Buy Property Abroad To Close A Deal Right Away Is Not The Right Way Finding Your Ideal Home Top Locations For Property In North Cyprus Best Investment Real Estate Locations
Have you ever wondered why Spain is the most popular place in Europe to buy property abroad or invest your money. Could it have anything to do with the spanish way of life or culture along with the weather or the friendly locals. Why so many people are choosing Spain as their prime location to buy property or a home abroad is purely because they want to.
If you buy property abroad or intend on investing large amounts of money then do not expect an easy ride if you have not done your homework. Remember when buying property abroad whether it is Spain or anywhere else on the planet you need to remind your self – location location location.
How many times have we all heard this but it is a fact that is overlooked when looking for a prime location to buy Spanish property? To get the best deal- the best buy – the best location is to have the best knowledge. Do not make any rash decisions before consulting with an expert in this field.
Laws in real estate differ but the number one rule to adhere to is not to close a deal right away after your first viewing. Do a little research behind the scenes of your chosen prime location. Take notes – photographs and an interpreter with you if dealing with the Spanish face to face?
No matter how much you have your heart set on a property abroad do not rush into anything you may regret at a later date. Some unfortunate people have lost their life savings through dodgy deals.
Things to look out for when buying property in Spain is what facilities are available – like installing a phone line – is it close to shops. See if it has letting potential. Any thing that springs to mind be sure to ask.
When viewing spanish property bring along your notes and fire all your questions at the estate agent don`t leave a stone unturned. An independent advisor is good to have with you when attending appointments. Chat with the locals who can provide you with any intimate details that you need to know of.
If time is not an issue then double back and visit the area 2/3 times this can tell you a lot about the goings on at different times of the day or year. Winter months can isolate areas with solitude so you could be on your own in parts if you intend living in Spain all year round
Spanish property investments with good letting potential are villas or apartments. Remember location location location applies for this type of deal also.
No matter which part of Spain you choose – jot down travel times of local buses/trains to other destinations. Browse all estate agents to check on property prices. In doing this you will know if your budget is in the margin for most house sales.
Take your time with any venture as big as this – view as many properties as you can this will help build up your knowledge of the present market values in the area. Do not cut corners as you may end up losing more than you bargained for.
All legal issues should be left in the hands of a good Solicitor. Before purchasing a property in Spain it is vital to be aware of the legal process and costs.
If you have appointed a good a solicitor then all transactions will be dealt with by an experienced master in the field of legality. By doing this you now have a guarantee that Spanish legal needs are met. Other requirements your solicitor will see to is to make sure the property is registered solely in the vendor`s name and that no hidden clauses lurk like it is free of any mortgages, encumbrances, charges, debts or other liabilities.
Do not finalize any agreements with any other; have necessary paperwork sent to your solicitor. Let them negotiate and discuss matters with the seller`s solicitor.
The purchase of a home is a exciting time in anyone’s life, especially if it is your first home. Naturally you want to find the best home that suits all of your needs, and your budget. This is a purchase that requires planning on every aspect. The last thing you ever want to do is impulse buy a home, only to find out later that there are problems with the home or that it does not suit your needs.
OK. Now its list time. Sit down with pen and paper and start planning out what you need in a home. Don’t be afraid to think big, but stay within reason. Remember if you think you need a pool and cabana but can only spend $150,000.00 chances are you will be disappointed. Things like number of rooms, or a fenced yard, or proximity to work and schools should be the priority at this stage. You can also make a list of things that you would like to have in a home. This is where you can let your imagination run wild.
Consider all the aspects of the area you are planning to move into. Talk to some of the people that live there. Ask if they like living in the area. Try to find out if there are any problems with it. The long-term residents are a great source of information, and if they are to be your neighbors, get to know them! Also be sure to find out about the schools and recreational programs in the area if you have children. Another good thing to look into is the kind of commute you can expect to deal with getting to work every day. If there are major congestion problems between the area and the home then you might want to consider a different location.
With these things in mind you can now begin to look at the available homes. When you have found something that suits your needs and wants, its time to start your homework on the home itself. Have a thorough inspection conducted to determine the structural integrity of the home and the condition of the plumbing and wiring. Also have the home inspected for mold, as mold can cause health problems and structural problems in the long term. Never forget; this is likely the largest purchase you will ever make. You can not afford to not be picky!
While the world is in agreement that property for sale in North Cyprus represents a fantastic investment opportunity because rental and resale demand is soaring while at the same time property prices remain incredibly affordable, there are certain parts of the island that make the best property investment hotspots.
It is not a case of every location being equal or of every property of a similar size and specification being worth the same in Northern Cyprus – just as it does anywhere else in the world location, location, location counts in North Cyprus.
The first location worthy of closer inspection is Esentepe to the east of the island and a twenty minute drive from the ancient harbour town of Kyrenia. Esentepe is home to a brand new, international standard, championship golf course – furthermore it is the location for the very first marina being built in Northern Cyprus.
Naturally enough these two factors alone create great reason for property in Esentepe to be highly prized, but there are a number of other reasons making this location worthy of closer inspection. Firstly land in the area is now selling for a premium as developers try to get in on the property boom, secondly rental demand for properties in the area has gone through the roof following the completion of the golf course, and thirdly the entire surrounding area is totally unspoiled, it is covered in lush olive and carob trees, the beaches are pristine and undeveloped and the people live in their traditional houses and still enjoy an unhurried and stress free kind of life.
Properties in Esentepe start from GBP 60,000 for duplex apartments within the golf resort and go up to around GBP 200,000 for custom built, luxury detached homes. Prices in this part of Northern Cyprus have been appreciating rapidly in the past 4 years.
The next area worthy of consideration is Alsancak which is to the west of Kyrenia and just a ten minute drive from the heart of the old town of Kyrenia. Alsancak is one of the most popular parts of Cyprus with holiday makers, there is a great deal of development already earmarked for the area and there’s an abundance of beach clubs, bars and discos in the area. For property investors hoping to let their properties out during the long hot spring and summer seasons in Cyprus, Alsancak is most certainly worthy of consideration.
And finally – unspoiled, untouched and as yet almost undeveloped Karsiyaka which is a thirty minute drive to the west of Kyrenia. With its hidden coves, sandy beaches, stunning mountains and beautiful countryside, the area of Karsiyaka is going to become one of the most desirable places to live in North Cyprus because the government has set incredibly strict planning rules to prevent over development and to allocate a great deal of space for the likes of another golf course and marina, and also they have allocated space to be left completely untouched. This part of Cyprus is unique and it has to be seen to be understood and experienced!
Karsiyaka will become home to the discerning buyer, those looking to escape to a better quality of life in a superior location. Currently there are few developments in this area of the island but those that are available start from around GBP 80,000 for a two bedroom bungalow.
Where are the best investment real estate locations? If you have enough experience investing in real estate, you can make money almost anywhere, but there are always places that are better or worse for real estate investments. For maximum profits, you want places that have a better demand/supply ratio. You can use the questions below to find them.
Real Estate Demand
1. Does the area have decent job growth? Ask local authorities and use census information. Ideally, you want to see job growth equal to or exceeding population growth. You also want areas with professional jobs moving in. It is estimated that for every professional job created, there are four service jobs created, and all those employees need a place to live.
2. Is the population growing? You can check the US Census figures online, or ask the local government if they have the statistics. Stay away from areas that have little growth.
3. Is there a decent quality of life? It’s subjective, but important. Are there theaters and bookstores? Count coffee shops and cafes. Trendy areas usually have increasing demand for housing. It’s also a good indication of a high quality-of-life if people are willing to take lower-paying jobs just to live there.
4. Is there wealth in the area? It’s a good sign when there is some degree of wealth in a town. Look for nice homes. Wealth means everything doesn’t die when the economy slows.
Real Estate Supply
1. Number of homes for sale? Lower supply of homes for sale means upward pressure on prices. This indirectly drives up rents as well, which makes for better investing.
2. New construction? Census figures can tell you what’s happened over the last ten years. Check with the local authorities to see if the the number of housing units they’ve issued permits for is more or less than the expected population growth.
3. Rent and vacancy levels? Rents have to be high enough, and vacancies low enough to justify investing. When we first came to Tucson, every building had vacancies We saw a man holding a sign that read, “Apartment – $250 Per Month.” A great place for renters, but not so great for landlords.
4. The available land that is buildable? Of course, less available land is better for future appreciation. When the land runs out, the prices start accelerating upwards.
When you use these questions to compare various towns and cities, you’ll see the differences more clearly. You’ll have an idea about how housing demand compares to supply in each. This will help you pinpoint the best investment real estate locations..
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