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Lifestyle or Investment?

Why would people choose to purchase international property when there is property to be bought at home?

Often because it conjures an image of a better climate and laid back lifestyle elsewhere, coupled with that sense of getting away from all the doom and gloom headlines in the media. That’s probably good enough for most people.

Having decided to purchase international property you have to consider the purpose for buying the property. Is it for lifestyle or investment? This is an important decision and cannot be taken lightly.

Lifestyle

If you can afford to buy outright or to support an ongoing mortgage on a property overseas then you can be relaxed in the choice you make. If you are in this enviable position and you don’t want other people using your property then you can treat it as a second home and take your holidays there whenever you want.

Additionally, you can also let friends and family stay, provided it does not clash with your personal usage. Then you have the option of levying a small charge to take care of sundries such as cleaning, laundry, food and electricity.

When you are a regular visitor to your holiday home, you can keep an eye on the property and deal with any challenges which arise. However, if you do not visit regularly, and only you can decide what is regular in your circumstances, you will need to consider employing someone locally to inspect and maintain the property. You don’t want to arrive there after six months absence over the winter months to find that water pipes have burst leaving you with a horribly damp and uninhabitable property.

You will also need to take into account cleaning and laundry after your own visits as well as those of friends and family. Do you wish to clean the property and wash, dry and iron all the bed linen just before you leave? Highly unlikely! And certainly you’ll probably not trust friends or relatives to do it either. Perhaps a local inhabitant will look after the property for you in your absence.

But the upside is that you won’t need to worry whether your property is earning enough money and have the tedious task of marketing your property.

Investment

If you are buying international property as an investment, additional considerations will come into play.

You will also need to arrange maintenance and regular inspection cover during the times of the year when the property is going to be shut up. Properties get cold and damp when closed up for months and it is good for someone to inspect regularly, particularly following any violent storms which may damage the infrastructure of the property.

You will need to think very carefully about the location of your property and the facilities it and the surrounding area has to offer. Location is everything and it is best to be close to beach front, water front or golf course if you want to attract tourists to your property.

You should also choose a climate that is enticing to tourists for as much of the year as possible. The longer the season the more chance you have to get the all important rentals from your property. An established tourist infrastructure and nearby facilities such as supermarkets, bars and restaurants are also attractive to holidaymakers. Also important is easy access to the country and to your property.

Marketing

And lastly, how are you going to attract people to stay in your property? How will they know of its existence? By marketing and promotion, that’s how!

Before you commit to your international property investment, think carefully about this aspect of ownership.

You could choose to market the property yourself or you could outsource it to a professional. The problem with a professional is that they cost money and will bite into your profit margins, but they should have enough experience to get tourists into your property which might balance things up.

Whichever way you choose to play it, marketing will cost you money unless you have such a wide circle of acquaintances that you can rely on constant referrals to fill your property.

The internet is now the media of choice for most international property owners looking to market their overseas estate. There are a number of sites devoted to advertising holiday homes and, generally, they all attract enquiries. There are so many advances in technology available to market to your advantage that you must consider using them. Take video footage of your property and the bars, restaurants and surrounding area so you can use it in your marketing. Get references from holidaymakers who’ve stayed in your property previously.

In short, use every legal means available to get your property noticed and earning.