Why You Should Always View a Property Before You Buy
You should always treat with caution anyone selling you an international property who tries to persuade you that you don’t need to see a property before you buy it. Unless you are lucky enough to have your own advisory team who will inspect properties for you before you commit to a contract, going to see the property (or in the case of off-plan going to meet the developer and see the land plot) will save you many future tears.
We have seen a number of customers with horror stories where they have acted solely on trust of someone that they barely know. At MEPM we offer dedicated inspection visits to give you a chance to start your due diligence before you purchase.
So why view before you buy?
1. Make sure that the developer has a credible looking operation
Know who you are buying from. Sounds obvious – right? But you should really only be buying from a credible source. When you are buying a property that is already built, all you really need to know is that the person / company that you are buying from exists and actually owns and has the right to sell the property that is being sold to you. When you are buying off-plan, there is much more to consider. You need to know if the developer of your property is credible. Do they have decent looking offices, have they built something existing that you can view, what is their track record, how do their financial statements look etc. This doesn’t mean that you shouldn’t invest with a new developer who does other project isn’t have; but rather that you must be aware of the potential risks with any property you purchase.
2. See the plot of land
Unfortunately there are some unethical people out there, those who will try and sell you something that simply doesn’t exist or that they don’t own. A quick way of getting an indication that the land is there is to go and see it. Of course, the other reason to visit the plot (or property if already built), is to make sure that it is as described with the views shown in photographs etc. Once you have made a decision to purchase, you should also validate ownership of the asset or land by the person / company who are selling to you.
3. See for yourself other developments in the vicinity of your intended property
Did you select your property by trawling the internet or attending property shows? It’s a great place to start, but especially overseas you may find that there are projects or properties off market that you haven’t discovered through your ‘remote’ searching. Our MEPM team are not tied to any specific property or development and will source what best meets your needs. So why not let us to arrange and inspection tour of your intended investment destination.
4. Meet the locals and get the gossip.
The locals in the area can provide a valuable source of intelligence about the market and the project or property you are intending to buy. Take care not to be influenced too heavily by unsubstantiated ‘gossip’ but also remember that gossip usually comes from somewhere, so dial it back a bit before applying. Also remember that you might be talking to someone who has a vested interest in the property or project, so if the account seems like it is through rose tinted glasses, then treat it accordingly.
5. Make sure a built property matches the Photoshopped version of it you have seen.
Digital media and the ease of adjusting photographs has meant that often we are presented with an airbrushed version of the property on offer. You need to see though the reality of the situation. The images you see should enhance the property and not mask its defects, but sadly this isn’t always the case and so visiting the property you intend to buy is essential.
MEPM can help you avoid many of the pitfalls that customers looking for a second or investment home overseas can face. We will never tell you that you don’t need to visit the destination or the property you intend to buy – in fact, we actively encourage it and can provide dedicated inspection tours within the markets where we operate.