Buyers 'need definite investment objectives'
People who are buying an investment property have been advised to make sure they have firm plans in place.
Tony Booth of Property Secrets said investors need to know what they hope to achieve if they are purchasing a residence in another country.
Prospective buyers were told that investing on a whim or a hunch would be a mistake, as they would have only very vague investment objectives.
Mr Booth commented: "Investors need to have a clear plan, lots of information and time to research and reflect on the financial, legal and investment implications."
He added that foreign property owners should always have an exit strategy in place, as they may wish to sell up at a later date.
This comes after Paul Collins, property editor at BuyAssociation, suggested that investors find out if there is a strong resale market in their location of choice.
He stated that if people cannot sell their property, they will not be able to collect the proceeds of any capital appreciation which may have occurred.
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