Investing on overseas property could turn into a business, but it could be risky as well. Be it to rent the property to someone else, or for a sole purpose of retiring abroad, there are few factors that one should pay attention to for an overseas property investment.
Pay Close Attention on Rental Rules & Local Laws
There are reasons on why buying overseas property should be considered as a good investment. But when one plans to have an overseas property investment with intention of letting it out while he or she does not use it, it is a must to make sure that the local law allows it.
Take Asia property buying as an example. In purchasing Malaysia property, foreign buyers are still allowed to rent it out to another person. There are few criteria for foreigners to buy Malaysia property and the minimum purchase requirement can go lower if one applies for Malaysia My Second Home programme. In Singapore property investment, there are few areas that allow and don’t allow it. Sentosa Cove is one place that has 60% of foreign buyers. However, even though they are allowed to buy Singapore property, they are not allowed to lease it.
So, take note, property buyers. You have to check the rental rules and other local laws properly because each country must have different conditions.
Invest on the Great Location
The preparation process and consideration of getting an overseas property investment could take longer than what one expected. By this, it includes the location and types of property that buyers would like to invest on.
In Singapore, there are a lot of luxurious residential areas to choose from. Having smaller land compared to other countries might be one plus point for investors to invest in Singapore. The land price would surely go higher as time goes by.
Even though Singapore is a small country, their impact to the world is recognized. Economically, Singapore has been ranked as the most open or most pro-business country.
In Malaysia, Kuala Lumpur has become a place where quite a number of expats live and properties in KL Eco City which emerges as the new CBD area has also gained property buyers’ interest. ViiA Residences which has great connectivity around the area is one of the luxury residential one can find in Kuala Lumpur.
Bangsar area with a lot of good food and bar around, making the surrounding looks vibrant even late at night and worthy for Malaysia property investment. The Establishment Kuala Lumpur is worth to check because this luxury residential is conveniently located near LRT station to ease the residents in commuting. It also has a bar on its top floor with vintage style. Besides, the famous Botanica+co restaurant can be spot on the ground floor.
To ensure that the overseas property investment is worthy, one must do loads of research of various things. Location and local laws are two of it, but there are way more than that. Checking the currency exchange rate and the past performance of the property developer are on the check list as well.
Be smart for your overseas property investment. Because if you don’t, who else will?