Top Tips for Buying a Luxury Property Abroad
Are you thinking about buying a new home in Phuket? Are you not sure where to begin? Buying property abroad can be difficult if you aren’t a native of the country. You may not be familiar with the local laws and you probably don’t speak the language. If you are considering a luxury investment abroad, follow these tips to ensure your search is a success.
Purpose – Before you choose a property, think about your reasons for investing. Are you going to use the property as a holiday home? Or will it be used for rental purposes? If you’re using the place as a second home, you’ll want to have certain amenities close by. For example, if you’d like to buy luxury lagoon front residences in Phuket, have a look at what is on offer and select a property which has outstanding facilities. The development should be next to the beach and it must include a private pool and other first-class amenities.
Location – Finding the right area is the most important factor to consider when you purchase property abroad. You must think about your lifestyle, if you prefer to be closer to a tourist hotspot than find properties close to well-known locations. If you’d like something a little more secluded, go for an integrated resort or a private property off the beaten track. If you aren’t familiar with a certain location, rent a condo or house in the area and live there for a few weeks to see if you like the place. Being on holiday and actually living somewhere is two completely different things. When buying a place abroad, you should also consider the location of the property in relation to schools, shopping centres, medical facilities, restaurants and transport.
Renting – If you don’t plan on staying in your holiday home for long periods during the year, you could earn extra income by renting the place out to other tourists. If you plan on doing this, you should carefully consider the location. You’ll find it a lot more difficult to rent a property if it is a good distance away from the tourist hotspots. Some areas will be packed during high season while others stay quiet.
Accessibility – If you buy on an island like Phuket in Thailand, you should check to see how good the infrastructure is in terms of transport. How easily can you get from the mountains to your home, or how far way is the beach to your property? These are all important points you must consider. If you need to be near an international airport, does the place you have in mind have good access to the airport?
There are many things to consider when buying a property abroad. Location is one of the most important factors when making an investment. If you choose the wrong place, you may get sick of your new property or you could find it difficult to sell it in the future. A good move to make is to hire a local property advisor to help you find the right place.