Overseas Property Investors Reminded to Budget For Maintenance Costs

Overseas Property MaintenanceOverseas property investors have been reminded to budget for maintenance bills when looking at their overseas property portfolios.

According to research by the UK’s Post Office International Payments, 40 percent of UK overseas property investors have been stung with unexpected maintenance bills that they hadn’t budgeted for. When looking to buy real estate abroad costs such as tax, stamp duty, professional fees, mortgage payments are property ‘downtime’ are usually included in the budget. However a significant proportion of people forget that a property abroad will likely need some money spent on maintenance each year.

Maintenance bills are wide and varied – for example there may be shared maintenance fees for communal areas or properties may need renovating or white goods fixing.

When looking for a property abroad, it is vitally important to check the state of the property carefully. For example old stone houses may have had work bodged in the past so that the previous owners can avoid large bills – leaving new owners with a massive bill several months or years down the line. It is also worth looking at how expensive materials and labour is in the region as it can differ significantly from your home country and what may seem like a routine problem at home, could cost a lot more abroad.

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