How to Spot a Good Property Buy 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 PackageOne 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 HomeIf 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.