If you are looking to invest your money, an overseas property is a good idea. Bricks and mortar is often one of the safest ways to invest your money and investing abroad may be a good way to get more bang for your buck.
There are many popular tourist resorts in and around Europe that provide English investors with a great opportunity such as Spain, France and Monaco real estate. Though managing a property while you spend most of your time in England isn’t always ideal, these areas are practically on your doorstep and should be quite easy to get your property portfolio started.
You Get a Holiday Home
Though the main aim of your investment is to make your money work harder, you can’t deny that one of the main draws of having an overseas property is that you get a holiday home. Investing in a home abroad is a sure way to always have a place to go. Depending on how much you want to earn from your property, this is a great opportunity for you to get cheaper holidays, especially if you are willing to visit out of season.
Because the property will double as a holiday home for you, you need to make sure that it is in a good tourist area, with plenty to do and all the amenities you need on the doorstep. One of the first rules of investing in overseas properties is not to be too bold about the location you choose. Be sure that this is somewhere you would want to holiday and you can be much more confident that you will attract other tourists too.
Make a Profit with Rentals
As an investment opportunity, an overseas property is a great asset to have but there are a few expenses to consider when you are setting up. Before you buy, you will need a solicitor who can negotiate in your location to ensure that the property is as you would expect and to fill out all the paperwork to allow you to rent. You may also wish to consult with an accountant to find out what your tax obligations are. Remember, you will still need to pay UK tax on any profits you make.
You will need to spend some money making sure that everything is up to scratch at the beginning of each season and you will need to spend on other things like insurance and a local management company to oversee things while you aren’t there.
Contribute to Your Nest Egg
Property is a great investment for your retirement nest egg, especially if you can make money from rental while the value increases over the years. The best thing to do is try to pick an up and coming area without straying too far from the norm. This can be quite a challenge, especially if you don’t know the local market, but with some advice from local estate agents, you can make a good guess.
There are no certainties in overseas properties, just as there aren’t in English properties, but if you like to go abroad and have a favourite destination, it makes sense to invest there and spend some time in the sunshine.