As a professional landlord you’re always looking to expand your property portfolio but have you ever considered looking outside the UK bubble and investing in a property abroad? Foreign property investment is enticing for several reasons – not only does it give you a potential holiday home in paradise but it opens you up to a brand new market.
But while buying abroad can be a great investment it can also be quite risky if you don’t know what you’re doing. With that in mind, here is a quick guide to get you started on your potential property adventure.
Think carefully
This is a big investment and it’s one with a number of complications so make sure you have the correct advice and knowledge before even starting to look. If you’re new to property investment in general, work with a qualified professional and take their expert guidance on board.
Also, once you have settled on the country you want to invest in, study up on their local property laws. Every country is going to have hundreds of unique eccentricities to account for so do as much research as you possibly can. And then do some more.
View properties in person
Looking at pictures, watching videos and even taking virtual reality tours of the property isn’t the same as being there in person. Pictures and videos can be heavily edited and use favourable camera angles to make things look slightly better than in person.
If you can afford it, then why not travel in luxury and rent a private jet while you peruse your potential new home? Private jet travel can make your journey a lot more comfortable, which is very beneficial when travelling for business purposes. Not only that, but private jet prices are nowhere near as exorbitant as you might assume.
Don’t rush into it
The international property market abroad is vast and complex. In fact, in 2020, the value of global real estate reached over $326 trillion. That’s one of the biggest markets in the world by quite some margin. So, before you make an offer, take your time and find a place with decent returns that suits you, your budget and your lifestyle.
That last point is particularly relevant, as you might presumably wish to spend much of your vacation time in your new foreign property. You might even want to retire there in 20 or 30 years. If that’s the case then you need to be sure you fall in love with the region, the property itself and the people surrounding it.
Plan ahead
Actually buying global real estate is just the first step of many, of course. There are hundreds of boxes to tick – how will you maintain the property when it’s vacant, what about insurance? Also, will you be renting it out when it’s not in use? These are all considerations to keep in the back of your mind when shopping around. Because once you fall in love with a property it can be difficult to shake those nagging doubts.
