Have you ever bought property abroad without visiting it?

[riviera]

Just wondering how many people here have ever bought property abroad without ever visiting it? Or in the case of a new build, without going to the site.

When was it and would you do it again?

 

[camel]

Don't do it in general. There's so many horror stories. Just check this board alone. Nothing wrong with overseas property investment as such but....do the background check. Normally there are cheapish inspection trips on offer.

 

[bacchus]

No!!! Don't do it.

I don't think Riviera is trying to buy, but rather trying to develop a selling stategy or get a feel as to how Irish residents purchase abroad.
Would that be a fair statement, Riviera?
may help you in getting the answers you are looking for.

 

[riviera]

I don't think Riviera is trying to buy, but rather trying to develop a selling stategy or get a feel as to how Irish residents purchase abroad.
Would that be a fair statement, Riviera?
may help you in getting the answers you are looking for.

Just trying to get a feel for Irish investor psychology and experiences, but not necessarily for my business.

I think it would of interest to a lot of people who use this forum.

 

[Diddles]

A friend has bought in Cape Verde 2 years ago without seeing the property or the place itself.
Getting excellent rent from it now so has worked out, but couldnt do it myself personally

 

[Rosinsky]

Many Irish investors buy sight unseen - it is common. Obviously it is not the smartest thing to do; however, many investors have very good relationships with some of their advisors as a result the performance of previous projects and therefore trust them and their expertise.

If all the information can be supplied upfront combined with all the commercial and legal due diligence completed this makes purchasing site unseen a possibility.

 

[ringledman]

Have bought unseen. Try not to but its very difficult when you have a busy job.

If you have a good agent that you trust then it isn't as risky as one thinks providing you due your due diligence.

The difficulty is in finding a good reputable firm with so many shi*e companies out there. There are very few decent ones about. luckily I have a company I can trust but they are a gem amongst the crooks of the overseas property industry.

 

[stir crazy]

A friend has bought in Cape Verde 2 years ago without seeing the property or the place itself.
Getting excellent rent from it now so has worked out, but couldnt do it myself personally

Are you sure your friend gets actual rent and not 'guaranteed rent' which may not come from actual tenants but will in any case be paid out of your friend's purchase price ?

 

[rachelg]

I reserved an apartment in Bansko unseen and complete disaster. Took me months of fighting and a year later, through court to get money back for misdescription and lots of other problems.

Only other property I bought was old house next door to plot I already owned and pretty cheap and only bought it as was next door, so was not bothered about the actual state.