Mona Jalota, Founder & MD, Krypton Global Investments
Mona Jalota is the Founder & MD of Krypton Global Investments, an Indian boutique agency specializing in International Properties & Investment Opportunities. She is a highly experienced Sales and Business Development person with extensive experience in all verticals pertaining to Local and International residential Real estate, gained from the last 8 years.
Even though numerous investment options are available in the national market Indians are now exploring a shift in their investment preferences to international properties. Stagnating domestic market, easy financing options globally, liberal government policies and excellent rental returns have made an attractive case to purchase overseas real estate. The recent trends show that the volume of cross border investments is only increasing!
If you too are intending to make an investment in overseas properties, read on.
As a starting point, we have compiled a beginner's guide on the Do's & Don'ts of buying overseas real estate.
· Work with an experienced consultant and get assistance right from the property identification and valuation, to property leasing, rent collection, property maintenance, and other property-related concerns.
· If you are seeking an investment opportunity then do thorough market research like what was the rental growth in the recent past, what do the experts estimate growth to be.
· Visit the property at both times: the best season and the off season. You do not want to be surprised by the inches of snow in winters after finding the perfect place in windy autumns!
· Mature countries apart, there are countries where development gets delayed and property ownership remains disputed. Ensure the hand over and possession terms are crystal clear. Hence it is very important to work with the right and knowledgeable consultant who can assist in the process.
· Opt for a trusted property broker that is located in your home country so they can hand hold you through the process & hold them accountable if the need arises.
· Make smarter investment decisions i.e. strike the deal when the currency rates are in your favor and get the best prices.
· Verify if you're eligible to visit the country in terms of Visa, residential status, frequency of visits and such other aspects.
· Many countries allow you to purchase under development properties and make a payment over a couple of years. If you are looking to park a small investment amount overseas then check out these properties and enjoy the benefit of prolonged payments: For example, UAE, Malaysia, UAE, UK & Australia.
· Last but not the least consult people who have already purchased a property in the same region or are foreigners who have migrated there.
· Do not believe everything that is told to you. Do your own research or take the service of trusted market experts.
· Do not forget to negotiate the purchase price, after considering all the associated fees (legal, taxes, insurance, maintenance, brokerage, and many more).
· Language can be a barrier and prove to be a costly one too, hence we recommend that you must not sign any legal document without understanding the legal terms and conditions in your own language.
· Do not ignore the tax implications while buying a property abroad as it can be quite complicated.
· Do not forget to consult legal experts for due diligence in the whole process.