SECTION CHECKLIST
Working out exactly what sort of property it is you want and why you want it will help narrow down a world of possibilities and avoid a situation where you end up owning something you regret. Buying an overseas property is an exciting adventure but you need to know you’re getting exactly what you want.
Establish your motivation for buying abroad
If it is a holiday home you only really need to make sure you and your family are happy with the property and location unless you plan to sell it at some stage in the future
Will you need to rent the property out to help cover costs? If so, how many weeks’ rental can you realistically expect to secure?
How easy is it for you and your guests to access your property and is there more than one airline servicing that route?
If the property is an investment, how do you plan to make money? Do you plan to sell the property within a certain timeframe and if so have you established what factors locally could help you achieve capital appreciation?
If your investment plans require year-round rental, does the local area attract visitors throughout the year? What type of property best matches your needs?
If you are buying a new build property, your independent lawyer needs to verify that the building has all the necessary licences and permits in place Make sure you know what is and is not included in the purchase price
When buying off plan, check the track record of the developer and ensure your lawyer carries out adequate due diligence
What guarantees are in place if the project stalls?
If buying a resale, make sure there are no outstanding debts against the property and be sure to check the title deeds Insist on a survey to satisfy yourself the property is in good shape If you don’t want to own outright then what sort of fractional ownership works best for you? What access do you have to your part-owned property and how might this vary from year to year?
And if you’re planning a permanent move abroad then the Foreign and Commonwealth Offi ce has information that will help make your move a successful and happy one – see page 21.
AIPP CONSUMER GUIDE 23
SECTION 2 PLANNING YOUR PURCHASE
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