Guidelines to follow when starting your search for overseas property - what to do and what to avoid

[edit] Steps

DO YOUR HOMEWORK – Subscribe to property magazines, forums, discussion boards and so on....make notes of good places for investment and places to avoid.
RESEARCH COUNTRIES & PLACES OF INTEREST – Once you have a short list of some countries you would like to consider for property investment, do more in depth research. Go to your nearest library, visit your local book store and browse through the travel section for relevant guidebooks. Even visit a travel agents or two and get some brochures featuring these countries.
Check out the political stability of a country, the economy, weather patterns, tourist destinations and tourist numbers, general costs for eating out, travel routes (is it on a budget airline route for example) and so on.
Keep well researched notes on everything you find out – maybe a folder for each potential country.
HAVE A CLEAR IDEA OF WHAT YOU WANT – Are you looking for an old farmhouse to renovate, a town house, a city centre apartment? Do you want to be near the coast, in a ski resort, in a rural village, close to night life……?
And importantly are you looking for simply a holiday home for you, a property with good capital appreciation or maybe rental income is more important, particularly if you are going to need to cover mortgage repayments.
BUDGET CAREFULLY – It is very easy to get carried away when you see a picture of that dream property, no matter that it is £20,000 more than you were really wanting to invest. Right at the start sit down and work out what you can afford to spend. This should include an estimation of what you will need for legal costs involved, local taxes, viewing trips, renovating costs, decorating costs, management fees and so on. Then limit your search to properties within your budget.
Seek legal advise - in any country you decide to invest in you need to know the law and the best people to tell you this are solicitors. Ensure the solicitor is reputable.

[edit] Tips

Take your time and do not rush into anything you are not sure about
Try not to buy on impulse; think logically before buying
People often lie, including agents, letting agencies and so forth.... double check all the figures yourself. Look at similar property prices and rental yields and then make your own judgements.
For more tips please visit http://www.thetravelbug.org

[edit] Warnings

AVOID buying a property without viewing it first.
NEVER BE PRESSURED INTO BUYING ANYTHING – Do not be pushed into paying a deposit or signing a contract before you have had a chance to view the property. If the agent is telling you there are only two apartments left and you need to send five hundred pounds that day, forget it. There will be plenty more suitable properties. Take your time and do your research, visit the country and only then look to take matters further.