Finding the next hot spot abroad for property is a little hit and miss. There are so many different aspects to take into consideration within the search, and having an open mind about relocation isn’t sufficient to make a move work. What is needed is research, not only from a distance, but actually visiting those areas that are potential hot spots, to establish their suitability as an investment.
Decide first the criteria of the search.
*What the area offers.
*Rental possibility and income you may gain
*Legality of rentals.
Climate is important, since if you are buying a holiday home, either for your family or for people to rent, you will want to know the amount of high season week’s rental that you can expect to get for that house. Though some places have many weeks that are considered high season, others have a period of as little as 6 weeks of high season, and it is important to gage what you want to gain from the possible investment.
Looking at out of season climate is important too, because those potential hot spots may have been neglected for a reason. Perhaps the extremes of weather in the Winter make them unsuitable areas for potential investors.
What the area offers.
More and more people are looking for ideal holiday locations. Gradually, there is becoming a more widespread geographical area in the world that interests tourists. Natural outstanding beauty will always attract visitors, though many of the world’s hot spots are well known and already over populated with holiday makers. When looking at new areas, see what could be used to tempt visitors to stay in that particular area. How near are towns ? How much entertainment does the area offer? Is there indoor and outdoor activity ?
All of the attributes that make up a potential hot spot should be looked into, and one of the most important is accessibility. Look at which airports and transport can be used for a tourist to get to those areas and how reliable and travel friendly it is.
Establishing which months are the ideal holiday season will also help you make decisions. Winter in one part of the world is Summer in another. By marketing your holiday home to those that want warmer locations than their own country gives them, researching the world to see which market would give you the best return for your investment is essential.
The native language is an important factor. In less discovered areas, tourists will want to be able to communicate. Research and find out what language is the main language in the potential hot spot, and if there is help available from Tourist Information Offices for those that do not speak the local tongue.
Rental possibility and what you can expect to earn.
When buying a property abroad, buyers need to remember that they are not always going to be there to change-over between holiday makers and that some kind of arrangement should be made to ensure smooth transition between stays. Many local people will be happy to work for you, though do check out the agencies that deal with this kind of undertaking too, because it will be a necessary consideration, and will cost you money, which should be budgeted for in your investment.
Legality of rentals.
Do check the legal issues of countries abroad, as many have different rules to those that you are accustomed to concerning the rental of property. At this juncture, it is also wise to check out what you will be expected to pay in taxes.
Do check on the political stability of countries that you research since there are many war torn areas in the world that may not live up to their promise and not provide the safety you wish to obtain for your holiday makers.
BUYING A PROPERTY TO LIVE IN.
Buying a property in a newly discovered hot spot for your family to live in is different and has different priorities. All of these are important to the success of your new life abroad.
*Schooling available for your children.
*Work available to your family.
*Legalities of living in another country.
*Cost of living.
Schooling for your children.
If you are choosing to live in a newly discovered area, it is necessary to check out what schooling will be available to your children. Children confronted with education in another language do respond well if the subject is approached from the beginning. Children are more adaptable than adults although the younger the children, the easier the adaptation to schooling in another language. Take a look at schools and assess what they offer. Take the kids, and get a feel for what that potential hot spot is offering you.
Work available to your family.
Bear in mind when moving to an area where people speak a different language and you have little grounding in that language, the kind of work that will be open to you will be limited. When investing in a home, ensure that you are able to put aside money for that interim time that it takes you to get established in that new country. Also take in account whether you can manage to live as a family on the funds that you have saved up, or whether realistically you will have to work. Many dreams have been shattered by unrealistic aims, and lack of language skills.
Try and find out whether the area you are researching has any teaching facilities for you and your family to learn the local language, or whether there are individuals that offer lessons.
Legality of living in another country.
Remember that paperwork differs all over the world. Find out before investing money what paperwork you need in order to reside in that country. By overlooking a fundamental item such as this, your potential dream home can become an unrealistic nightmare.
Cost of living.
Do look realistically at the cost of living. While many areas look temptingly cheap, bear in mind that the costs may be hidden in other areas. Food may be cheap, though you may have to pay for drinking water, expensive electric bills, overpriced telephone calls, and weigh up the whole package in trying to establish if this really is a potential hot spot.
With research in the initial stages, and looking into all aspects of life in another country, you can find that new hot spot that others haven’t yet discovered. The world is vast and there is room for all of us, though preparation takes you into a realistic approach in finding what lies beyond the promise of a future hot spot.