Three essentials steps you need to take before you invest in international property
I love the idea of being able to own a property on a luscious beach away from the hustle and bustle of the city. To be honest, I like the idea of owning this property in some offshore holiday destinations where quiet beaches and clear blue skies are an accepted way of life.
Well, today I want to show you how to get your hands on your dream offshore property by following three simple steps.
Step 1: Find the right location for your international property investment
Before you commit to your dream international property, make sure it’s easy to get to. You need to invest in a property that’s close enough for you to drive or fly to without feeling like it’s a massive effort.
My suggestion would be to look at countries like Mozambique or Mauritius. It’s not too far from South Africa and they are great countries for offshore property investment. The Mozambican capital of Maputo is the world’s top up-and-coming location for business, fun and romance.
Statistics from the Board of Investment for Mauritius show that around 30% of the foreigners buying into the Integrated Resort Schemes (IRS) are from South Africa, 37% from France and 20% from the United Kingdom (UK).
That brings me to my next point...
Step 2: Find international investment properties that you can enjoy
Holiday resorts are a great way to secure a monthly income from your property investments and with a steady stream of rental incomes from holiday goers you can pay off your property quickly. Plus, it gives you the perfect getaway when you need a break from the hustle and bustle of life.
So search for property listings, call estate agents and make sure you find out everything you can about new holiday resort developments in the country of your choice. Pick the ones you like best, then ask about any rules and regulations that might disqualify you from owning property in that country.
Step 3: Buy your international investment property with the help of your local bank
Instead of dealing with a foreign bank you have no relationship with, you can get your local bank to finance your property purchase. This is not always easy but remember if it’s a great opportunity, the bank wouldn’t want to turn in down.
They want to cash in on international property as much as you do. So, get all your ducks in a row and approach them about getting a bond.
There you have it, three steps to get your hands on international property.