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4 Important Things To Consider Before Buying Property Abroad

4 Important Things To Consider Before Buying Property Abroad

Buying property should be seen as a long-term investment. Many people are looking at the potential of buying abroad, some to add to their property portfolios, some for a second income and others for retirement.

Whatever your reason for purchasing property abroad, do consider the points below before parting with your money. Depending on where you buy, the potential for a rising income is very promising; property rental is so simple with the internet and sites such as Airbnb, reaching out to millions of potential customers.

But as in all things, before you go signing on the dotted line, there are a couple of things you must think about, to avoid misunderstandings, disappointments and potential problems down the line.

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1. Buying on a Holiday

A big no-no! Falling in love with a property while on holiday is not unheard of. In fact, there are real estate companies who have agents targeting people like this..

You are relaxed and stress-free, you are chilling out, but do keep your wits about you. If you are still interested in the concept of owning your own property abroad, when you come home, then do your research. Find out about the country, its rules and property regulations.Talk to people who have bought in these areas. There are forums online where you may find others to get more information.

2. The Foreign Exchange Rates

Foreign exchange rates can be very attractive to the international buyer but remember these can go up as well as down. Explore the recent currency rates, look at the country’s stability. Especially talk to your bank and or the investment manager to explore all the possibilities of what you may encounter.

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Will you have to pay taxes on rental monies? Of course,wherever you buy, there will be taxes. It is how and where they are paid that you need to know, at home or in your country of purchase or in some cases both! If you are considering a mortgage for your acquisition, are you sure you will manage, if there is a slump in tourism? These are all questions that you need to ask yourself, to ensure you gain enough information to make an informed choice.

3. Beware of the Extras

Of course, you are aware that there will be maintenance costs, but check how much. It can come as quite a shock. If your property has a pool or gym, gardens, security systems or even a lift – all require care and that costs money.

Maintenance companies range from excellent to absolute nightmares. Again you have to do your homework, check out the various options; from your real estate office to independent contractors. Take the time to investigate what is on offer. Talk to other people who use their services to find if they are competent.

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Check if the maintenance company is just a ‘key keeping service’ or do they provide housekeeping services? If you plan to rent, you need to ensure your property is always in excellent condition. Who changes the bedding, washes the laundry? Who cleans the place and ensures it is visitor ready? Who can your visitor contact locally if there is a problem? Bear in mind, you will not want to be contacted at all hours of the day and night to be asked how to turn on/off the air conditioner!

4. Property Laws

Can you legally buy in your country of choice? Some countries have restrictions on who and where foreigners can buy. You may be able to purchase the property but not the land – not a good investment idea. Some countries offer proxies for you to buy through – again not a good idea; however professionally set up, the property will never legally be yours.

Some country’s real estate purchasing systems are very complicated, which will involve hiring a lawyer or their equivalent, in some countries notaries only are used. How do you choose a good one? International lawyers are a good way of ensuring you get through the myriad of red tape with reliability and professionalism, along with thesound advice from experts in the field. Not only speaking your language they will provision you with all the legal assistance you require from translators to documentation according to their legal information FAQ’s.

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Buying property abroad can be a sound investment and a dream come true. To ensure the experience is a pleasure and not a nightmare, make sure you know all the facts before making your decision.

Featured photo credit: ironmountainmotel.net/ via ironmountainmotel.net

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Tanvir Zafar

The founder of ISU Technologies, passionate in writing about entrepreneurship, work and technology.

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Last Updated on March 13, 2019

How to Get out of a Rut: 12 Useful Ways to Get Unstuck

How to Get out of a Rut: 12 Useful Ways to Get Unstuck

Have you gotten into a rut before? Or are you in a rut right now?

You know you’re in a rut when you run out of ideas and inspiration. I personally see a rut as a productivity vacuum. It might very well be a reason why you aren’t getting results. Even as you spend more time on your work, you can’t seem to get anything constructive done. While I’m normally productive, I get into occasional ruts (especially when I’ve been working back-to-back without rest). During those times, I can spend an entire day in front of the computer and get nothing done. It can be quite frustrating.

Over time, I have tried and found several methods that are helpful to pull me out of a rut. If you experience ruts too, whether as a working professional, a writer, a blogger, a student or other work, you will find these useful. Here are 12 of my personal tips to get out of ruts:

1. Work on the small tasks.

When you are in a rut, tackle it by starting small. Clear away your smaller tasks which have been piling up. Reply to your emails, organize your documents, declutter your work space, and reply to private messages.

Whenever I finish doing that, I generate a positive momentum which I bring forward to my work.

2. Take a break from your work desk.

Get yourself away from your desk and go take a walk. Go to the washroom, walk around the office, go out and get a snack.

Your mind is too bogged down and needs some airing. Sometimes I get new ideas right after I walk away from my computer.

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3. Upgrade yourself

Take the down time to upgrade yourself. Go to a seminar. Read up on new materials (#7). Pick up a new language. Or any of the 42 ways here to improve yourself.

The modern computer uses different typefaces because Steve Jobs dropped in on a calligraphy class back in college. How’s that for inspiration?

4. Talk to a friend.

Talk to someone and get your mind off work for a while.

Talk about anything, from casual chatting to a deep conversation about something you really care about. You will be surprised at how the short encounter can be rejuvenating in its own way.

5. Forget about trying to be perfect.

If you are in a rut, the last thing you want to do is step on your own toes with perfectionist tendencies.

Just start small. Do what you can, at your own pace. Let yourself make mistakes.

Soon, a little trickle of inspiration will come. And then it’ll build up with more trickles. Before you know it, you have a whole stream of ideas.

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6. Paint a vision to work towards.

If you are continuously getting in a rut with your work, maybe there’s no vision inspiring you to move forward.

Think about why you are doing this, and what you are doing it for. What is the end vision in mind?

Make it as vivid as possible. Make sure it’s a vision that inspires you and use that to trigger you to action.

7. Read a book (or blog).

The things we read are like food to our brain. If you are out of ideas, it’s time to feed your brain with great materials.

Here’s a list of 40 books you can start off with. Stock your browser with only the feeds of high quality blogs, such as Lifehack.org, DumbLittleMan, Seth Godin’s Blog, Tim Ferris’ Blog, Zen Habits or The Personal Excellence Blog.

Check out the best selling books; those are generally packed with great wisdom.

8. Have a quick nap.

If you are at home, take a quick nap for about 20-30 minutes. This clears up your mind and gives you a quick boost. Nothing quite like starting off on a fresh start after catching up on sleep.

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9. Remember why you are doing this.

Sometimes we lose sight of why we do what we do, and after a while we become jaded. A quick refresher on why you even started on this project will help.

What were you thinking when you thought of doing this? Retrace your thoughts back to that moment. Recall why you are doing this. Then reconnect with your muse.

10. Find some competition.

Nothing quite like healthy competition to spur us forward. If you are out of ideas, then check up on what people are doing in your space.

Colleagues at work, competitors in the industry, competitors’ products and websites, networking conventions.. you get the drill.

11. Go exercise.

Since you are not making headway at work, might as well spend the time shaping yourself up.

Sometimes we work so much that we neglect our health and fitness. Go jog, swim, cycle, whichever exercise you prefer.

As you improve your physical health, your mental health will improve, too. The different facets of ourselves are all interlinked.

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Here’re 15 Tips to Restart the Exercise Habit (and How to Keep It).

12. Take a good break.

Ruts are usually signs that you have been working too long and too hard. It’s time to get a break.

Beyond the quick tips above, arrange for a 1-day or 2-days of break from your work. Don’t check your (work) emails or do anything work-related. Relax and do your favorite activities. You will return to your work recharged and ready to start.

Contrary to popular belief, the world will not end from taking a break from your work. In fact, you will be much more ready to make an impact after proper rest. My best ideas and inspiration always hit me whenever I’m away from my work.

Take a look at this to learn the importance of rest: The Importance of Scheduling Downtime

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Featured photo credit: Joshua Earle via unsplash.com

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