If you’re interested in buying a property overseas, here are some useful tips to keep in mind when searching for and buying your holiday or investment property.

1. In the first instance, clearly decide what sort of property you’re looking for (a house, villa, apartment or farmhouse) and what sort of environment you want it to be in (a town, city, in a village, near the sea, in the countryside or in a gated community).

2. Think carefully about the areas you’re interested in – having too wide a focus may give more variety, but could get complicated when you’re trying to view everything. A narrower focus, within a certain mile radius, is better – although too narrow could be limiting – so try and get the balance right from the outset.

3. Also consider how you’re going to use the property – will it be a holiday home, an investment property, somewhere to retire to or rent out?

4. It may sound obvious (and is surprisingly overlooked by some buyers), but do thoroughly research the area in which you wish to buy before parting with your cash. Avoid the urge to randomly pick a location off a map without ever visiting it.

5. Find out where the current hotspots, or popular areas, are – both with locals and tourists – and suss out any areas that may be benefitted by new developments, such as new airports, flight routes, train routes, tourist developments or schools.

6. Set a budget for your purchase and sort out any financing issues. Don’t forget to take buying costs into consideration too, so you know where you stand; these vary depending on which country you’re buying property in, but could add up to 10% to the cost.

7. Find reputable estate agents through a website like Primelocation.com. It helps considerably if they speak English, especially if you’re not up on the local lingo.

8. If you’re planning a trip to the country to go and see the properties, contact estate agents and arrange your viewings in advance, so you don’t turn up and find nothing much is available to see.

9. Be clear about exactly what’s included in the purchase price and, if it’s an apartment, don’t forget to check out potential service or upkeep charges.

10. Before you purchase the property, make sure you fully understand the buying process in the country in question. Seek independent advice from a qualified solicitor and surveyor.

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This entry was posted on Friday, April 24th, 2009 at 12:14 pm and is filed under Buying. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.