying overseas investment property -
and make sure you take a cool detached view. Study ALL the facts
- from legal rights, to future potential - and you can look forward
to some great gains.
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