Property Abroad - What's in it for Me?
Property Abroad - what's in it for me? - I was asked this very question by a young lad keen to get a foothold on a property market - any property market that was heading upwards - now there's a question.
Mmmmmm well with a question like that I was more than willing to blurt out my entire 20 years knowledge of the overseas property market in one breath - but alas my lungs failed me.
The property market here in the UK as everyone knows has been spiralling out of control over the past 3-5 years and many first time buyers are finding it increasingly difficult to get a foot hold on the market. Many buyers have been reduced to sharing with friends in order to even buy a property whilst others remain at home with good old mam and dad.
So then - the overseas property market - what's in it for me question. Well once we've taken care of the obvious questions like:
Depending on where you are thinking of buying can determine whether or not you can get a mortgage. You need to consider the mortgage rates, the likes of Spain has a low interest rate compared to England yet Cyprus is running ahead of the UK interest rates at about 6.2% so it pays to consider this especially when you are looking at a long term loan.
Are you looking for long or short term investment? Are you hoping to jump in and back out fairly quickly to create a profit that you can then sink into a UK property or are you interested in long term investment? Consider the benefits and pitfalls of both. If you pull out on a short term investment and then the overseas market erupts you'll be kicking yourself. Then again if the UK market rises in toll with the overseas (not impossible so bare it in mind) you may be still as far away as when you started.
Are you considering using the property abroad for your own benefit? If you are wanting to use the property for your own benefit as well as investment purposes then you need to take into account things like: How easy is it for you to get to your property (cheap flights etc)? Will you be using the property during peak months which could potentially cost you money?
Have you considered buy to let, guaranteed rental or leaseback schemes? There are many schemes out there to help improve your investment like buy to let, guaranteed rental and leaseback all of which offer some piece of mind when buying property for investment purposes.
Once we have taken care of the above then its more or less down to where you are wanting to buy a property or home abroad. With over 50,000 properties for sale on our website in more than 46 countries abroad we are well placed to offer new and old buyers the best choice of overseas property for sale on the internet.
Wherever you are thinking of buying a property overseas whether it be the UK, Europe or indeed anywhere in the world you need to visit our website and see for yourself the sheer amount of information and guides that we have available for the overseas property buyers.
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ABOUT THE AUTHOR
Property Abroad's directory Les Calvert writes interesting and useful articles on all subjects dealing with investment property and overseas property. With over 400 company websites selling and renting property in almost every country around the world Les is well placed too ffer advice on existing and emerging property locations. Visit their flagship site for more details on investment property abroad