What A Difference A Destination Makes
Many property investors choose to invest overseas. Properties close to home have potential, but there’s often a lot more possibility further afield. Other countries are usually cheaper. Not to mention that they have increased money making potential. People are just more willing to spend if it means escaping. Whether you opt to use an overseas property as a vacation rental, or a holiday home, you can rest easy that it would soon pay for itself.
But, that’s not to say that buying abroad is a done deal. In fact, buying in the wrong location could see you worse off. No one wants to escape to a cold climate or an unsafe country. If you purchased a property guilty of these sins, it would end up sitting empty, swallowing your money. Hence, it’s worth taking your time when choosing which destination to invest in. To help, we’re going to look at a few sure ways to pick a winning location.
The political climate
In these increasingly uncertain political times, it’s worth finding out about the politics of possible countries first. As well as ensuring the area is safe, this saves you buying in a climate which is on the verge of change. Buying in Catalonia at the moment, for example, wouldn’t be the wisest investment. There’s no way to know what direction the political turmoil will fall. Equally, buying in the UK while they’re still involved in Brexit negotiations wouldn’t be wise. Make sure to do your research into any possible political hurdles you could face before buying. Aim for countries which are stable. They’re the best way to a secure investment.
What about the weather?
It’s also worth considering the weather. As the timeshare owner leads from companies like American Profiles reveal, Florida, also known as ‘The Sunshine State’, is top trumps for recreational property purchase. Not to mention that 56.8% of favorite travel destinations involved the ocean. By comparison, only 20.2% involved cold weather activities such as snow skiing. So, it seems that we all seek the sun above all. Hence, you should look out for locations with year-round sun. The good news is, there are many available. Do your research on climate to ensure you aren’t left in the cold when it comes to making your money back.
The language of the locals
It’s also worth considering the language of the locals in your chosen destination. You’ll find it much easier to make money in a destination which speaks English. As well as ensuring you have no trouble when purchasing, this makes selling much more accessible. People are just more willing to move to countries with no language barrier. It’s a sure sign that the culture barrier won’t be too significant, and is a fantastic selling point for you. The good news is, there are 54 sovereign states and 27 non-sovereign entities where English was an official language. So, you shouldn’t struggle to find a destination which ticks this box. Again, all it takes is a little research.