Due diligence, Due Diligence, Due Diligence: The 3 most important considerations when buying investment property.
Property investment anywhere in the world requires careful research and thorough due diligence. Glossy brochures and slick talking sales people aside, the responsibility often remains with the buyer to ensure their decisions are sound and secure.
When buying property at home we are (quite rightly) positively manic when it comes to doing our homework. We want to know about the land title registry, structural surveys, town planning proposals, access rights and borders, any sewage works, checks on plumbing and heating, insurance, roofing, subsidence, vetting the neighbours, and making cost comparisons. This is all in the name of making dead sure that we are making a sensible, smart purchase, rather than buying into a liability.
However, it is often the case that our traditionally cautious mentality takes something of a holiday when we start looking to buy property overseas. We seem all too easily seduced by the ever friendly sales people and abundance of photos of palm fringed sandy beaches. Our pre-occupation with ‘living the dream’ certainly can put our better judgement at risk.