Overseas Property - Before You Buy Property Abroad
There are many rules to abide by when purchasing a property abroad, but one of these rules is golden. In fact it's so golden its sheer shineyness almost blinds you. What is this golden rule?
Always make sure all property, people and prospects you deal with are legitimate!!
What am I rambling on about? Alright, lets imagine this scenario. You and your wife have invested all your life savings into an apartment on the Spanish coast. It was purchased in good faith and you are extremely pleased with your little slice of heaven. Your venture into buying property abroad has paid off and everything seems great.
Then one day a letter falls through your door. Its from the Spanish authorities. It turns out the developer has built your apartment block without planning permission and the authorities are refusing to grant it retrospectively. What does this mean? It means:
1. Your overseas property is illegal
2. You may have no rights
3. Your property may be demolished. Thats right - DEMOLISHED!!!!!
Can this really happen? You bet it can, and the Spanish authorities are cracking down on apartment buildings, villas and other properties that have been erected without permission, sometimes in protected areas. Before you buy your property abroad remember the golden rule above before you are caught in the middle of a ruling between the developer and the authorities.
If you have realplayer on your computer I highly recommend watching the BBC programme "Real Story" which has run an excellent investigation into this very topic.
Watch "Pain In Spain" with realplayer NOW
Visit the "Real Story"on the BBC website.
Don't let the programme scare you off - it simply demonstrates what could happen when purchasing a property abroad and it illustrates my point exactly.
Finally if you are dealing with lawyers, agents, property developers and anyone else in foreign countries - CHECK THEM OUT! Don't settle for someone simply because your friend used them - perhaps they diddled your friend too and he doesn't even know it!
Investing in a property abroad is a serious business, so treat it that way and be cautious.