Buying a house abroad is a great way to set up a home away from home – an escape abroad if you want a peaceful break every now and then. You could even rent it out when you’re not using it, giving yourself an extra income stream.
However, managing a property abroad isn’t without its challenges and you’ll need to carefully consider how you decide to carry out rental management and property management. Here are some tips that you can use to help you manage your property abroad:
- Pick the Right Location
When investing money in a property abroad, you should do thorough research into the location of the property and the type of client you’re hoping to attract.
Buying property in a sought-after location that’s in walking distance of many amenities (such as a supermarket, restaurants, public transport links) will be the main factor in helping you to attract potential guests, as well as being handy for when you decide to stay there!
- Take Currency Fluctuations into Account
Currency fluctuations could have a significant impact on your investment abroad, so you should make sure you take steps to protect yourself against any risks.
We’d recommend shopping around various banks to find the best exchange rate on currency transfers on both your initial deposit on the property and on regular currency transfers if you’re making mortgage payments in a foreign currency.
Consider a forward exchange contract to further minimise the risk involved with buying property abroad. It allows you to secure a rate for a time in the future so you’re not suddenly hit by fluctuating rates.
- Consider a Rental Management Company
Choosing a trusted company to manage your property can take the stress out of renting real estate abroad. They will take care of income/expense statements, payment processing, paying bills and taxes, maintenance and cleaning. They might also help you meet and greet your guests – this personal touch will allow visitors to ask any questions about the property or area. This means they’ll be more inclined to return in the future or recommend your property to friends.
- Make it Attractive to Rent
It will often be online holiday goers who search for your property, so you should ensure that you represent your property in its best possible light when listing it on the internet. Make sure you take high-quality photos and include detailed descriptions to really sell your property to prospective guests.
Managing real estate in a foreign country may come with its challenges, but could also be well worth your while if you find the right property. If you’re convinced and want to get on the property ladder abroad, use an international estate agent like GVA Worldwide to help you find your perfect escape in another country.