Buying abroad is a dream for a lot of people. Sometimes it is for purely investment purposes other times it is for personal reasons to secure a holiday home.
Buying abroad is a dream for a lot of people. Sometimes it is for purely investment purposes other times it is for personal reasons to secure a holiday home.
One thing that I’ve realised over the years is that it’s important not to be emotional about buying a property if it’s for investment purposes. In other words, you don’t view a property for investment in the same way that you’d view one you plan to buy as your own home. With investment, you’re buying for the market and for the financial returns.
Of course, it matters where the property is, what it looks like, what facilities are around, how it’s furnished, etc., but only insofar as this makes a difference to the bottom line. It follows, therefore, that the larger the playing field, the more opportunities you have to find the high-yielding markets, great capital growth and good occupancy rates. This is the reason a lot of people have expanded their sights and are prepared to look worldwide for good investments.
So many inexperienced investors buy based on emotion alone, and this is very often their downfall. When faced with sun, sea and sand, these emotions are multiplied and so many people buy in a location because they enjoy holidaying there. For example if you are on holiday in Turkey. You might consider looking for Turkish Property as an investment. I picked Turkey as an example, as property prices in Turkey are still lower than anywhere in Europe.
That’s great if you are buying primarily for your own enjoyment, but even these types of purchases mostly still rely on an investment element as you’re hoping the rental will pay the mortgage that allows you free holiday accommodation whenever you want it.
It would be important to speak to a specialist agent who understands the local market. There are many attractive villas and luxury houses in Turkey that many would consider buying as a second home, or as an investment property.
It goes without saying that research and due diligence are the number one priority, particularly when buying abroad.
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