They say if you can find a way to combine the things you like and transform that combination into a money making venture then you will never work a day in your life. Okay, that saying goes something like ‘do what you love and you will never work a day in your life’, but you get the general picture. I love traveling to exotic locales. I also like making money. I particularly like making money through strategic real estate investments. So what better way to make money by investing in property in foreign exotic countries?
That is exactly what I set out to do years ago and I have never regretted that decision. I have properties in France, Spain, Kenya and almost every other attractive location you can think of to visit. Now, granted, investing in some of these locations can be extremely challenging considering every different country has a whole new set of rules, regulations, and tax laws to which you must adhere. That, however, should not be a deterrence to your investment aspirations. All you have to do is find ways around it.
Tricks to remotely invest in property in Granada Spain
The very first thing you need to know about investing in foreign lands is that you should align yourself with a local real estate lawyer and realtor. These two people will be best placed to give you the best advice and direction on how to get things done within their local sector. So that will be my first trick to investing in property in Granada, Spain and really any other country. That being said, here are some additional tricks to investing in property in Granada, Spain.
Do Your Research
Thanks to the internet, you don’t have to travel physically to another country in order to get what you need. If you’re skeptical of how effective you can be in gathering quality info by just searching online, understand that there are investors who buy and sell properties in another country without ever visiting the place where the property is actually located, such as this guest in this Rick Otton Podcast (episode 90, if I am not mistaken).
So yes, in today’s technology, 100% online property transactions are perfectly doable, if need be. The bottom line is that you shouldn’t squander the power of the internet and use it to search for property details, contacts at law offices, real estate agents etc.
Invest in buy-to-let property
Spain sees a high turnover of foreign visitors each year (80 million plus each year). It is, therefore, advisable to invest in buy-to-let property. Your best bet would be to find property in some of the high traffic locations such as Granada, Costa Brava, Costa del Sol, and Costa Blanca.
Invest in something unique
The Spanish real estate market is extremely competitive. The fact that almost the entire country is picturesque makes it even tougher for landlords to invest in mediocre properties. You need to find something that is not only unique but beautifully located. You are advised to plan on frequent renovations and improvement projects, as the competition will always be looking to make their properties more appealing to an ever-fickle traveling marketing.
Invest in good marketing strategies
As mentioned earlier, the market in Spain is highly competitive. Add to that the fact that many super-resorts keep mushrooming thanks to the high visitor turnover and you will find that you have stiff competition. Marketing is key in Spain. Invest in unique properties that have excellent locations, spend money renovating them frequently and hire someone to market it on a full-time basis.
The lawyer and realtor will give you all the necessary information as far as taxes and regulations are concerned. It should be mentioned, however, that Spain is one of the least complicated foreign markets to invest in. This makes it a highly attractive location for savvy real estate investors.