Buying Overseas Property
Even though sales of overseas holiday properties have slowed down considerably, there is still a large amount of interest in buying overseas holiday homes. Many people are using the current economic situation to take stock of the overseas property markets and are simply waiting before they feel an upturn is imminent. it's true to say that in the last few years, because of the bullish attitude to investing in properties overseas, a number of property purchase decisions have been made that owners are now regretting. This relates not only to the locations chosen for purchase but also contract problems that have perhaps arisen since the purchase was completed. Some unfortunate persons have also lost a good deal of money as a result of developers going bankrupt. Now the heat has gone out of the market, people are having more time to take what should be long term decisions with regard to the purchase of a property.
One thing that is essential when dealing with overseas property, in unfamiliar markets, is being able to obtain as much background information as possible, armed with knowledge, especially relating to how overseas markets operate, can help prevent mistakes from being made. Anyone who has visited a bookshop or checked online can testify to the fact that there is a plethora of guide books to buying overseas holiday homes, some good, some bad. The conflicting advice contained in these guides can cause a good deal of confusion. One quality publication, that can help to steer you through the choppy waters of property purchase has recently been published (for the 4th time) by, The Association of International Property Professionals AIPP (the industry body for the international property market). Their latest and updated offiering entitled" Buying Overseas Property Safely The Consumer Guide from the Industry Body. should be considered compulsory reading, especially for the novice or first time property purchaser. Although it doesn't contain information on holiday home insurance it does provide independent and expert advice on a broad range of topics including amongst other things ;
- The five main pitfalls when buying overseas property.
- The roll of the property agent and the top ten questions to ask them.
- What to consider buying including, off plan, new build, resale or renovation.
- The different ways to purchase property abroad
- Up to date information on mortgages
- Why it's essential to have a fully independent lawyer
- Methods of transferring money to fund your purchase
- Guide to letting your holiday property.
You may may wonder what the cost would be for such a helpful and informative guide is, actually you can obtain a copy free of charge by calling AIPP direct on 02074097061 or email them on enquiries @aipp.org.uk