Due diligence, Due Diligence, Due Diligence: The 3 most important considerations when buying property abroad!
When buying property at home we are (quite rightly) positively manic when it comes to doing our homework. We want to know about the land title registry, structural surveys, town planning proposals, access rights and borders, any sewage works, checks on plumbing and heating, insurance, roofing, subsidence, vetting the neighbours, and making cost comparisons. This is all in the name of making dead sure that we are making a sensible, smart purchase, rather than buying into a liability.
However, it is often the case that our traditionally cautious mentality takes something of a holiday when we start looking to buy property overseas. We seem all too easily seduced by the ever friendly sales people and abundance of photos of palm fringed sandy beaches. Our pre-occupation with 'living the dream' certainly can put our better judgement at risk.
Please take a look at the seminar slides that support a presentation I often deliver at property events. During the seminar we go through the critical items that you need to be sure and clear on when buying an overseas property. From understanding the location's general potential, through to gathering formal and informal intelligence on the developer, to understanding local land and taxation laws and then making sure your purchase is structured in such as way as to provide constant security, the presentation aims to guide you through the process step by step.