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A Quick Guide to Buying an Off-Plan Property Aboard
Overseas property buyers have two choices when investing in a property – either buying off-plan property or buying a second sale property. Buying off-plan property means a purchaser is buying a building, such as a villa or an apartment, while it is still in the design stage on paper, and it is a popular choice with many property purchasers.
Buying off-plan property abroad is presently being regarded as the new ‘quick money idea’ as it is becoming ever more possible for ordinary people to own international property without being millionaires. Investors often use their overseas property as a source of rental income, and terminologies like ‘buy-to-let’ and ‘jet-to-let’ are being framed to describe this new phenomenon. In doing so this has helped many property investors with their ‘not so secure bank balances’ due to the present economic climate that has affected many countries in the world
In the UK alone, during the last five years, buying off-plan property abroad has become a sort of national fixation. It has been observed that the British prefer to buy off-plan properties to resale properties. Buying off-plan property abroad is a trend that has acquired a band of loyal followers, and everyday, the number of these followers keeps on increasing. The internet is a starting point for the search of the ideal off-plan property, and novice investors are making a beeline for the emerging property markets, such as Dubai.
Statistics have brought to light the fact that Britons purchased 1,000 homes a week in foreign lands, with Spain being the most-preferred destination accounting for about 80% of sales. Spain with its 300 days a year of sunshine, good quality infrastructure and lower cost of living is indeed one of the most ideal country’s for property investment. There is also Brazil that has some of the best beaches in the world and is now being touted as the ‘next-preferred’ destination by investors. Bulgaria has outstanding properties which are priced reasonably. Investors who were wise enough to foresee the developments in the real estate business were quick enough to pick on Latvia as the upcoming holiday destination. Those who invested in Latvian property now stand to enjoy profit as the real estate price increases by 3-5% per month in certain areas of the country.
There are more people who would prefer to buy off-plan property then there are resale property buyers, and not only because the buyers would like to own a new property rather than an old one. Off-plan property investors have a wider choice as there are number of projects going on at any given time. Some developers even offer a payment concession, and investors get a chance to make certain minor alterations in their chosen off-plan property as per their individual needs.
Buying off-plan property abroad does take some ground work. It is vital to work out the budget, and more specifically the upper price limit. Investors need to consider the conditions of the local market, and it is necessary to look for an off-plan property that is in a popular area with a strong resale market. The overall development of a town or city will also have to be taken into account while selecting a property. Last but not least, the local law vis-à-vis the international buyers needs to be considered as different countries have different laws and rules regarding the sale of property to foreigners. Therefore it is advisable to seek the advice of a property expert when buying off-plan property abroad as they would be well versed with the nuances of the property market.
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Travel Part B