Insurance News Archive
A Place in the Sun: Property owners should treat foreign investment with due caution
The editor of a Place in the Sun magazine has urged property owners and investors to act with caution when looking to invest in overseas buildings because of the unfamiliarity of the buying systems.
Liz Rowlinson has claimed that at a fundamental level, the buying process and system differs when it comes to purchasing property abroad and has given investors a number of tips to stay in charge.
She believes owners should always be looking to do as much research as possible into the area and the practices of the area they are looking to buy in as well as seeking independent legal advice.
Issues such as foreign contracts, additional costs and unqualified selling agents could all cause problems for owners and Ms Rawlinson feels that 'jumping in with both feet' should be limited solely to pool-based activities.
Ms Rawlinson said: "Fundamentally the systems of buying overseas are unfamiliar, so you need to do thorough research and always use independent legal advice."
A Place in the Sun magazine is the official magazine for the Channel 4 overseas property television show of the same name.
Posted by Michael Brown
29 Nov 2011
