Purchasing property is usually the biggest single outlay of finance that anybody makes, but most of us are willing to do this since one is almost guaranteed to make a return on the initial investment. Whilst house prices fluctuate and there can be dark times when prices slump, over the longer term property prices almost always increase and investment is assured. Not only does the investment provide a roof over our heads, but in many cases where a second property has been purchased, it provides an income stream from rental opportunities.
Increasingly many investors are starting to look overseas at property opportunities there. There are several reasons for doing this. In the first instance, many properties overseas are far cheaper to buy, allowing the purchaser to either buy multiple properties, invest in a larger property, or buy a second property in addition to their main residence. In many cases it also proves a way in to property investment for those people who may not otherwise have considered the idea.
Purchasing a second home or property abroad is often a decision reached not purely for the financial gain, but for the opportunity it provides to own property abroad which can be used for holidays or visits. Many people are starting to live during the winters abroad, renting out their home for six months, then returning back for the summer and renting out the overseas property to tourists during the peak season. This certainly adds an attractive lifestyle to the financial opportunities offered.
The advantages of investing abroad include being able to charge a higher rental income than you would back home. Because holiday makers are usually prepared to go the extra mile financially to have a luxurious and comfortable holiday, the rental made during the peak season can often more than cover the costs of the rest of the year. Of course, it will be important to have made sure that the property purchased is well situated, popular and attractive to paying tourists.
For the first time investor, there are some obvious choices which are easy to make. Most people who are investing have been on holiday themselves, and have an understanding of convenience, location and style, but there are many other factors which can make a huge difference on the profit, appeal and success of the investment, and these factors can often be forgotten or ignored.
Once of the things that people ignore to begin with is the choice of country. This might seem bizarre, but often people have in mind a stereotypical idea such as buying a villa in Spain. Whilst this is likely to be successful, there is a much wider choice than this, and there are many countries today offering very attractive investment opportunities, with new properties available at very reasonable prices. Many of these countries are often ignored by the casual investor, but there can be a wide range of reasons to invest, and a greater opportunity to make money and be one of the first on the scene.
Choosing a country to consider investing in might seem a daunting task, but fortunately there are a number of very useful websites available today to help you begin considering such countries. Typically these websites provide a list of countries to choose from, and then provide descriptions, articles and features to help you identify the advantages and disadvantages of investing in each country. You may well be very surprised at the number of countries offering very attractive opportunities and benefits which you may well have never considered before.
Not only do these websites provide a fascinating inside look at countries which can often be overlooked, but they also provide the investor with information which can help speed up the process of choosing and buying a property, including a range of inside tips and advice. Very often the purchasing process and laws governing overseas investors varies from one country to the next. Not being aware of such factors can often cause major headaches later on - and often these can prove to be expensive. Armed beforehand with the inside advice you can feel much more confident in entering the overseas property market.
Mortgage For Overseas Property
Properties for ?
Investment/Rental
Holidays
Golf
Relocation/Retirement
Choice of location ?
Established areas such as the Costa del Sol, Mallorca and Florida.
Up-and-coming areas such as the Costa Blanca and Cyprus.
Emerging areas such as Bulgaria, both ski resorts and Black Sea coastal resorts.
Choice of property type ?
Off Plan
Custom built
Newly built
Resale
Apartments, townhouses, villas
Prices from ?40,000 to ?1 million!
Trends and Hotspots 2007
5 reasons to invest in overseas property... now!
Cyprus- the advent of budget flights and joining the Euro in Jan 2008 make 2007 the year to invest - be the first to see our exclusive off-plan opportunities.
Spain - Murcia and Valencia have great investment opportunities. See our golf resorts and off-plan options.
Bulgaria - the Bansko ski resorts provide great skiing and a long rental season with off-plan apartments from ?30,000!
Florida - with an exchange rate of nearly $2 to ?1, there has never been a better time to invest.
Mallorca - new opportunities in the undiscovered South East -be ahead of the herd!
Where is receiving infrastructure investment?
? The road network in Cyprus is receiving investment as is the whole of the east side of the island, centred round Famagusta .
? The Murcia region of Spain on the Costa Blanca is benefiting from huge investment. Valencia has been transformed by its hosting of the Americas Cup in 2007.
? A major new airport is being developed in Murcia for both European and International flights.
Where are new golf courses being built?
? Golf is booming right across Europe and in Florida .
? New courses are being built in Murcia , Cyprus and Bulgaria .
Obviously the decision as to where to buy is down to you and will be influenced by all sorts of factors from personal preference to the language spoken.
Quality developments
All of the properties and developments that we offer have been carefully vetted, including issues such as land ownership, planning permission, guaranteed completion of ?off plan? developments and the quality of design and build, allowing you to buy with complete confidence.
Through our carefully chosen local agents and developers, all properties and developments have been thoroughly vetted, to ensure ?
* Land rights have been correctly established.
* Planning permission has been granted properly.
* Local building regulations are conformed to.
* If Off Plan, that the developer is financially sound and that the whole development will be completed within a known timespan.
* Appropriate building guarantees accompany the property.
* The building specifications of all properties are to a high, certified standard.
* Appropriate mortgages are available for the property.
* Bank guarantees are in place ? all deposit monies are paid into a separate protected account and only released when all aspects of the transaction are correct.
If purchasing off-plan you receive regular updates on the status of the property and we can arrange an accompanying visit to the Notary when the public deeds are to be granted, if this has not been arranged through the developer.
All these issues start to make purchasing a property overseas sound like a stressful process ? don't be put off, the rewards are worth it and with our help and support it can be straightforward. We just want to help you go through the whole process with your eyes open.
Both Russell J. Joyce & Kal Banev are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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