Organisers of Ireland's largest and truly independent Investment Property Exhibition today outlined a 10 point set of guidelines for Irish Investors considering purchasing foreign property.

 

Conor Leech, Investment Property Show Organiser, stated “At the event at the end of the month we can expect that close to 200 million Euro will be spent over the three days. Over the year we estimate that 10 billion Irish Euro will be invested in property abroad. We felt that it was important for those attending our event, who are seriously considering purchasing foreign property, to become fully aware of the importance of informing themselves and taking the appropriate actions prior to purchasing.

 

In addition to the guidelines the organisers are hosting over 30 free seminars to further inform potential investors of what they should do to ensure a positive outcome to any potential purchase they may make. The free seminar programme features talks and interactive workshops by leading investment advisers, developers, agents and the key players in the overseas property market. Subject matter at the seminars include “The Legal, Financial and Tax Health Check;  Tax Advice on Property Investments and Insider Trade Secrets of Property Investing Overseas” to name a few.

 

Conor Leech, Investment Property Show Organiser, added “Many of our visitors will be first time investors looking at utilising their savings, SSIA's or equity in their homes to either purchase a property as a holiday home or as along term investment. In either case they will want to secure the future of the asset as far as possible. They only way to do this is to be fully aware of all aspects involved in the purchase from tax implications to local title issues. The seminars will give these individuals the right start and show them the direction they should take to make the right decisions for themselves.

 

A synopsis of some of the points to be issued to attendees of the show include,

 

*  Check all your transaction costs before buying, ask your solicitor for a full quote outlining all taxes and fees, but remember to ask for it in writing before you commit

 

 *  Rental guarantees can be risky as you are being promised future cash flows by the developer. Instead of taking the rental guarantee ask for the cash upfront this way you have secured your rental guarantee

 

 * Organise your finance before you go abroad – know exactly how much you have to spend including all ancillary costs associated with your purchase – legal fees and so on.

 

 *  Where possible buy through a local Irish agent or use a Irish based legal service, if a problem occurs it will be easier to resolve through a local Irish based agent or solicitor, dealing with problems in a Country with a completely different culture and Law may be difficult if you are dealing with the developer direct

 

 *  Research, Research and more Research, this is key, try to spend at least a week in the area you plan to buy, take the time to visit all the developments in the area, establish a price per metre and then compare each site.

For further information please contact: www.investexpo.ie

 

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