Guide To Buy Property Overseas

When buying property overseas it can be a demanding task including the possibility of several problem areas along the way like tenancy laws that can be complicated, financing, condition the property that you want to purchase is in, working with an inexperienced broker, etc. It is important that you deal with the procedure of buying property overseas in a systematic way to help reduce any hassles that could accompany the process.

One of the first things that you should do is to determine your budget for buying the residential property. In addition to what the property will cost there could also some other expenditures that you should figure into your budget. These other expenditures can include;

• Registration fees
• Stamp duty
• Brokerage fees
• Legal fees
• Cost of improving/renovating the property
• Property tax/house tax payments in the future
• Cost of furnishing the home
• Maintenance fees that can be monthly or yearly to society
• Society transfer charges in buildings with societies

Next you will want to find a realtor, who can help you in locating and evaluating the residential property you are interested in. They will also guide you through the entire process until the purchase is finished and you own the property. Make sure that you choose a broker that is knowledgeable about the entire process and experienced. Real estate brokerage firms overseas are not often institutionalized so be wise when choosing a broker.

When looking at residential properties there are many factors that you should consider before purchasing it because each has their own disadvantages. For example, you have the choice of purchasing an apartment located in a co-operative housing society or an independent house. Having an apartment may give you amenities like swimming pools, parking arrangements, health clubs, security, gardens, etc that an independent house will not.

Another factor to consider is the assessment of the value of the residential property you are considering buying. You need to see if what they are asking for the property is commensurate with existing market values. To find out this information ask your realtor for the last transacted sales price. You should also check out the legal aspects of buying this piece of residential property. It is best if you hire a good lawyer to help you complete the purchase of the property. When you buy residential property overseas there is a lot of paperwork that needs to be taken care of so this is why it is advisable to have a lawyer that is knowledgeable and able to handle the entire process.

 

Check This Out Before Choose Property

Buying a house, for some, can be viewed as the next step to a new chapter in one’s life. Others see it as a sign of independence and convenience. However there are some who merely buy the house based on price without considering a lot of factors.

In fact, most people spend at least 96 minutes viewing properties. That’s less than the average time a person spends on selecting a holiday destination. Within that time, buyers have the potential to miss out on so many crucial details like feasibility, accessibility, long term and importantly, practicality.

Here are a few tips and tricks experts suggest when it comes to buying properties.

#1 Think of practicality.

The number one thing to consider is practicality and budget. Most people have their definition of a dream house in their minds. But sometimes, dream houses can be rather pricey and often times, impractical and does not adhere to factors to be considered when buying a house. Even if most listings have all the necessary amenities and allotted factors, there will always be that unnerving feeling of ‘it doesn’t feel right’.

In addition, being emotionally attached to a property no matter how expensive and perfect it may be, will hinder your better judgement. Especially if said property has a few issues such as structural and maintenance issues, they could be quite risky both financially and physically.

#2 Show your meticulous side.

This is, without a doubt, the most expensive purchase you will ever make in your life. It is absolutely vital to have a business-like approach in your dealings.

Like a good shopper, visit the property on multiple occasions and on different times of the day. Inspect the rooms thoroughly and check every nook and corner for any small detail as you possibly can. Don’t be afraid of opening doors and cabinets. As a buyer you are entitled to see what exactly you will spend your money on.

Check for grips on the stair handles and stair treads, plumbing and most importantly, the overall property and what it includes. Check also for technological and travel amenities. Find out if the area has a good phone and internet signal. Check if the roads surrounding the property can be accessed at specific times.

At the same time, take down notes. That way, you will be equipped with the knowledge and details to make an informed decision, rather than a hasty decision based on your predetermined preference. You will also eliminate the worry that there might be something wrong that you missed. Finding out relevant information is a good way to help decide whether you will be most happy living in the area.

#3 Be as comprehensive as you can.

In connection with being thorough, do research. Find out about the neighbourhood. Think about the amenities such as laundromats, shopping marts and offices as well as the proximity to school and work.

Also, think about how the location will affect the lifestyle you and your family have and whether they will enjoy it or find it too remote, too lively, etc. Consider also long term. If you or your parents grow old, will the location be perfect for all parties? It is often best to have a checklist when you do so.

Nowadays, there are mobile apps that can help you with the research and decision making. This is like your personal, if not portable, house inspector. With pre-set questions and checklists for doing property research and analysis, this app allows you to save photos and make notes during your house viewing. IT asks questions like “is the roof on the property made of tiles or slate?” It then tallies the score and with the comparison, you will have another opinion on which property to buy.

And the number one tip for property buying is to have an open mind and enjoy it. Buying a property is one of life’s best rewards.

 

Common Mistakes When Buy Apartement

An apartment building can still be a good investment today. Why? For starters, there are still a lot of people who are still looking for homes to rent. In addition, the units of an apartment building do not just have to be spaces for residence or homes for families and individuals. By getting the right permits, units in an apartment building can be rented out as commercial spaces.

First-time buyers of apartment buildings will certainly have high expectations regarding this particular investment. This is mainly because they will invest a significant amount of money for this venture. As such, if you want to make sure you will own the right apartment building that can help you find success in the field of property rentals, make sure you avoid these common (and costly) rookie mistakes:

Not looking into the history and reputation of the apartment building’s builder or developer.

As a first-time owner of an apartment building, the last thing you want to happen is to stumble upon some structural problems or system failures. As such, it is important to check the background, capability, and reputation of the company that constructed the whole property. Going online and asking companies or individuals that have worked with the property developer is a good way to get some ideas about their competency. If the property developer has a good reputation and has stellar reviews about the properties they built, chances are, it is quite safe to buy a building that they constructed.

Buying a property that is located in an unpopular area.

When purchasing an apartment building, keep in mind that aside from your budget, an important factor you have to consider is its location. Real estate experts say that it is a good idea to buy a property in an area that is improving since buying in a declining location will simply result in high vacancies and rent drops.

Not having sufficient cash flow and reserves.

As a newbie investor, if you are not confident with your reserved funds, you have to get into deals that will create a quick cash flow only. Avoid going into deals that won’t provide a cash flow from day one even if that transaction promises a huge potential profit since you may be put at risk of being unable to pay the bills.

In addition, make sure you have enough cash reserves. Failure to do so can get you involved in different complicated situations. As a property owner, keep in mind that a lot of unexpected issues can happen. As such, you need to have a reserve fund that is adequate to pay for these emergencies.

 

To Do List Before Buy House

Many home-buyers are very diligent when it comes to studying up before they make their purchase. However, far too often 6 very important things go overlooked. These common oversights can result in you losing money, wasting time, and cause unnecessary regret. Now, let’s make sure you know about these common oversights, so you can make sure they don’t happen to you!

1. Resale Value

In today’s housing market, people aren’t staying in their homes the full 30 years like most of the previous generation did before us. Things are changing fast and people are moving around and valuing flexibility more and more. People change jobs, people want to be closer to kids, basically, life changes things. This is why it’s important for home-buyers to immediately consider the re-sale value of the property they’re considering.

Try and land something with a wider range of appeal, rather than a unique home that might only pique our personal interest. You might even want to discuss patterns that your real estate agent has seen in the surrounding area. Buying a home should feel right but it should also be a practical investment. Let your heart influence your decision but allow practicality a place in the decision-making process.

2. Focusing on the wrong expenses

Home-buyers often focus so intently on the mortgage payment and closing costs that they forget to look down the line at additional expenses that are sure to come up. Of course, the closing costs and mortgage payments are important but make sure when looking at your budget you’ve taken into account the possible landscaping costs or other additional fees that will inevitably be built into owning this particular home. It’s perfectly acceptable to ask the seller for an expense list just so you can plan accordingly.

3. Restrictions

More often than you might think home-buyers finalize their purchase before they’ve actually researched the type of restrictions they’ll have to work with. Sometimes you might find that you can’t do that add-on because of zoning laws, or maybe you didn’t realize you’d have to park down the street! “Restrictions” can often be completely overlooked and they can really put a damper on the vision you had for your new home. Be sure to discuss any type of restrictions in terms of remodeling or just all around life with the home with your agent.

4. Previous work was up to par

Home-buyers can so often get wrapped up in the excitement of the “perfect home” that they neglect to look into the previous construction or renovations that took place. This is only an issue if the work wasn’t up to the proper standards. While everything might look fine now, you could find yourself forking up excessive amounts of money to potentially repair a problem you never saw coming. So make sure you look into every bit of work that went into your home and that it was properly inspected and passed said inspection.

5. The H.O.A

This really just comes down to proper due diligence by the home-buyers. Never ever… ever close on your home without doing proper due diligence. Typically H.O.A’s making your living conditions much easier but occasionally you’ll run into some unexpected drama and chaos. There have even been instances of potential fines being put forth by the H.O.A.

6. Have you studied the neighborhood?

Neighborhood stats

Make sure you look at the crime rates, schools in the area, commute times, etc. These might sound pretty straightforward to you but again, you’d be surprised by the type of information that gets overlooked by home-buyers because of excitement over the home itself. Discuss these things with your agent as well as any other type of info you should be looking for to make the best possible decision you can. This home is a very important investment and you need to make sure you’re making a well-informed decision.