Watchdog warns overseas property buyers to wise up

Consumer watchdog Which? has published a new guide to help Brits thinking of investing in overseas property.

Buying Property Abroad costs £9.99 and can be bought from bookshops nationwide, or ordered online or over the phone.

Which? estimates that more than a quarter of a million people in the UK owned property abroad in 2003/2004, but warns that it is important not to get burned.

The watchdog advised borrowers to be honest and realistic about their financial situation, as even property hotspots such as Dubai, Eastern Europe and Brazil demand cautious and considered investment.

Among the tips offered by Which? are to use a lawyer, make sure you see the property you’re buying at least once and check the credentials of all involved, including estate agents.

Buyers should also ensure they have applied for the necessary planning permissions and undertaken property surveys to be fully prepared for overseas property investments.

Author Jeremy Davis said the process of buying overseas property could be “time-consuming” and sometimes “a struggle”.

However, he added that if people were sensible they could attain “a wonderful new asset which gives…enormous enjoyment over the years, and greater wealth in the long run”.

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