When buying abroad, you need to make sure your finances are in place, especially if you find your ideal property on an inspection trip and need to pay a deposit. It is important to have a realistic budget and only spend what you can comfortably afford
An investment, a holiday home or your haven for retirement - that is the first question you should be asking yourself, says Rabia Khan, Sales Coordinator for Landmark Properties LLC, Dubai. Your reason for buying will strongly influence the type of property and area you purchase in.
Know your budget
According to experts at Atlas International, one of the exhibitors at the International Property Week 2006, if you are thinking of buying a property for renting even if it is for only part of the year, your tenants' requirements will need to be considered as well as your own. Location will play a huge factor, such as how far it is from the airport, nearby beaches and the variety of bars and restaurants available.
You will need to look at how much money you have available and how much you can borrow. "Secure your finances first," advises Rabiya. " Dubai, for instance, is a sellers' market and a very impatient one at that. Sellers do not wait for longer than two weeks and often that is not enough time to raise money from institutional sources." When buying abroad, you need to make sure your finances are in place especially if you find your ideal property on an inspection trip and need to pay a deposit. It is important you have a realistic budget and only spend what you can comfortably afford.
Sourcing property
Here are a number of ways in which you could find a property to buy:
? Using estate agents
? Looking at the property pages in local newspapers
? Contacting house building companies for details of new properties being built in the area.
Speak to the experts
Attending the International Property Week 2006 would be a good start.
"Personal recommendation works very well," says Rabiya. Find an expert who is able to support and advise on every aspect of buying, including helping you choose the right property to meet your requirements that fits into your lifestyle. "In Dubai for instance, you have more than 2,000real estate players and you need to invest time in selecting the right one."
See before you buy
You should never buy a property without seeing it first. When you find a property you should arrange to look at it to make sure it is what you will need and to get some idea of whether or not you will have to spend any additional money on the property, for example for repairs or decoration.
It is common for a potential buyer to visit a property two or three times before deciding to make an offer. International Property Specialists, Atlas International, offer fully subsidised inspection trips from all major airports. The trip provides the opportunity to view the properties and get a feel for the area and lifestyle.
