Recently, a Rightmove report showed that searches for lots of overseas property had been increasing and that general interest in buying overseas property to-let was on the up. With the UK market still difficult to penetrate it’s easy to see why people might be thinking about looking elsewhere, but why is it that overseas property is so tempting at the moment?
Making use of different markets
Different countries have different property markets and, of course, different currencies. What you can buy in Australia, America or Europe is very different to what you can get for your pound in the UK. Many people have friends or family who have emigrated to Australia and the truth is that, at the moment, for around £100,000, you can get a lot of property. This sort of deal is great for landlords who are looking to let a property that they stay in themselves over a period of time.
Because the financial squeeze is hitting Europe hard, we’re seeing lots of inflation in flight prices and the price holiday properties. Plenty of people are thinking that instead of spending a lot of money going away, why not invest in a property abroad and make it pay for itself. Equally, the rising returns on holiday properties are not to be sniffed at but it is certainly more difficult to find good tenants.
If you’re based in the UK, it’s often too tempting to get too involved in your let and feel like you need to spend a lot of time renovating or improving your property. With a good property management company, a good overseas property insurance policy and a bank that is willing to tide you over, overseas property letting can be a very simple affair.
While interest in buy-to-let property in the UK is wavering, people are still keen to think about taking their money elsewhere. Overseas property investment is a big step so don’t underestimate the risks, but why not give it a quick search yourself – you never know what you might find?!