t's been said many a time misinterpretations.
that overseas real estate
buyers leave their brain on 1) Get yourself independent legal
the plane when they step out into representation - do not take the
the sun in their overseas recommendations of the developer
destination of choice. They've or sales agent you're thinking of
already fallen in love with the buying from, do your own
country, its people, climate and research. Check out whether your
lifestyle and they've come to country's embassy in your
snap up that dream home. overseas destination of choice
has a list of lawyers they
The trouble is the real estate recommend. If not then get on the
agents in these popular internet, find forums and sites
destinations know that they have dedicated to your country of
a captive buyer and so the buyer choice and ask the people on
is in the ultimate vulnerable these sites for their
position! Add to this the fact recommendations.
that legal and financial
processes differ from country to 2) Never assume anything!
country and many people don't Purchase processes differ from
appreciate this fact and you have country to country, legal
a real estate disaster waiting to processes differ from country to
happen! country and your rights as an
overseas buyer differ from
So, here's the essential guide to country to country. Find out from
buying overseas real estate to your lawyer what your rights are
protect the unsuspecting buyer and how the entire process to
from unscrupulous sales purchase should proceed.
techniques or falling foul of
misunderstandings and 3) Have any financing you will
require agreed in principal unscrupulous agent will be unable
before you set out on your hunt to convince you that an
for that dream home. That way you overpriced property is anything
will have a fixed budget with other than a rip off.
which to work - do not be seduced
by a salesman into extending that 5) If something seems too good to
budget. He wants you to as he be true it warrants serious
will make more commission but it investigation! Occasionally we
will mean you put yourself in a can find a bargain in life,
potentially untenable financial occasionally lady luck smiles on
situation. us and our fortunes change - but
if you always remain a little
4) Visit as many properties in suspicious and bring on board as
your price range as you can in many experts as you need to in
your time overseas. And before order to research a seeming
you even get on a plane to fly bargain you will avoid making a
out contact as many real estate costly mistake and you might just
agents as you can find and insist prove that it isn't too good to
they send you prospectuses of all be true, it's a genuine
properties within your price opportunity.
range across all the regions
you're interested in. With this 6) Get contracts officially
information to hand sit down and translated before you sign them.
go through the properties
carefully. Find out what your 7) Get any conditions of the sale
money will buy you at the bottom written into your contract.
and top end of the real estate
spectrum so that you know what 8) If buying off plan insist you
you will be viewing when you get see previous examples of the
to your destination. That way an builder's work and speak to
customers who have already bought properties should be seismically
and find out about build quality, reinforced.
ongoing customer service
throughout the build period and 10) And finally proceed with
also about after sales care and caution and don't enter into
the guarantees you get with the anything that you wouldn't
property. entertain back home. Just because
you're in a different country it
9) Make sure the houses you're doesn't mean you've become a
viewing are built to withstand different person, you're
any climate or environmental intelligent, savvy and wise back
hazards, for example if you're in home so don't change!
an earthquake prone country
About the Author:
Rhiannon Williamson is a freelance writer whose articles about buying investment property abroad have appeared in many investment and finance publications throughout the world. You can find more of her articles at:- http://www.shelteroffshore.com/
Source: www.isnare.com
