Press Release Summary = Buying a house is likely to be the biggest purchase an individual will make in his or her life. And while it is likely that homebuyers will do their homework before signing on the dotted line, doing comprehensive research becomes even more important if the property you plan to buy is in a different country.
Press Release Body = Buying a house is likely to be the biggest purchase an individual will make in his or her life. And while it is likely that homebuyers will do their homework before signing on the dotted line, doing comprehensive research becomes even more important if the property you plan to buy is in a different country.
Even for a more experienced investor, solid research about the local market, the property itself and local rules and regulations is of paramount importance.
However, it remains the most common pitfall among foreign property investors, according to impartial property advice firm Buy Association.
The website\'s homes and property editor, Kate Hamilton, claimed investors frequently fail to research their property deal satisfactorily.
She said in the industry it is known as \"leaving your brain on the plane syndrome\", suggesting that those exploring the property market abroad could be overwhelmed by perhaps surprisingly low house prices, the lure of a relaxed lifestyle, sunny weather, friendly locals or stunning natural beauty.
And in the process, factors such as legal constraints and red tape could go by the wayside.
But savvy property investors could take caution against this, by going about their house hunting in a clever way.
Ms Hamilton said to make sure you are aware of all factors related to the property itself, it is important to visit the property in person. Going at different times of the year will give the potential investor a better idea of how the investment will be affected by seasonal changes.
She also suggested driving from the airport to the property yourself, to get a clear idea of how long it would take.
2012
