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Anyone that wants to make money from real estate will realize that opportunities exist outside of the country. Yep, that’s right – here isn’t the only place to make a killing. Unfortunately, what seems like a beautiful swan often regresses and morphs into an ugly duckling. Why? It’s because investors just don’t think everything through before pulling the trigger. There is no doubt that foreign property is a potential cash cow, but you need to check a few things off the list beforehand.
Here’s how to make sure your next offshore investment doesn’t become another statistic. At least, not the statistic you’re looking for anyway.
Use A Realtor
The best deals are the ones where there is no intermediary involved, right? Yes, on occasion that is true. However, it isn’t always the case, especially if you don’t understand the language and have zero knowledge of the market. This is where a realtor comes in handy. These people are experts that know a good deal when they see one. And, they can put it to good use as long as they have your interests at heart. At the end of the day, the best deals don’t have any nasty surprises. With an estate agent, you’re more likely to avoid bombshells that could put the entire investment in jeopardy.
Hire Separate Experts
Apart from a realtor, you will also need a legal representative and a translator. If you want to be extra careful, there is also room for an architect and surveyor to name two more. The temptation, wherever possible, is to mix and match to save money. For example, lots of investors like to ask their lawyer to translate documents because it’s easier and cheaper. Although it appears like a good idea, it isn’t savvy to rely on one person. Anyway, there is no way of knowing their level of translation if you hired them as a lawyer. Stick to using one professional for one job to avoid muddying the waters.
Make Sure You Have Enough Cash
Of course, there should be sufficient funds to buy the property, but that is the long-term goal. In the short-term, you might need a smaller amount of foreign money to give the bank as a down payment. Plus, everyone you hire will need paying, and they might not accept credit card payments. No one wants to lose money through exchange rates and poor decision making, and there is no need to any longer. Thanks to a foreign exchange consultant you will be sure to have plenty in reserve. And, they should also help you manage your funds to prevent any unnecessary expenses.
Take The Risk
There is only so much research an investor can do before doubt takes over and ruins a deal. It is true that an international project is a lot scarier than one that takes place at home. But, the chances of it being successful are pretty high as long as you follow the right protocols. Sorry to burst your bubble, but there are no guarantees no matter how hard you study the market.