Although the prospects of trying to manage an investment property abroad can be scary with some careful steps the process can work well.
First with regard to the property purchase you need to ensure you have local legal representation. Rather than using Google to find this try to find someone else who, similar to you, has bought investment property abroad and get a reference from them.
Trying to legally manage a property transfer from another country is almost impossible so local legal representation is critical. After purchase the next important element is who will manage the day-to-day issues that arise?
Thinking there will be no issues is a mistake. No matter how good the property may be issues will arise. A management company that is familiar with the local area and local customs regarding renting is surely critical here.
Yes they will incur a fee, a fee that is typically a percentage of the rental income. The value of a good management company cannot be overstated.
Firstly they have experience with the rental market in the area and as such are more likely to find suitable tenants. Also their familiarity with rental expectations (what is expected from the Landlord) in the local area will be a great value.
The management company will also do regular property inspections to ensure your purchase is being kept in good repair. In the dreaded situation of bad tenants they will also know the local rules surrounding a legal and clean eviction.
The last thing you will want is a court date in another due to an illegal or forced eviction. The management charge varies from country to country but typically falls within the 8-14% of rental income bracket. Whilst the charge may sound steep the advantages of using a local management company are numerous.
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