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Viewing Properties Abroad? Treat It As A Trade Mission.
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One of the difficulties with buying a holiday home abroad is remembering that you are entering into a business transaction and not enjoying a holiday in the process. That's not to say that the buying process cannot be enjoyable and manageable, but it should ideally be approached with the same rigor that applies to buying a property at home.
The fact is, property is likely to be one of, if not the, biggest financial investment that we ever make. A holiday home is likely to represent a significant proportion of an individual's assets and may often represent their pension savings too, held in bricks and mortar.
Establish your drivers buying the right property are essential. So firstly, establish what your buying objectives are. Are you simply looking for a holiday bolt-hole, which needs to provide the family with a regular destination to call their own, rather than a measurable financial return? If so, the drivers for your purchase can be very personal to you and your family's needs and financial considerations may take the back-burner. However, if you are looking for a property as an investment, then you will need to consider two main things; namely, whether you are investing for growth or income.
Growth or income investment Growth investing will mean that you'll be seeking a property in an up and coming area, whether that's in Thailand, Brazil, Turkey, India or one of the other high-growth real estate markets which are encouraging foreign investment. A property agent such as First Choice Properties will be able to help you to identify those main growth markets and organize market research services to provide the local data you need for decision-making. If you are investing for income, you may be prepared to invest in a more saturated area such as a local tourism economy - if it means you can obtain excellent returns from letting out the property to tenants or holiday-makers. Most investors will have a target returns percentage that they want to see realized on their overseas property investment. This will need to exceed the returns available in the UK. This is easily possible in many overseas real estate markets, which are growing at a far quicker pace than in the UK, which is a largely saturated and some believe over-valued real estate market.
Find the right services once you have established your primary buying objectives - remembering that some people will simply want a best of both worlds, a holiday home and a property to let to others when not in personal use - speak to First Choice Properties to start viewing suitable properties in the areas that you are interested in. They can provide a range of services to help make your project a reality. This includes such things as providing local property listings and estate agency liaison, access to translation services, local legal and notary services, assisted research missions, background economic and area research and plenty of expertise and guidance around local buying processes.
About The Author:
This article is written by Sarah Cohen on behalf of First Choice Properties, this is having topics on Property investment and for more information visit us
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