5 Tips for Overseas Vacation Home Buying Success

Owning a vacation home abroad in an exotic location is a commonly shared dream – and for those serious about making their dream come true here are the five main things to remember when homes buying abroad.

International Vacation Home Buying Tips

The dream of owning a vacation home in some sun-drenched overseas location is one the majority of us share, and because real estate proves itself time and again as a solid long term investment commodity, many more people are committing to purchasing real estate abroad as an investment that they and their family can also enjoy and benefit from.

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When buying a vacation home abroad there are a number of key considerations to bear in mind to avoid some of the traps and pitfalls sometimes associated with buying long distance and in an unfamiliar country.  With these 5 tips for overseas vacation home buying success you can quickly cut a swathe through the research process and move towards securing the dream swiftly and securely.

Tip One – Learn the Rules and Regulations

Different countries have different rules relating to the right or otherwise of foreign citizens to own the freehold title to immovable property.  Some widely publicised destinations don’t allow foreigners to directly own the land on which their property sits (Bulgaria) or more than one property (Cyprus) for example, and some countries are less economically or politically stable than your own which can mean that real estate related rules and regulations may change in the future.  Make sure you’re comfortable with the workings of the country you’re considering buying a vacation home in, and if in doubt seek professional advice about that country and the ambitions you hold for owning a holiday home in it.

Tip Two – Good Investment/Bad Investment

If you’re buying a vacation home with a hope that it will go up in value and be not only a family retreat but a great asset, know that real estate, just like any investment commodity, can go down in value as well as up.  Furthermore not all countries have a real estate economy the same as the one in your own country – a little research would be wise into the historic nature of the property market in your country of choice as well as predictions for its future.  While such data is not a direct indication of how well your investment will perform it will arm you with more data to hopefully make your decisions easier.

Tip Three – Title Deeds and Legalities

Legal systems and the title deed registration process differ from country to country therefore know your legal rights and try and find out about the essential searches, surveys and title deed checks that need to be conducted before you should commit to buying your overseas vacation home.  Never enter into any form of contractual agreement without the direct assistance of an independent lawyer and never accept someone’s word that a vacation home has its permissions and title deeds valid and up to date.  Insist on seeing and checking all important facts and data before signing on the dotted line.

Tip Four – Accessibility and Desirability

If you’re thinking about making an income from your vacation home or even hoping to holiday in it yourself regularly, one of the most important factors to bear in mind is the accessibility or otherwise of your vacation home.  If your real estate is difficult to reach, with many miles to traverse and complicated and expensive plane journeys to plan, then it will just become a less desirable commodity over time. While a vacation involves getting away from it all and escaping every day life, a vacation destination and home should be easy and affordable to reach.

Tip Five – Enlisting Assistance

Consider enlisting the help of a reputable real estate agent, an independent lawyer and if you want to make money from your vacation home, a property management service.  Such professionals can save you time, effort and money and they can make the whole process of buying and owning a vacation home that much simpler.  Make sure you take references, examine credentials and see qualifications before employing anyone to assist you however, and if at all possible seek recommendations because anyone who does a good job will always get good press!

Let us guide you through the process with our international network of real estate professionals. As Global Property Specialists we are uniquely qualified to assist you in purchasing real estate internationally.

Contact Gene Mock, Associate Broker, Premier Team, Keller Williams Realty 703-342-8100 for guidance when buying international real estate

Gene Mock Realtor http://northernvirginiarealty.com/

5 Tips for Overseas Vacation Home Buying Success

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International Investment in Washington DC

International Investment in Washington DC

What You Should Know About Washington DC Real Estate Investments

Living in the nation’s capital means living in one of the top international real estate markets. International investors from countries like Korea, China, and Saudi Arabia are vying for the next big commercial real estate investment. This situation has been driving prices and returns higher and higher each year since 2011. 2015 is poised to be another banner year for Washington DC’s international real estate investor interest. So why is Washington DC so appealing to foreign investors and who are these foreign investors?

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  • Washington D.C. is home to 176 embassies making it an entry point for foreign interest to not only capitalize on commercial real estate investment returns but also to take up residency. High-end downtown condos and Georgetown single family homes have increasingly come under foreign ownership. Foreign investors seek to take advantage of Washington D.C.’s real estate market strength while gaining access to some of the best global banking networks and far-reaching nonprofits.
  • Foreign investors are also attracted to Washington D.C.’s small businesses. With 2015 international focus on tech related start-ups and established real estate firms, D.C.’s economic development is thriving. The D.C. business and development authorities are catering to this international investment demand by forming strategic partnerships with China and Middle Eastern sovereign wealth funds.
  • International investors favor established real estate investments. Not only are foreign investors taking part in new construction, they are also seeking fully leased spaces that turn consistent profits. Downtown office buildings are especially appealing whether new construction or existing properties.

XXXL Modern Blue Glass Office Building, Rosslyn, Virginia

Washington DC Has Had a 200% Increase in Commercial Transactions

While Washington D.C. has always been a melting pot of cultures given its geopolitical reach, this renewed international real estate demand creates interesting contrasts between downtown Washington D.C. and the suburbs. While the downtown commercial real estate deals are turning the highest profits ever, D.C. suburb returns remain stagnant with high vacancy rates. The overall effect of this shift has pushed average commercial transactions up over 200% in the last decade while suburban vacancy rates have increased by 10%. Real estate insiders are hopeful that the trickle-down economics of large sums of money from foreign investors will make Washington D.C.’s real estate market more and more attractive overall.

Too Many Global Dollars Are Chasing Too Few Appealing Opportunities Worldwide

From Asia to the Middle East, depressed D.C. commercial and residential real estate prices offer excellent chances for big returns. While foreign investment is not at the same level it was before the economic down turn of 2008, international investors continue to be enticed by real estate for its higher yield versus perceived lower risk. There are many theories on why foreign dollars are being injected into the Washington D.C. real estate market, but one thing remains certain after The Great Recession – there are too many global dollars chasing too few appealing international investment opportunities.

Contact us @ Premier Team, Keller Williams Realty 703-342-8100 for more information, at no obligation.

Global Real Estate Properties - Premier Team

 International Investment in Washington DC

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