The Advantages and Disadvantages of Buying Investment Property Abroad
Many of us dream of owning an investment property in a gloriously sunny climate or in a picturesque snowy village, where we can create wonderful holiday memories.
While buying abroad needs careful consideration, it does not need to be any more difficult than buying a property in your own country and the benefits can far outstrip any disadvantages.
The buying process nowadays is extremely safe as long as you do your due diligence. It is also a good idea to employ the services of local professional specialists who know the market and can communicate in your own language.
There are many advantages of buying an investment property abroad some of which include:-
Rental income
- Renting out your property can provide you with an income that could potentially cover all its costs and in addition, give you a profit
Stress-free holidays
- Knowing that your accommodation is covered;
- Being assured that your stay will be in accommodation of the quality that you expect;
- Getting to know the best places to visit in the local area;
- Doing your research to choose the right location so that you can benefit from the tourist demand in that area.
The disadvantages could include:-
- Being subjected to different market demands;
- If buying in the local currency, there could be some currency fluctuations;
- Even though you employ local specialists who can speak your language, the local/national regulations could be very different from those in your own country e.g. double taxation.
Final Thoughts
We hope this article has given you some food for thought and has been of some help when considering whether to buy an investment property abroad.
If you would like more information, please contact us on (+44) 033 3303 4767, email sales@lujoinvestments.com or click here to complete a contact form and we will get back to you.
