The worldwide reccession has flattened the financial markets and have seen share values drop through the floor, we have even witnessed the value of houses fall. So what are the better options to invest in. The answer always seems to come back to overseas property is a sound investment. 

Buying Property Abroad Top 10 Tips

Tip 1 Unfortunately too many people set their expectations too high, as far as what they will get for their mony. So research as much as you possibly can. By researching property on the internet, read recently published books and magazines and visit property exhibitions.

Tip 2  Before you even make any overseas visits to view properties get your finances in order. You need to know exactly what is your maximum financial limit. Make sure you have also included an amount for any purchase costs.

Tip 3  Ensure you set your budget and stick to it!. It is very tempting to go over your pre-set budget when you find the prioperty of your dreams. But don't forget there will be other costs to cover when you buy the property.  These extra fees can be as much as 10-20% on top of the asking price.

Tip 4  Always think about how easy it will be to resell the property in the future. Is the property very isolated and how far are the local amenities away?. This will have a significant bearing on it's resale value but also any potential rental value.

Tip 5  It is always wise to visit the property at several different times of the day. To make sure that it’s location is not blighted by a local all night disco or cafe, that is is not under the local airport flight path. Or the sheds next door are full of roosters that will wake you at 5 a.m every morning.

Tip 6  Try to meet the neighbours if you can, are they people you will get on with or not!. Are they the type of neighbours that will keep an eye on your property when you are away from it. Or are they likely to open it up and rent the rooms out.

Tip 7  There are always risks when buying properties overseas. So when you find the right property it is essential that you employ a good independent lawyer (not connected to the agency selling the property) with a good knowledge of the local property market. It is critical that your solicitor checks evrything fully before you sign anything.

Tip 8  Always get an independent surveyor to carryout a structural survey. Ensure any purchase agreement states that the purchase is only based on a satisfactory survey report. Any findings in the report can be used as a lever to reduce the property purchase cost.  there!

Tip 9  Never hand over any money until your lawyer has checked all the documentation and your survey clause has been accepted by the vendor. Then only when the lawyer gives you the all clear can any money be paid.

Tip 10   Finally last but not least, it is always good to get a second opinion from friends and family on any property you wish to buy.