Buy a Home Abroad Why You Need a Local Realtor
Information is power, especially when it comes to real estate investing on foreign soil. You have to know the area, the schools around, transport, new developments planned and real estate laws that apply. Staying ahead therefore means you have to do considerable research. However you look at it, you’ll find that having a local realtor is still the best way to get important information you need. Here are five things a local real estate agent will help you with if you wish to buy a home abroad.
1. Local pricing.
The important thing with buying or selling real estate is price. How do you assess the ‘fair’ value of a property in another location? You have to rely on data from comparable properties. The price of a similar property in the next town may be lower than the price in your current city, for example. Real estate agents have access to such data, given their access to the MLS and can help you determine if what you’re paying for a property is ‘fair’.
2. Get pre-approved for mortgage.
Sellers give more preference to pre-approved buyers and you might be able to lock in a favorable rate with your bank. You need an agent’s help when getting pre-approved for mortgage. They have gone through the process many times before and can be of invaluable help.
3. Help find catalysts.
One sign that an area is coming up and that will be desirable in the future is the development of new infrastructures. When you see new roads and built schools, it is a sign that the community is ready for growth. Investing in a growing community can be very profitable.(check how to spot a developing market). In addition, certain types of development, such as new shopping malls, can be extremely attractive to home buyers, and can also help keep the tax base low. Real estate agents have a general idea of ??what new projects are about to take off.
4. Explore low-tax alternatives
If there are two cities side by side - one with high property taxes (or the progressive increase in property taxes) and the other with low property taxes - the one with the lowest taxes will usually be more in demand.
Real estate agents can help you determine which areas have the best and worst tax structures. Also look to see if a revaluation is set to take place in the near future as it may mean that property taxes are about to rise.
5. Check school rankings.
Almost all states rank their schools for how well students in each district benefit from math and English tests. Sharp investors should look for schools that are moving up or are at the top of the list. These areas are often desirable for parents. Access to quality education is a great selling point for new home buyers. Agents have access to this information.
The bottom line: Doing your homework, getting free information and putting in the leg work alone might not do the job. A local real estate agent is an invaluable resource when looking to buy property abroad.
