What Not To Do When Buying Uk Property From Abroad
Property investment in the UK from abroad is a popular strategy to build wealth…
…whether they are British expats living abroad or foreign investors.
And for all sorts of non-residents, investing in UK property may be simple enough. But only if you can uncover completely hands-free service providers.
Here are some things that some foreign investors do, that they should not:
❌ Ignore the early research.
Most foreign investors are likely to be aware of websites like Rightmove, which provide a good sense of what’s available in specific localities within a given price range. However, these websites can be deceptive in terms of cost (some homes have just guide prices) and availability, with many properties that are ‘under offer’ appearing to be still available on the market.
❌ Attempt to accomplish everything on their own
Investing in UK property may be a difficult and time-consuming process. It’s simple to feel overwhelmed and make errors. That is why working with a team of specialists who can help you through the process is vital. You can discover a suitable property with the help of a professional property consultant or sourcer. They can also negotiate for you and help you with the legal aspects of the deal.
❌ Become easily distracted
When looking at houses, it’s easy to become sidetracked and turn the whole thing into a learning experience. The difficulty is that the market moves on (as does inflation), so the investor chases the shiny penny while not earning the return on the capital they want. Having defined investing goals from the start and directing a hands-off property specialist to go for the best opportunity, guarantees you won’t get sidetracked.
❌ Accept incomplete information
Take nothing at face value and ensure that you (or the hands-free property professional you engage with) conduct sufficient research. If it’s a third party, ask them to produce proof of the DD they performed.
❌ Neglect to negotiate correctly (or negotiate with the wrong people)
Working with a property consultant or ‘buying agent’ allows you to depend on their knowledge of when and how to bargain. This refers to the property itself, the market, investment options, and the vendor’s circumstances, all of which influence your negotiation position. I’ve also lost count of the number of times a buyer has negotiated on price with everyone involved in the process except the vendor…
