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Transport links are important, and beware of relying solely on one airline to get you to your overseas home. Carriers pull routes all the time, so you could end up with no direct flights to your house. When choosing, also remember that being physically so far away makes life difficult, and you’ll probably have to appoint a building manager to maintain the property in your absence. A good resource is www.propertyfrontiers.co.uk.
You may dream of buying a tumbledown ruin and transforming it into a home, but this often turns out to be more expensive than buying a new home, especially if you get a discount for buying off-plan. Renovation costs and unforeseen planning issues can run away with budgets, and a newer home should have lower running costs. Also, if you aim to rent it out, the furniture and décor must be in good condition, and buying a new-build means you’ll get new bathroom suites and fitted kitchens.
So is it a good investment? The key is to choose your property carefully. As with buying in the UK, do your research and be prepared to have your funds tied up for the long-term. How you finance the deal depends on the area: UK banks will offer mortgages on some overseas locations, but not on others. While your investment isn’t guaranteed, choose wisely and you could enjoy an overseas bolthole for many years and walk away with a tidy sum at the end of it, thanks to capital appreciation on property.
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