Caution Advised

09 February 2017
share post tweet
Key issue:
Cross securing
Case study:
Caution Advised
Mortgage amount:


Be very careful before buying foreign property


When buying abroad there are a couple of fundamentals to observe. 1.Why are you buying?This may seem a silly question but many investors are unsure as to their motives.They like the idea but in practice they will spend very little time in the property on holidays and they are reluctant to rent the property either short term or long term because of the damage potential and other factors. 2.Be careful about releasing equity to buy your dream home in the sun.When winter comes the mortgage payments keep hitting your bank account which may not something you really thought about. 3.Where are you going to borrow.If at home its a standard mortgage but if you are borrowing abroad be careful to understand all the conditions of your loan offer. 4.Are you overpaying? there is no regulation in regard to advertising foreign properties and many presentations are skewed in such a way to make you believe you are buying great property at knock down prices.Dont believe it.There is a fair chance you are paying too much for your property sp please thread carfully. Sorry be be so negative but the writer has witnesed at first hand far too many sorry tales