Choosing your property - things to consider
Location
Your location requirements will vary depending upon whether the property is to be your full time residence or a holiday home.
For a full-time residence the main factors to consider will be:
- ease of getting to your place of work
- nearness of supermarket and/or range of everyday living shops
- schools or colleges (if appropriate)
- local amenities, such as swimming pools, sports facilities, doctor's surgeries etc
For a holiday home your main factors to consider will be:
- easy reach of an airport, railway or ferry
- good restaurants close by
- closeness of areas of interest, such as the beach, golf courses, skiing or historical sites.
These considerations will become even more important if you are planning to rent your holiday home out. Great facilities and a holiday home within easy reach of airport, railway or ferry will make the property much more desirable to holidaymakers which means it will be easier for you to rent out and earn more money from your investment that one located in not such a desirable area.
Geography and culture
Do some research about the country you are thinking of buying the property in.
Do they speak good English there or do you already speak the native language? It is always a good idea to learn the local language when owning property abroad (even if you only use it for a holiday home). The locals will appreciate the fact that you are making an effort to speak in the local language (however basic your vocabulary is). Don't forget, usually the best way to get good workmen such as plumbers and builders is by recommendation, the more you make the effort to integrate into the area the more you will be treated as a local and be part of the local community.
Try to understand the local customs. Some countries observe a siesta and although you might not feel the need for a siesta, it is obviously polite to keep the noise down during this time. Some countries have strict rules on what to wear when entering churches and cathedrals, such as covered heads and no uncovered legs. It is also to your advantage to find out about local shop opening hours (which are inevitably different to your home country) and find out if there are any Fiestas or other religious days, some countries shops close down for four days at a stretch, rather difficult if you had planned your monthly shopping trip then.
The climate should be researched. This is essential if you are planning to live in the property full time but also if you are planning holidays. Some countries can be almost unbearably hot in August - much better to be aware of this fact before you visit during that month. At the opposite end of the scale, if your property is in a skiing region, make sure you find out when which are the best months for skiing.
Condition
The condition of the property is the next thing to consider.
Are you looking for a ready to move into property or one that needs some redecorating, or maybe a property that needs some major updating or an empty property to restore?
Remember to think about two major points when considering the condition of the property: time and money.
- Time
You may have the time to restore a property but you might want to spend your spare time relaxing instead of working.
- Money
The condition of the property will have an effect on the type of mortgage the lender will offer you.
If a property needs to have a large amount of work to be done, make sure that you have budgeted as accurately as you can, working out costs and schedules for the work as realistically as possible. However, on the positive side, a property that needs restoring can be a really good investment which you could (depending on the property market) sell on to make a healthy profit. Don't forget that a good financial return can also be achieved on many key ready properties purchased at the right time and in "up and coming" areas. There is also the opportunity to sometimes just redecorate, replace bathrooms or windows in a property to increase it's value beyond the amount of money you have invested in it.
It all really depends on the amount of work you want to do or take on, which will decide the type of property that is the best for your needs.