Before venturing into overseas property markets, it would be advisable to first weigh all your options. Real estate investments can be profitable; however, its profitability depends on whether you get it right or not. Many first time buyers lack the knowledge required to be successful in this lucrative business. They end up making the wrong decisions and loose thousands of dollars. Listed below are the common mistakes made by first time overseas property investors.
1. Choosing the Wrong Location
Do not assume that all properties which are being advertised will actually be profitable. Make a thorough assessment of the market before you purchase the property. The property should be continuously profitable for a long period of time. You should analyze those factors which will ensure a stable growth of your investment. A property that is well located is close to amenities such as good roads and not far from the city. If you are investing in a rural property, ensure that it is easily accessible.
2. Not Having a Budget
Your budget largely determines the type of property you will buy. Many investors who are buying property for the first time make quick decisions which they regret later. Check if there are adjustments you would want to make to the property and add it to the budget. Many investments stall because the money set aside was not enough.
3. Unable to Resell
Before purchasing the property, make an assessment of the demand and supply of the property in the area. Look at the various things that make your property unique so that you can have an exit strategy. Market prices change with time and it may not be what you expected. This could leave you with a property that you cannot resell to pay off the mortgage. Know how the property will fetch you money before you settle for it.?
4. Being Blind to Taxes
Taxes vary with countries, so ensure that you have a professional who will guide you. Be aware that you will pay tax on rental income and if you decide to resell the property, you will be taxed on the profit you make. The Rubina Real Estate team of experts with more than 25 years of experience in the real estate industry will gladly advise in each individual case.
5. Exchange Rates
Exchange rates are bound to fluctuate and this could make you to lose a significant amount of money. The best way to avoid this is by booking a fair exchange rate with a money broker which could see you save money. You may be required to pay mortgage in the local currency so evaluate the effect the exchange fluctuation could have on your payments.
For more information about investing in Berlin?s property market?click?here?or email us at?info@rubinarealestate.com
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