5 pointers to look out when buying overseas projects.
1. Buy overseas projects marketed by big and reputable agencies like Huttons Asia or ERA.
These agencies would have done the checks on the developer and study on the location of the projects.
There will also be a salesperson to help you with the whole buying process. In case this salesperson left the industry, you still can look for the agency if you need any help. In the rare case where the agency also closed down, hopefully CEA will assist.
Avoid buying from property expo held over the weekends from hotel, directly from developer. They may be too pushy as they only have the weekend to sell and the ballroom rental is expensive.
2. The country you invested in should have a real estate agency that have a partnership with the local Singapore agency.
The overseas real estate agency can help you with the leasing and selling. They can even help you inspect and take over your unit if you are not free to go over to inspect yourself when the keys are ready. With such partnership between countries, the fee will be reasonable. You can avoid being overcharged.
Huttons asia have a partnership with Huttons MHT in Philippines. When your investment is ready, you can assign them to help you with the inspection, rental and selling. Overseas investment becomes a breeze.
3. Buy from a reputable developer with good track records.
In case you are would like to buy on your own, check to make sure that the project is in demand and sellable. The location is prime and the developer has good records.
This is the lower the chances of uncompleted projects or poor workmanship. The more ideal case will be buying from a local Singapore developer like Oxley, who have bought land in Cambodia. In fact they have bought 2 land and have secured long term rental with a high end hotel name, Shangri-La.
4. Have an exit plan
Every investment should have an exit plan. Have a purpose for your investment. I bought an overseas property as an investment for my sons university education instead of an investment link product.
Be it local or overseas property investment; take it as a long term investment.
5. Check if you can take an offshore loan.
Always have a backup to take offshore loan. Who knows, further measure may affect your ability to take a loan in Singapore to finance your overseas investment. We would want to avoid the case where the investment have to sell off because of the loan.