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How to Spot a Good Property Buy Abroad

By: Tracy Whitelaw - Updated: 27 Jan 2018 | comments*Discuss
 
Hot Property Abroad Buying Abroad

If you’re planning to buy a property abroad you need to be very clear on what you want the property for. If you’re simply looking to buy a holiday home, your search parameters will be extremely different from those you may use when buying a permanent home. If you’re looking for a hot property which you’ll be moving into when you emigrate, there are some fantastic ways of finding out what is hot and whether you’re getting a good deal on a home.

Buying a Home and Land Package

One of the cheapest ways of getting a hot property abroad is to have a home built for you to your own specifications. Often, some of the hottest land around will be available for sale either on its own or as part of a house and land package. This usually works out much cheaper than buying the finished home, because you’re locked into a price early on and therefore even if the land price increases (which it normally does), you’re still only paying for the land and home at the price you signed the contract for. When looking for land, look for a good size of land that is near good amenities and has a solid structure and outlook. Land near water is always considered hot property as it very rarely drops in price. Also, land in upcoming areas can be considered a good buy as development nearby will push the home prices up and you can get a good deal for getting in there early. Many builders will let you choose from their catalogue of homes and will then encourage you to tailor your home to suit your individual taste. When the home is finally built, you’ll not only have a hot property at a reasonable price, but in many cases, will have already increased the value by a sizeable amount.

Buying an Existing Home

If you’re looking for hot property abroad there can be many pitfalls involved when buying an existing home. The first aspect you must consider is why someone is selling in the first place. Perhaps it’s for financial reasons or personal reasons, or perhaps the area has reached its high point for selling or is even deteriorating. Whatever the reason may be, research the area to find out some of the recent sale prices of the homes there. You don’t want to buy in an area that has already reached its market potential and should do as much research as possible.

You also shouldn’t always consider what a real estate agent tells you as truth. They are looking for a sale and therefore the more personal research you can carry out the better. When you do decide on an existing home, some of the main areas you should investigate are whether there are local amenities, good schools nearby, low crime rates, access to public transport, no future development that could impede your own home and anything else that may be important. A hot property is often one that is considered a good deal for what you are getting. Remember though, a low price is usually there for a reason, people aren’t going to sell for lower than market value unless there is a valid reason to do so.

Upcoming Areas

Before you buy a home, spend time looking at recent sales trends and see if there’s anywhere that is considered a ‘boom’ area. Many suburbs outside major cities are now considered boom areas as the city continues to expand outwards due to lack of space. A great example of this is in the Australian state of Queensland where an area known as the Northern Growth Corridor continues to expand upwards of the Gold Coast towards Brisbane. Houses in this area have seen a dramatic increase in price over the last few years and most countries have areas that are similar. Finding these areas before you move can mean that your emigration will make you money eventually. For investors, buying a few homes in these property hot spots can be a secure financial investment for the future. You can normally find out information on local property hotspots online or in property investor magazines.

Don’t Jump into a Deal

The most important aspect of finding a hot property abroad is not to jump in straight away without plenty of investigation. Utilise all the research options you can and speak to as many knowledgeable people as possible. Keep your ears open for locals discussing new properties or off-plan bargains and always check the property guides to see what is new on the market. Be very wary of auctions, sometimes you will get a good deal, but often you will pay over the market value unless you set yourself an absolute limit. If you do see a property you love and you believe to be the hot property you’re after, ensure all your finances are in order and make an offer. You have nothing to lose in most countries other than the home.

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Hello, I and my family are British-passport holders citizens. I have been working in Bangladesh in the last three years and have returned to the UK this January 2018 to settle. My husband came six months before. As soon I have arrived, I am finding things very difficult. I cannot rent a house since I don't have enough papers, and I don't have a job. Until I can settle down my daughter with her school and routine, it will be very difficult for me to get a job. I am living with a relative which means that I don't have much proof of address. I want to apply for some benefit, I know that there is a benefit allowance for UK citizens returning to the UK from abroad. But most pieces of information are very confusing and it seems I am spending a lot of time realizing what exactly I should do. Is there anyone who can help me out? I am now living in Kent, and have a PhD from the University of York. I am constantly applying to get a decent job. Any piece of advice will be really helpful.
Rifat - 27-Jan-18 @ 11:01 AM
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