| Tips for Buying Off-Plan Property Abroad
by Susan Pedalino
Anyone with an interest in anything off plan should now
be familiar with Spain and the off plan scene. We've all got the hang
of it and we pretty much know what to expect and what not to expect.
It isn't far, you can fly back and forth, and most people have a least
a friend or relative out there that can keep you in touch with your
investment. Even if you don't have a 'connection' in Spain, it is likely
that you know someone else who is also buying off plan to swap notes
with.
So, now you've got some off plan buying experience under your belt
you might want to take your interest further afield. However, further
afield can mean unknown territory and with many investors buying off
plan in countries that they have never even visited, you should expect
some unexpected.
So what should you be aware of when buying off plan in Bulgaria, Turkey
and even Latvia? Unfortunately, we cannot cover ever possible eventuality
for every country that sells off plan. But, just like buying in Spain,
we mustn't get carried away and forget to apply common sense to every
decision. Buying off plan is never risk-free and buyers often face a
disappointment of some sort.
| The following tips should be applied when buying
in any country:
Use an agent recommended by a friend or an independent company
or organisation that you have dealt with and trust. Look out for
an accredited agent such as members of The National Association
of Estate Agents (www.naea.co.uk). If you are buying directly
from the developer, ask for a considerable discount, because they
are saving on big commission fees which they would otherwise pay
an agent. Do some research on the developer's reputation, the
internet is your best resource for this. Do judge the project
on the promoters, if they don't inspire confidence, then find
someone else, even if it does seem a good price. There's a lot
of choice, be picky. Make sure that the builder has a license
to build on the land. Make sure that the project has a bank guarantee,
in case it falls through, in order to get your money invested
back. Get a recommended lawyer, preferably not by an agent, to
check the contract. Remember that when you hand over a considerable
deposit at least two years in advance of completion, the builders
are earning interest on your money whilst you will be spending
the next couple of years in quite a powerless position, hoping
that there won't be delays. Take a good look around the plot and
imagine all possible building scenarios. Let your imagination
run wild, as we have come across many buyers who find that their
view of Spanish, rustic countryside is replaced by cranes and
foundations even before they've moved in. Do not take a view for
granted unless you are front line beach. Protected land can very
quickly become unprotected as developers have ways and means of
getting the land that they want. Try to find out what building
work is scheduled in the surrounding area. It could be that the
developer has further phases planned which would affect the rentability
of your property. Do not buy because of golf courses, leisure
complexes and luxury 'Banus' style ports as they often don't materialise.
Really think hard and don't be blinded by the sun.
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Try to be practical about proximity to shops, noise levels, airports,
schools, hospitals, and the beach and for some, jobs. Will you need
to buy at least one car for the family to live in the area? If you are
going to rent it out, what does your target market need? Visit as many
developments as you can to find out what you don't want before you commit.
If you plan to live in the property, be prepared to rent for a period
as it may not be finished on time. Do not count on a rental income until
at least a couple of months after collecting the keys as there will
be outstanding snagging problems. Quiz the promoters to find out general
information about the other buyers e.g. nationality, age etc as they
are going to be your neighbours. Try to predict the tone of the future
community and ask yourself if that is what you want. Look at what is
located nearby to predict who might buy or rent there for access to
work.
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Security - what will the provision be for the
protection of owners. Some types of property are safer than others
e.g. a third floor apartment is less likely to be burgled than
a ground floor one.
Analyse the plans of the development and of several properties.
Ask for plans with a scale and accurate room dimensions. Really
think about what you need and what suits your lifestyle e.g. more
indoor or outdoor space etc. Find out what is included e.g. kitchen
fittings, air conditioning etc.
Talk to relatives, friends and friends of friends, there is always
someone who has bought in the country you are thinking of buying
in.
Internet research, although you may be overwhelmed by the amount
of real estate agents that appear.
Don't rely on estate agent's information as they may have ulterior
motives such as high commissions for particular developments which
they will push you towards.
Visit the country and choose a specific area that appeals to
you. Read The Times Sunday Homes Section.
Read real life case studies in magazines aimed at buyers of overseas
property.
Find relevant internet forums to share information.
Check out Eye on Worldwide www.eyeonworldwide.com
message boards to find out what buyers are saying about the development
that you are thinking of buying on.
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About the Author
Susan Pedalino is a Masters degree qualified in Intercultural Communication
and teaching English as a foreign language. Having moved abroad to set
up a business and buy property, she has gained invaluable experience
in buying off plan property abroad
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