Most people are confident about getting a good deal when it comes to buying international properties. This is based on the misconception that if you’ve been successful at investing properties in the United States, you can easily do this elsewhere.
However, nothing could be further from the truth given that these markets are very different from the American real estate market.
Having said that, here are 3 international investing mistakes to avoid:
#1: Buying Into A Developer’s Vision
It might seem wonderful to get first-hand information about a developer’s vision for the unfinished property that you intend to buy but you have to hold on. Instead, look at the reality and as to how much has been finished and then make a decision. It should be obvious that you only buy what you can see and touch.
Since there is a giant database of properties that is available to all real estate agents in the United States, this is definitely not the case when it comes to international real estate agents. In most cases, each of them maintain their own list of real estate properties. So, ensure that before you decide on buying a certain property, make sure you take a look around with a number of reputed real estate agents in that country.
#3: Not Using the Services of an Attorney
Buying a property without the services of an attorney is a big mistake. In some cases, people tend to use the real estate agent’s or seller’s attorney.
Why this is a no-no is because the property title must be researched by an attorney before you sign on the dotted line. And even if title insurance is not necessary in a number of countries, it would be prudent and obtain this type of insurance.