We all had a great time over Christmas and now we’ve had a few days of bubble and squeak and old films, it’s probably time to get started on the cleanup! However, it doesn’t have to all be post-Christmas blues around this time of year; 2013 could be the year that you live that dream, talk to the bank and buy that place in Spain you always wanted. Unlikely, right? It doesn’t have to be! Could you be an overseas landlord?
Having a Plan
We all think it would be nice to have an overseas property, but that’s very different from narrowing one down in a specific area with a specific market with some idea of what you could charge and how you could make it work. Most overseas landlords start by letting somewhere they know, so why not your favourite holiday destination?
Getting the Finance
Of course, one of the big difficulties of overseas property letting is simply finding the cash. There is no harm, however, is talking to your bank. Buy-to-let mortgages are certainly more difficult to get hold of now than they have been, but with a decent deposit and a good credit record, the world really could be your oyster.
Filling in the Gaps
Even with a foolproof business plan and a massive bank loan, the job is not done. You’ll need to spend time talking to agents about letting your property, get online and market your property, and think about overseas property insurance. Really, it’s these small tasks that take up a landlord’s time, so why not use this Christmas weekend to get stuck in?!
That overseas property may have always been a dream, but it doesn’t need to be! You could find that with a little research and a bit of a gamble, buying the place you’ve always wanted could secure you a little extra income and a beautiful place to spend your summer.