f you are thinking of renting it out and even more of a
buying a new property headache trying to sell it again.
abroad, you want to make Go for popular areas where there
sure you are getting the best are beaches or golf courses and
investment. are within easy reach of an
airport.
And that means doing your
homework before you sign on the 2. Buy where you can afford. If
dotted line and that dream home you only have "£50,000 to spend
abroad becomes yours. there's little point looking on
the Costa del Sol or south of
Everyone wants to pick up a France. But that sort of money
bargain - but there are bargains can still pick up a small holiday
and buyer-beware bargains. home on Fuerteventura.
If that apartment is being 3. Buy in an up-and-coming area.
advertised as "reduced from" You will get a better return on
there is probably a reason why it your money if you buy in an area
is still for sale and has not that is still growing rather than
been sold especially if it has one where the market has already
been on the market for some time. peaked.
4. Research the area. Discover
So here are some tips about how the pluses and minuses, find out
to make sure you get the most for about the local economy and
your money. climate, local bus services,
rates and local taxes.
1. Pick the right location. If
you buy inland or in the middle 5. Get your finances in order.
of nowhere you will have problems Have all your finances in place
and your mortgage approved at banks, lawyers and insurance
least in principle because brokers.
markets can move and change fast.
9. New or old? If profit is your
motivation, think of buying off
6. Beware of a bargain. Ask plan or a property just a few
yourself: "Where's the catch?" years old. That way you know what
There will usually be a reason you are getting and the bottom
why something is offered cheaply line price. If you buy off plan,
and although there can be by the time the property is built
perfectly reasonable explanations the price will have gone up.
such as a family crisis, new job Buying an old place and doing it
or divorce, if the price looks up sounds romantic but the path
too good to be true - it probably can be littered with hidden costs
is. and problems.
7. Get an English speaking 10. Chat with the locals. A visit
lawyer. It is best to use a local to a local bar can reap dividends
lawyer with local knowledge but in terms of picking the brains of
make sure they speak English. If residents and finding out a
you have returned to the UK and little inside local knowledge.
have a query about your property Most local ex-pats are happy to
purchase, it can make life much help out with a little free
easier talking down the phone to advice about anything from what
someone who understands you. estate agent to use to what
contractor to hire - especially
8. Use an estate agent. There are if you offer to stand them a
private sales that are genuine drink!
bargains but estate agents can
usually put you in touch with
About the Author:
Alan Hayes runs Fuerteventura Holiday Homes, property management and letting agents in Fueteventura. If you have bought a property on Fuerteventura or looking for holidays to Fuerteventura visit http://www.fuerteventura.uk.com
Source: www.isnare.com
