Would you like to pay off your mortgage in just one year? It sounds like a dream to most of us, but in One Year To Pay Off Your Mortgage Sarah Beeny followed some brave people who tried to do just that, by gambling on the foreign property market.
Having watched UK property prices go up and up, these intrepid souls invested in what they hoped were rising markets in Spain, Montenegro, Bulgaria, Italy, Crete and Morocco.
1. Is it really a hotspot? Check out how long it takes and how easy it is to travel there. Do airlines, especially cheap ones, fly there? How good are the roads and connections?
2. How much will it cost? Will you be stretching yourself?
3. Is your time frame realistic - or are you putting too much pressure on yourself?
4. Don't get involved in things you don't understand. So, employ good professionals.
5. Take on a really good project manager. You pay for what you get so don't be tight about it - you need someone there who is on your side.
6. How long you should keep a property abroad depends on the country and its political situation. EU countries' property markets are unlikely to crash, so it's probably safe to hold on long-term. But if you're investing short-term, get out as soon as you've made some money.
7. Find out as much as you can about the country, the culture and the people. If I were buying abroad, I'd go to a cafe or bar and chat to the locals.
8. To get the highest possible return, do your research properly. Remember, build costs need to be local prices (not estimates based on UK prices) and resale figures should be specific to the area in which you are hoping to sell.
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