Overseas Investments – Look Before You Leap
As more and more people look for new ways to build wealth and invest their money wisely, the popularity of buying overseas property grows. Buying a property for sale for investment purposes basically means that you buy to rent out which for obvious reasons is often far more profitable with overseas property.
Not only can you charge a higher rent to tourists but you also have a holiday home that is paying for itself or you move abroad and buy a property which will be worth a lot more than the purchase price a few years down the line.
The Spanish owned Canary Islands have always been a popular choice for the overseas property investor, especially the islands of Tenerife and Fuerteventura, but Cape Verde and Morocco are fast catching up, offering property for sale at more than reasonable prices. The procedure of investment abroad is relatively simple, but, if you have never bought an overseas property before it can be quite daunting to take those first steps.
What Does Moving Abroad Entail?
If you are thinking about making the move abroad, there is a fair chance that you already have business or professional involvements that are drawing you away to your future home, but if you are starting from scratch then having a plan well in advance will come in handy.
Think carefully about the area you want to live in.
In your mind, you may be imagining a sun-drenched life of increased leisure, lower taxes, and greater affluence, but there are other things that you need to take into consideration before taking this plunge.
It’s not a thing any of us like to do but it is always worth taking a while to contemplate the potential downsides to the venture. Simple things like, what if your new neighbours are noisy or rude or if the language barrier proves too great or if the more relaxed way of doing things (especially Spain’s infamous ‘mañana, mañana’ attitude) has the completely opposite effect on you. Be prepared for the possibility that this lifestyle won’t agree with you.
Moving away from your home takes you completely out of context.
Even though many areas now have a huge expat community ensuring that there are very few things that you cannot get and will miss from “back home”, you will be away from the ebb and flow of your familiar life and this does take some getting used to.
Even those whose reason for moving is precisely that can sometimes find it difficult to deal with. For some, distancing themselves from family, friends, and even from football, the movies, and drinkable tap water comes as a bad surprise.
Of course, with satellite television and the Internet this situation is a lot better than it used to be, still, think about the way you spend your time at home, then translate it into your new environment. How much will you miss? In what ways does your new home duplicate that lifestyle or improve it?
However much you complain about it now, the UK has an excellent health care and schooling system compared to many overseas countries.
This is something that is particularly important if you are moving your family. Make sure you do a thorough check of all the facilities available. If you have an existing medical condition, check out the local physicians to make sure they can care for you when you need them. What about dentists, eye care, and insurance? Before you leave, you have to make sure that these are all in order.