Tips to Consider if you are thinking of Purchasing Foreign Real Estate

Tips to considering if you are thinking of Purchasing Foreign Real Estate?

1) Research the Market thoroughly: Ask people who live in the area for insight into the local economy, whether property values are stable.

2) Gain Local Knowledge: Try to find out as much as possible about living in the area and the risks involved year round. Are there any risks from the government or any environ-mental concerns such as hurricanes or earth quakes that you should consider?

3) Location: If you are going to be travelling back and forth you will probably want to be in a location close to an Airport with reasonable prices for regular flights.

4) Know the Rules: Understand local planning , building regulations and laws of ownership which can vary significantly.

5) Get a good Agent and local Lawyer: Seek recommendations when possible. Just as in Canada , you will need people to represent your interests and help explain any techni-calities that you may not understand in a foreign market.

6) Plan for renting your property: Find out about local rental incomes and laws. You may need to pay tax on any rental income.

7) Look carefully at your finances, the challenges and the potential: Consider the impact of currency fluctuation. Are there restrictions for accessing money as a foreigner?

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Stacie Dease

Stacie Dease

CENTURY 21 Lakeland Real Estate
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