Money-saving tips for work-related travel

Travel is exciting, whether for work or personal reasons. While traveling for work should sound stressful, strangely it usually isn't for many millennials. Add in the perk of having your trip financed by a third party, probably your company or client, and it might get way too exciting. So much so that you start dipping into your own cash reserves.

While you may not be the one spending the money. Traveling overseas for work presents a great opportunity to save up some cash, probably enough to travel again in the future.

The first step as with any frugal spending approach is to sit down with pen and paper and examine your budget; what is essential and what is trivial. What can you live without and what is crucial. Keep these four money tips in mind when next you're traveling for work.

- Consider going for cheaper accommodation. An economical option might be opting for short-term Airbnb units instead of expensive hotels. There are also services, like Homestay, which allows you to stay with a host in your destination for a reduced price. Often, you get to mix with the locals and actually experience what living in that city or country feels like. However, ensure to find out if this wouldn't be in violation of company policy.

- Check out cheaper airlines. You can snag a deal on flights and other essentials with a service like Lowfares that allow you to compare rates on airfares, hotels, and car rentals. Another tip is to travel during off-peak periods.

Generally, weekdays, especially midweek, are a great time to secure cheap rates. FareCompare CEO, Rick Seaney, in an article on USAToday https://eu.usatoday.com/story/travel/columnist/seaney/2018/01/02/best-and-worst-days-fly-2018/995658001/ , puts Jan 9 - March 16 as the cheapest times to fly through Europe. Since prices drop as much as 40% over holiday fares.

- Cut back on restaurants and drinks. Money spent on food per day can easily add up, especially when you're not the one spending. However, it only takes a little discipline to be thrifty and get some cash saved. One tip is to plan out what you'd eat every day and how much you want to spend. Don't get too cut up in the local cuisine, while ignoring your pocket. An advantage of a service like Homestay is that it allows you to spend little on food.

- Teach a language or offer a service. You can try a service like Diverbo, which will cover some of your vacationing costs and in exchange, you help locals with their English. AdventureWork shows listings of jobs in the adventure space. Folks literally pay you to teach skiing and snowboarding etc. You can also babysit or teach a language. https://www.forbes.com/sites/laurabegleybloom/2016/07/27/23-companies-that-will-help-you-travel-the-world-for-free-and-maybe-even-pay-you-to-do-it/#4e5d1881e0fd . So, if you have some free time on your hands, you can consider offering a service or volunteering.

There are also discount services or loyalty rewards on hotels and fares. You can take advantage of these if you frequent the same location multiple times a year.

Traveling overseas for work presents an opportunity to work, have fun and maybe get enough money saved up to finance your next travel.

Buying overseas real estate often comes with increased responsibilities. Hence you need an efficient local real estate agent

While you might be a real estate guru in your home country, buying real estate in a foreign country can get messy without a knowledgeable local real estate agents

Here are just three ways things could go wrong when buying overseas property:

Over-the-top valuations: A foreign buyer probably doesn't have the stats on comps and recent sales that would help him make the best decisions on pricing. Locals might see this as a chance to price the property above market value. Without an agent on your side and banking on exchange rate advantages, sellers might feel justified to charge you more.

Taxes and paperwork omissions: In countries like Spain where there could be local rules and taxes regarding foreign home ownership, it's easy to ignore a few details. Not having the necessary licenses and permissions can be very costly.

Lopsided Communication: Sure your developer wants to come to terms quickly, which you find appealing as you don't want to hang around too long. However, you don't want to sign any form or contract without understanding what it entails. It's always important to get expert advice before signing on the dotted line.

You should have two people on your side when buying foreign real estate, a lawyer, to help with legal complications, taxes and paperwork and a real estate agent to guide you through the home buying process. You might want to ignore an agent's services as a way to save on agent charges. But here are six reasons why hiring a real estate agent for foreign property purchases is vital:

1. Full access to the market: Buyers in North America who work with agents have a full access to the Multiple Listing Service (A service that offers access to information regarding market value, comps and properties on the market). While some countries do not have a property listing service, a good agent will likely have a slew of properties and connections with other agents. This ensures he can secure a property that fits your criteria.

2. Detect overpriced properties: Where there is no MLS to set pricing, sellers and their agent often pad the asking price on their properties. Especially when the buyer has no agent on their side. Even in countries with MLS, ignorance can be a justification for an agent to charge you up to 40% above asking price. You can take advantage of an agent's market knowledge in this case. An agent has comps and data coupled with market experience and should be able to tell you instantly when a property is overpriced. However, do not neglect to do your own research about properties that catch your fancy. This will help you keep unethical agents in check.

3. Help with securing mortgage: One of the risky aspects of buying property abroad is getting financing. When considering going for a mortgage, your real estate agent can give you the low-down on mortgages for foreigners. He or she might also be able to connect you with bankers. An agent can also facilitate your loan by helping you with the necessary paperwork. This is one major reason why the services of a real estate agent are invaluable when you're buying a house overseas.

4. Negotiating and drawing up an offer: Negotiating tactics you have mastered in the US might fail to work when negotiating with sellers in Japan. The reason is that there are culture and language differences which can be difficult to fathom. So instead of trying confrontation or hard sell tactics, it is usually best to hire a professional agent who understands your situation and can persuasively represent this to a seller.

5. Help with finding good deals: You're probably trying to scoop up a good deal on a property. However, it's unlikely you'll find great deals by driving around a neighborhood. Agents have connections with other agents and access to a lot of properties. Hence it's much easier to find great deals by working with them.

6. Recommend trusted professionals: A trusted real estate agent would probably have a number of reputable service professionals in his network from inspectors, lawyers, handymen, mortgage lenders etc... This would be highly beneficial since you have little experience in the neighborhood and might be susceptible to pseudo professionals.

Caveat: When choosing agents to work with, work with vetted professionals. Don't just go with the agent down the street as that might turn out costly. This is why we periodically recommend agents in select communities who are vetted and have significant market experience to make your foreign property dream come true.

In a seller's market, like the US, buyers must be prepared to do some ground work and move fast whenever they spot homes that offer what they are looking for. In a competitive market, a buyer with cash doesn't necessarily win these days. 2015 Realtytrac stats say that about a third of property buyers in the US are cash buyers. Cash might still have an advantage over mortgage but below are some more tips to create a winning offer.

Only a few sellers can reject an offer of cash but chances are you're not the only one bringing cash to the table. Hence you need other strategies when making a home offer:

1. Move fast.

Moving fast could help you win when making a home offer in a competitive market. If you’re dealing with a seller who doesn't have much time (who does?) and wants to sell fast, all you need to do is put your best foot forward and follow other steps in these article to seal the deal.

You can also offer to close quickly. A standard closing period is about 30 days. If you can close in three weeks instead, this could convince the seller to accept your offer even over one that offers more money.

2. Get a professional.

A proactive and knowledgeable agent will know what works in that community and will be able to create a winning offer fast.  A good agent will be the strongest weapon in your arsenal when in a competitive market. A knowledgeable agent will guide you through winning strategies in that competitive market that may seem crazy when you try them in a slower market.

3. Be human.

Display personality with your offer. One way to do this is by writing a letter to the seller that tells him the reason why you want to buy. Indicate a subtle feature you like about the house (which other buyers didn't notice). Other sellers will appear impersonal.

4. An earnest deposit

A substantial first deposit makes a major difference. A reasonable first deposit will be about 3% of the value of the house. A seller often takes this offer seriously and can feel positive you are focused on the stand by position this offer.

This may give you a winning edge. Submitting a pre-approval notice with the first deposit puts your offer before others by telling the owner you are serious.

5. Money talks.

Of course, the more money you can offer upfront, the better your chances. If you can afford a 30% or 40% down payment (or more), sellers will be tempted to accept your offer. And, in the long run, it will save you money on a mortgage, shortening the length of your loan and the interest you pay. You can also waive some contingencies, depending on what your agent approves.

These tips can put your offer on top of the pile. However, in a competitive market, beating the competition depends on your creativity.