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Tips For Buying A Property Overseas
By Patricia Tan
The “world is becoming smaller every day”, or so the saying goes. Advances in technology and transport have certainly allowed many of us to easily experience other countries and cultures. Those experiences often lead to a desire to relocate to another country, or at least purchase a property there so you may enjoy spending longer periods in that area. Alternatively, certain parts of the world may be seen as better than others as far as real estate investment is concerned. Whatever the motivation, the decision to buy real estate in another country is not one that should be taken lightly.
In recent years we have worked actively in a number of countries, including The Bahamas, Barbados, Belize, Costa Rica, Dominican Republic, Mexico, Panama, Brazil, France, Italy and U.K. As international realtors, buyers often ask us how they should go about making a purchase of real estate in another country. Here are my top tips:
[2]• Conduct extensive research on the country and area in which you are interested. There are many resources on the internet to help you do this before you even leave home.
• Be sure to check for developments that are planned for a particular area – commercial buildings, residential neighborhoods and infrastructure – roads, sewer, water etc. Look at the track record of local government and developers. Have they delivered on their promises?
• Check current and planned transport links. The addition of a new airport or road system can have a dramatic impact on an area’s desirability and property prices. Conversely, poor access can have a detrimental effect. For instance, consider the many British investors who bought property in parts of Europe based on the availability of cheap flights from discount airlines. As the recession took hold, many of those airlines discontinued service to certain locations, making it costly and time consuming for home owners to get access to their property, and limiting the market for resale.
• Spend as much time as you can speaking to locals – they know best what is going on in their area. This is easy to do when visiting the area, but consider using online social networks as well.
• Visit your desired destination at different times of the year. See how the seasons affect your enjoyment. The busy summer destination can be deserted in winter and vice versa.
[3]• When working with a builder, developer or agent, check their credentials. Ask to talk to former clients. If you are buying a new property or something that is under construction, ask to see proof that the developer owns the land and has a license to build. In some countries you may need the services of an attorney to effectively check the financial standing and track record of business people.
• Always choose an English-speaking attorney, who has an understanding of the legal system in your chosen country. They can be located in that country, or in your home country but with experience of the market in which you intend to invest.
• Be aware that real estate agents in other countries may not be licensed or controlled by the government. They may not have experience in dealing with foreign buyers, and may not be in a position to give best advice. Look for an agent who has taken the time to invest in an international real estate qualification.
Photos:
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Bahamas beachfront cottage. Part of a development by a Sarasota-based company.
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Former home to the U.S. Embassy. Spectacular views across Worthing Beach in Barbados. Restore this imposing home to its former glory, or redevelop the land into a hotel or condominiums
Patricia Tan was born in England, and moved to Sarasota in 1997. Her career afforded her the opportunity to live and work in many countries around the world, including Australia, Hong Kong, Singapore, Malaysia, Germany, France, Belgium, Netherlands and the United Kingdom. She spent five years as a Director of an American real estate franchise in England. Patricia has served as Chairperson of Sarasota Association of REALTORS®’ International Council, and currently serves as the national Association of REALTORS®’ President’s Liaison to the United Kingdom. She is a Certified International Property Specialist (CIPS) and works as International Sales Director for Prudential Palms Realty. Patricia may be reached at 941-504-9232 or Pat@PatriciaTan.com [4].
Copyright © 2011 REAL Magazine
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