Some of you may have heard of remote investing but are quite unsure how it works. In simple terms, remote investment is the act of investing in real estate even though you don’t live in the same place where the property is located. You may think it’s crazy to buy a house somewhere far, far, away like in the heart of a mountain range or an overseas property. But, believe it or not, there is a good demand for these kinds of properties.
The key is finding a property and match it with a determined buyer, and you’re going to hit the jackpot.
Take for example, Clare and David Mangon. They are formerly of Thames, Oxfordshire, but they were willing to shed £200,000 for a barn-like house made of ancient stone- called Ellers – in a really, really far off portion of northern Yorkshire Dales where winters are harsh and the company of other people is very hard to come by as houses are located long distances away from each other.
You might wonder why the Mangons were willing to stay in this area. But according to Clare, despite the obvious weaknesses of the location, they immediately “fell in love with the place” when they laid eyes on it for the first time.
For a growing number of people who are getting worn down by the daily grind of urban life, there is a certain appeal for old, remote properties along with the simplicity that comes in more rural areas. As an investor, realising this growing trend can be very rewarding.
More and more people have gotten into remote investment in the past few years, and this is gaining popularity not only with UK residents, but also with a lot of people living overseas.
Castle Estates, a residential letting agency in Glasgow, says that more than 67.6 per cent or more than two-thirds of the landlords in their listing are remote investors.
What’s more astonishing in this revelation is that out of these remote landlords, 15.3 per cent of them live overseas.
The agency’s head shared that these remote investors live in Australia, Thailand, Switzerland, South Africa, and Canada.