In today’s podcast, Kathleen and Lief discuss doing your due diligence before buying property and run through part two of their real estate checklist.
– HOAs And HOA Fees
Make sure that there is an HOA registered and that the HOA rules are enforced. Also, look into the finances of the HOA. Are people paying?
If you’re buying in a building, take time to look at the building, look at the social area. Is it well maintained and cared for?
Remember, you don’t want the HOA fee to be too low, you want it to be enough to cover the costs.
– Buying In A Gated Community Or Not
This decision will affect not only the kind and cost of the property you’re buying but also your lifestyle. Where you’ll shop? Will you need to learn the language? These are things that might change if you live in a gated community or not.
If you want a property for short-term rental, find out what does the market wants for short-term rentals. Make sure you understand the market and what type of property is in more demand for rentals.
If you’re buying for rental you want to have the biggest rental pool possible. If you can, focus on markets that have both local and foreign demand.
– Rental Manager
It’s not easy to find a good rental manager. However, this is a key component for the success of your investment. To find one you can reach the real estate attorney or the local expat community.
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