Think first
Buying a property in your own country is probably one of the the biggest decisions you will ever make and a lot of thought, effort, viewings etc go into making that decision.
For some reason, a lot of people when buying a foreign property leave that commonsense behind and look at things through rose coloured glasses.
Always visit the area you intend to buy in, DO NOT buy through an exhibition or hard sell salesperson in your home country.
Do proper research and employ a lawyer.
DO NOT part with any money, no matter what the pressure - such as this is the last one, prices go u tomorrow etc - without being 100% satisfied that the property is what you want and your lawyer has gone over all the paperwork.
Remember that most resort areas have a high season, which is probably when you have visited, in the winter or off season the resort will be deserted with many shops, restaurants etc closed which is ok if you just want a holiday home but if you are planning to move permanently would you want to live in a “ghost” town for 4-6 months of the year.
Take all guarantees such as rental income with a big pinch of salt and certainly do not borrow money on the strength of these “guarantees”.
Take a look at the travel costs to and from and remember, especially where a region is covered by only one low cost airline that if they pull out you will have problems not only getting to your property but also the value of your investment will probably fall.
This happened in 2006 in France when a low cost airline pulled out of flying to a small regional airport.
The above is not meant to put you off, just to get you to think and use some commonsense to enable you have a problem free purchase and a happy purchase.
Date posted: Thursday, March 15th, 2007 6:50 pm | Under category: Property
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