We’ve covered some great places to buy property in the world in our blog.
But are there any significant reasons you should join the many nationals and expatriates to buy somewhere in a different country?
Depending on where you want to live, there is an excellent opportunity to get more from your money abroad. The dollar is so strong in some countries that you could get two – or maybe three – houses elsewhere for one in the States’ price Tempting, right? When you consider that you can also run those properties as a business in many countries, it’s clear why it is such a popular tactic.
A lot of Americans take advantage of up and coming areas in the States. They will buy property for peanuts, wait until the coffee shops and high earners move in, and then sell on for a high profit. However, it’s small fry compared to the returns you can get in a foreign country. When whole countries experience growth, returns on a property can explode to epic proportions.
We’ve already mentioned running a foreign property as a business, and one of the best ways to do it is by having a vacation home. This way, you can rent it out to holidaymakers all across the year, and you also get to have a free trip away whenever you want. All you need is a little marketing skill and an Airbnb account to get started.
Great for business
If you have a business with a growing market in a particular territory, why not move out there temporarily? You could look for apartments in one of the major business centers of the world, or wherever your product is popular. It will give you a local address and presence that can help you solidify your offer – and develop your customer base further.
For a new life
Of course, one of the biggest reasons for buying property abroad is to make the big move to a new country yourself. Sure, it isn’t as easy as making a decision and going for it, but plenty of people leap. And, most importantly, they do so for great reasons.
Whether it is better weather or just a new experience, plenty of people leave and have a great time. Retirees, young couples, people looking to seek different work – many people move abroad for many reasons.
So, there you have it. Just make sure that you do plenty of research into your idea, and don’t go throwing money around without careful consideration. Plenty of people succeed, however. Think you could join them?
Most homeowners who look back on their first property purchase will admit that they should have done things differently. Indeed, there are several mistakes that many people make when searching for their first home all of which can add stress and strain to the process.
Mistakes While Searching For First Home
By becoming educated on the common mistakes made by first-time buyers, you can take measures to avoid these errors and prepare for as smooth a home search as possible.
Restricting your home search
While there may be elements that you are unprepared to compromise on, in the other areas, try to be as open as you can when looking at homes for sale. By being a little flexible with some of your criteria, you will give yourself a better chance of finding a property that ticks your most important boxes.
For example, by spreading your search a little wider than your favored location, you might find a few gems with the garden, view, extra bedroom and other items on your wish list.
Not conducting a thorough viewing
Many homeowners rush property viewings because they don’t have time, or they feel uncomfortable with the process of inspecting the seller’s home. But it’s essential to conduct a thorough search so that you can be sure the home is right or wrong for you. It is in their interest to allow you to inspect the house properly. Some buyers find it helpful to bring along a checklist to remind themselves of all the things they need to inspect and the questions they want to ask.
Not doing a second (or even third) viewing
If you find a property that you very keen on, make sure you view it at least twice. It’s one of the most significant purchases you will make and, as is the case with any large investment, you must be well-educated about what you are about to get yourself into.
If you can, try to change the viewing times so that you can see the house and the neighborhood at different points during the day and evening. At the first viewing, you may have been looking at the details, but on the second viewing you should take a step back and look at the property as a whole.
It’s essential to be aware that buying property is a complicated process and even with plenty of experience, problems can and do crop up along the way. However, you will minimize the stress involved in this process by being a thorough and well informed first-time buyer.