A guide for overseas property investors and those in search for a home to buy abroad

Overseas property you need to ask some serious questions 

Buying property overseas has become more and more popular with an increasing number of people now owning a home abroad. Investors are also on the increase and with so many emerging markets overseas property investors are spoilt for choice. The Bank of Ireland reported that Ireland’s keen property investors were contributing to the countries success.

Your objective ask yourself some questions 

When buying a property abroad it is essential to know your objective. Is the property simply an investment or is it somewhere to live or visit. Do you want short term capital gain or do you want it to provide a one off profit over a particular period of time. Is the property to provide a long term regular income? Or are you buying of plan and intend to sell before completion.

Golden rule keep your cool 

When buying property abroad you need to stick to your objectives and never buy unplanned on a holiday. Lack of planning may mean you may live to regret the purchase you are about to undertake. A cool ahead is essential, ignore the pressure some agents may pile on you. It’s a good idea to see your chosen area at varying times of year. A self imposed cooling off period will make sure that you have not bought in haste.

Buying property off plan  

Buying a property at the drawing board stage pre construction can be very rewarding. Developer’s need the extra finance and can give some impressive incentives and return rate predictions

Questions to start with:

1. What guarantees do I have that the developer would not go under or this project would not go under? 
2. Will my deposit be placed in an Escrow account
3. Tell me about the building company, what work have they done in the past
4. Has the builder secured planning permission and local permissions for the project
5. Are there any legal safeguards for foreign investors in the case of non-completion or poor construction work by the developer?
6. If I decided to sell before completion of the project, would that be possible and would I be penalized in anyway?
7. How easy is it to buy and sell property in this country?
8. What if I decide to sell my (residence/hotel suite)?
9. Are there any other fees while the project is being built and what about after completion? 
10.  What do you anticipate the rental income to be once the facility opens based on current rates at similar properties? 
11. What is the payment schedule
12. What happens if the building is delayed
13. What is the rental yield I can expect?
14. What are the tax and inheritance implications
15. What is the buying process in this country
16. What are your partners views?

Buying property overseas safely

Overseas property buyers should take advice from qualified solicitors or other independent professionals and ensure that sales documents, title of property, building permits and registrations are correct and translated into the language of the purchaser.

Overseas property buying advice

A proportion of the information concerning the regions we cover comes from overseas property professionals and publications . However we also source our agents and developers for their perspective of the market. Our buyers can receive up to date information direct from our agents and developers.

Guides from other property web sites

• Guardian buying property abroad. Jeremy Davies, author of Buying Property Abroad, says finding an agent to act in your best interests is essential.
• BBC - Homes - Property - Buying abroad Advice on buying property abroad. ... Buying property abroad is more popular than ever, with increasing numbers of people following their dream in ...
• Legal Aspects Of Buying Property Abroad from Channel4.com/4Homes All 4Homes:, On TV, Buying & Selling, Renting, Property Search, DIY & Building, Style, Buying Abroad,

Buyers Advice

Please note that all prices shown on our sellers property advertisements are subject to foreign exchange fluctuations.HomesGoFast.com strongly recommend buyers seek independent advice from legal representatives to ensure that sales documents, title of property, building permits and registrations are correct and translated into the language of the purchase

Buying a house overseas recommended advice and guides

• Money Tax and benefits when selling property
• Buying property abroad article by Barclays Bank
• Using an estate agent
• Office of fair trading-using an estate agent
• .homeandgardenfreebies.co.uk