A Buyer’s Guide To Off Plan Property Investment - 10 Top Tips
Over the years, we’ve seen literally hundreds of Overseas Investment property transactions, so If you’re buying abroad here’s our check list of tips and advice to make sure your property purchase goes as smoothly as possible:
*Take time to think about what you want from your property. Is it purely for investment? or will you be using it yourself? when do you want to resell it? Do you see it as a long term or short term option? Very soon you will get a much clearer idea of the style and type of property purchase that is right for you.
*Make sure you can afford it.
*Make an appointment to speak to your financial adviser before house hunting. Knowing your limits will prevent impulse buys that will blow your budget.
*No matter what the Developer says, use an independent bilingual Lawyer. Good legal advice is worth every penny and avoids costly mistakes.
*If you don’t plan to visit your property, make sure the solicitor offers a power of attorney service to sign necessary legal documents on your behalf, with your prior approval.Know the closing costs.
*Every country imposes different taxes to the process of buying and selling property. Make sure you are fully aware of these. In some countries these can add up to 10 - 12 % of the property value.
*Check the documentation yourself. Your lawyer probably wasn’t there when you negotiated your property purchase. If you managed to get some extras thrown in with the deal, make sure they’re in the contract or management agreement and let your solicitor know what they are.
*If possible, look at other developments by the same developer. Were they completed on time? What was the build quality like?
*If the property is investment orientated, is there a track history of good rental performance with this developers properties?
*Finally, use your common sense. If a deal looks too good to be true, or is heavily weighed in your favor, there’s a reason for that, and its not always your shrewd bargaining skills. Take extra care, take extra advice, and don’t just look at the price.