Before you think of buying real estate overseas there are some things you need to know. This is your due diligence checklist when looking to purchase for-profit or if your purchasing property as a second home or for retirement:
- What is your budget? This might be more complicated than you would think. You need to consider things you might not need to consider at home like the transfer tax.
- What comes with the property? Will the place come with appliances, furniture, countertops, cabinets? Remember to always ask what it’s included especially if you’re buying pre-construction.
- What are the zoning rules? This question might not have occurred to you. However, you do need to consider this when you’re shopping for property overseas. Buying in a gated community might save you from any issues if the HOA rules are defined.
- What is your access? How are you going to get to the property? Remember the direction the real estate agent takes you might not be the actual access to the property.
- Is there an HOA? Who’s on the board? How are the finances?
- How much is the HOA fee? You want to pay as much as you need to maintain the property.
- Are you allowed to rent short-term? Some countries have restrictions on short-term rentals. Make sure you understand the rules.
- How far away are day-to-day services? Where are the grocery stores, the restaurants, public transport?
- What are the total carrying costs?
- Does the development company/developer have a track record?
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