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Worldwide Property Experts |
| The Jet2Let Top 15 Property Tips |
Buy the reality not the dream and therefore decide exactly what you want the property to do for you. Do you require the property for pure investment, for holidays, for rental income, for retirement or for emigration? For a quick exit route for resale find a place that is popular with a wide section of nationalities. In some areas other buyers are from Russia, Denmark, Norway, Sweden, Spain and Germany. Locals always need homes too so check that the location is popular with them as well as tourists. Always buy a property that you like in a location that you like. If you rate it highly and would be happy staying there, then most likely others will too. Knuckle down and ask for the facts and remember that knowledge is power. Don't take out a mortgage greater than you can afford to repay. In the absence of a rental guarantee assume minimal rental for the first two years. Get evidence of land ownership, planning permissions, building permit, utilities approval, access roads, track record of builder and an inspection of area. If you are a first time investor don't put all your property investments in one development or indeed one country. Reduce risk by spreading your property investments in different countries. Calculate the full cost of buying and owning the property. Expenses such as legal fees and taxes should be added into the total cost. Use a real estate agent that you trust and utilise the services of an independent lawyer - ask your lawyer to check permissions are correct and in good order. In marginal, downmarket and peripheral areas your risk is higher, as resell could be very limited. If they are cheaper than the rest there will be a good reason for this. Don't bother with cheap low quality developments in poor locations unless you are 100% sure the low price is really low enough. They may appeal to your pocket but will they appeal to others on resell? If you go for higher risk area - remember to take a 5 year view and be prepared for prices not to increase immediately. The market takes time to catch on to a new property hot spot. Are there nearby facilities and attractions? If you are buying a holiday home and you need rental income you will need restaurants, shops and facilities close by. When looking for the next property hotspot, look for places close or next to the current fashionable area or resort but still offer much of the appeal of the main place. Focus on the legal and contractual side and you can avoid most of the common mistakes made in overseas property investment. Finally, do please register with jet2let so you get to know about new property offers first and do call to go on one of our popular viewing trips. All of us at jet2let wish you successful property investing. |
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