SkyFive Properties Blog

If you’re thinking about starting a new life in America, you probably already know that there are countless good reasons to move there. But while the U.S is home to Walt Disney World, Central Park, the Statue of Liberty and the Golden Gate Bridge, the ‘States’ really do have more to offer than just beautiful landscapes, delicious food, and credit card quaking shopping facilities. Before you complete your esta registration and pack your suitcase, here are 5 financial reasons to move to the U.S.

1.    Better Cost Of Living

A great financial reason to move to the U.S. is the better cost of living the infamous country offers. While the cost of living varies widely from state to state, on a general basis, the cost of living in the U.S. is much better than those of the United Kingdom for example. Even eating at a restaurant will save you up to 18.75% than in the United Kingdom! However, make sure you note that San Francisco, Los Angeles, and New York are among the most expensive U.S. cities to live.

2.    Higher Income

The United States is one of the leading nations worldwide for income, according to the OECD Better Life Index. While the average amount of disposable income is approximately $38,000 in the United States, it is roughly $11,000 less compared to the U.K. Physicians, Pharmacy Managers, Patent Attorneys, Media Science Liaisons, and Pharmacists are among the top five highest paying job roles in the states!

3.    Save Money On International Payments

Sending money back and forward abroad can often be expensive, and a fee people dread. After all, you’re paying a high fee to send your hard-earned money from one country to another. It doesn’t make sense! Luckily, there is a service on the market that helps reduce this fee so that you can convert any currency stress-free across the globe. And there are even more options for you when using credit cards overseas.

4.    Fast-Paced Job Market

In a fast-paced job market, you’re likely to climb the career ladder far more quickly than in your home country, and making your way through the ranks means an increased salary (as well as additional responsibility). With this in mind, the hiring process in the U.S. is much less than that in the United Kingdom, averaging at just 22 days compared to 29. Plus, Americans love Brits! The British accent has been revealed to be one of the world’s most attractive accents, so everything is in your favor!

5.    University Fees

If you want to study in the United States, you’ll be pleased to know that England is, in fact, more expensive than the U.S. Today. It is even more critical for students to compare the cost of studying abroad with the rise of tuition fees in the U.K. Plus, with the U.S. rated as one of the top three countries in the world for highest-quality education. In fact, 15 American universities and colleges alike are ranked among the top 20 in the world. You can’t go wrong!

It doesn’t take a genius to realize that there’s a lot of money to be made from property investments. However, it’s not as simple as waiting for the profits to roll in. If it were, virtually everyone would be utilizing this market to become millionaires. Naturally, real estate can be the perfect route to enhanced financial status, but only when you know how.

No two investors are the same, and your unique situation could involve various types of investments and property types. Regardless of your starting capital and other features, the key to success lies in maximizing each investment. Here’s how.

Consider Investing Abroad

For many investors, domestic transactions seem the most natural solution. Thanks to modern tech and communication, investing in foreign markets is virtually as straight-forward. Besides, playing a backseat role can make it easier to remove emotional attachments, meaning you’ll focus solely on the finances.

A holiday home isn’t only a place for vacations and can be used to generate an income from people staying there while you’re not. As with any venture, it’s vital to weigh up the pitfalls as well as the benefits. Generally speaking, this can be a brilliant option, especially when choosing a country where prices are growing.

For short and long-term investments, the foreign markets can offer fantastic opportunities. Just be sure to use a reliable realtor, and you’ll be just fine.

Get The Timing Right

No two property investments are the same.  The assets need to be judged on their individual merits. In some cases, renting out an asset while it’s price skyrockets can be the best option. In others, however, quick sales are the best.

Managing property will incur costs. So, if you do not see any revenue, you’ll want to relinquish the building quite quickly. When you sell inherited house assets, it’s imperative to do it fast and at the best price. Otherwise, the monthly overheads will hurt your pocket. You owe it to your loved one, as well as yourself, to strike the right deal.

Nobody can predict the future perfectly, but tracking market trends is vital too. This plan will help you forecast whether it’s better to act or wait.

Know The Options

Many investors assume that the best solution is to buy a property, develop it, and sell it. Firstly, you should think about the places where you can purchase investment real estate. After all, auctions and other events can seal a far better deal.

However, the standard flipping concept isn’t the only one out there. Multi-family units may seem like a more significant investment. But lenders will often prefer these as you can see a profit even when some apartments are empty. On a similar note, shared ownership and commercial ventures can prove to be far more profitable. In many cases, the management process can be more straightforward too.

There is no one right or wrong answer, which is why you must find the best solution for your individual needs. Unfortunately, that’ll be impossible if you aren’t aware of the options. So make sure you are.

It seems to be a question that has a million different answers, what are you looking for in a home? We all have different ideas and objectives with a property, from purchasing a vacation home to making a nest egg suitable for us in retirement. However, there are some fundamentals that you need to think about when you are investing in a property. For the first time investor, looking for a home can be a minefield. So here are the key aspects that you should consider carefully as part of the acquisition process.

The Location

Let’s start off here. Everyone knows that location is vital, but why? The area will mean many things to many people, but in its basic form, it means proximity to the amenities, a peaceful neighborhood, access to main roads, and more. In addition to the cost of location, these things are the tip of the iceberg when it comes to investing in a property. We all know that a home in a city center is going to be more expensive than one that is out in the middle of nowhere, so, for the real estate brokerage that offers homes in a more central location, you are going to see higher prices. The neighborhood is not just about proximity, but it’s also about how that area will evolve over the years. The way to get an idea on how to benefit from this is to look at population trends, job trends, and financial factors.

The Investment Purpose

We are all aware of the value of investing in real estate. But if you don’t have a specific purpose in mind you may find yourself yielding unexpected results further down the line, including financial issues. So, in this respect, you need to think about how to prepare your investment in alignment with your purpose. There are general categories to consider, including buy and self-use, buy and sell in the short term, buy and sell in the long-term, as well as buy and lease. Each category has various appreciation values. And if you look at the group of buy and lease, where you are a landlord, your expenses are going to be higher because you may run into potential legal issues.

New Or Existing?

For properties that have been newly built, these tend to be more attractive from a cost perspective, but the new construction builds can come with additional risks. The same applies to existing houses; there may be legal issues before the property is relinquished into your hands, which means a very stressful process. So, be sure to check the reputation of the construction company when it’s a new build, or look at the maintenance costs if it’s an existing build. The issue of quality is something that also comes to mind when you compare the two.

There is one significant similarity or “secret to success” that real estate shares with business. It’s the importance of finding your niche. Whether you want to choose the most profitable area for investment for one property or you want to keep growing your property portfolio and want consistent gains, the niche could be the answer you’re looking to find. It’s that specific area of business that works best to the market you’re in touch with. Here a few niches that anyone looking to get into real estate can explore.

Happy families

The family home is one of the broadest “niches”, which might discount it as an option for some.  Space, curb appeal, and house features all play a role but it is location at the end of the day that rules the sale and profitability of family homes. You need to look at the area and what it has to offer to families, such as schools, access to public transport, proximity to hospitals, and other services. Think of the family needs and choose to invest in homes that are close to them. Single-family homes are, at the moment, one of the most active sectors of the real estate market, period. If you’re renting, as more families are indeed renting today, you’re inclined to make back around 15% of the cost to buy the property within the first year alone. That is a more-than-significant rate of return on a rental.

Student housing

Location plays just as significant a role when it comes to investing in buy-to-let properties for students. The most key priority should be proximity to the college in question. There are a variety of reasons why letting to students can be such a good option, too. There’s a massive need for off-campus student housing, with rents tending to be higher despite the fact that tenant standards are, on average, significantly lower. Most student accommodation won’t rent to those without a guarantor, either. Because these guarantors are often parents in a position to financially support their children, you can expect rent payments more reliably. Advertising tends to be easier, too, with many student landlords making use of university websites and publications to get a direct line to the market they want to target. There is some difficulty to be expected with students often being young and lacking some control, but a more detailed lease including rules on noise and damage/repairs can help you minimize some of those risks.

The professional approach

There’s a growing number of young, single professional people on the market, as well, particularly within urban areas. Finding property close to central city hubs and commercial sectors is how you target this market. But to make the best possible investments in this niche, it’s a good idea to try to be proactive. Look at the signs that an area in the city is on an upward trajectory. See if there’s a marketing push for that specific area, or if new business premises are starting to open there. It’s challenging to be the first person to begin capitalizing on an up-and-coming area, but if you’re vigilant and paying close attention to developments and projects within the city, you could jump on the opportunity while the going’s still good.

Every day’s a vacation

If you like an investment that comes with a few extra perks to offer your personal life, then you might want to look at the idea of investing in a vacation home. Beyond getting a place that you can rent out to travelers, you also have a spot where you can get away from it all. Again, a keen eye has to be kept on the market to spot vacation homes in areas with high enough demand to justify the cost. There’s also the danger that you could often see months with zero income when the location isn’t in its “tourist season.” That said, for long-term investments, holiday homes almost always increase significantly in value as time goes on, so long as there isn’t any unforeseen damage done to it.

The bounty of nature

If you want to talk about investments that grow with time, then you have to talk about getting properties in rural areas. As cities expand and the romantic ideal of a quiet, peaceful country life fills the head of many urbanites, country homes tend to avoid some of the most severe downturns in housing price decreases while benefit from the growth of the real estate market. They’re a high-value target, so acting on available hunting ranches when you find them is essential. They also make for an impressive revenue stream if you choose to wait before you sell them, as well. You should overestimate the value of livestock farming, but it can serve as an excellent bonus on top of the profit of the eventual sale.

Serious business

Commercial real estate is another vast swathe of the market, one that comprises a whole variety of property types such as office buildings, warehouses, and more. You should choose a niche amongst these to specialize even further in then, again, keep an eye out for the commercial sectors starting to grow in the city. This area is one of the markets that is least insulated from the twists and turns of the economy and general business health, however, so the risks are high. However, you can make a lot more money renting out office space than you might when renting out the equivalent residential space.

The choice of how you specialize your investments from now on might determine on a lot of predetermined factors, like which kind of real estate you know the most about or what type of market you have the most in-depth connections. However, that doesn’t mean you can’t willfully choose a niche, get educated on what makes it the most profitable option, and start prioritizing it.

You’ve seen all the benefits of investing in a vacation home, but now it’s time to go one step further. Now, it’s time to see all the benefits of not only vacationing abroad but upping the intensity and moving overseas. To review these benefits, make sure to read on.

It will help you grow

This might sound cliche, but moving abroad will help you grow. By moving overseas, you will be jumping into adulthood at the deep end. By moving overseas, you will meet new people and experience new cultures that will force you out of your comfort zone. And, the best way to grow is to be out of that feeling of contentment. Besides, adulthood is going to come at you thick and fast wherever you live. So, why not let it come at you in this way in a place that will help you grow, rather than stagnate?

It will teach you about yourself

Being out of your comfort zone will teach you things about yourself that you didn’t know before. And, no matter how old you are, moving abroad will provide you with lessons about your own life that will astound you.

By immersing yourself in a completely different way of life, you will find yourself doing things you’ve never even thought about doing before, let alone ever actually having done. And, when you do these things you might just find that you enjoy them. For instance, by upping sticks and moving residence to the Canadian Rockies in order just to do a ski season, you may find yourself doing other things than skiing that you enjoy. For instance, you might just take to hiking without the snow, too

But you won’t just learn from your likes and dislikes. No, you’ll also learn more about your personality, too. If you found yourself living with a bunch of other nomad travelers, for instance, you might realize just how introverted you are when compared to other people’s personalities — not to say that this is a bad thing!

It will teach you about others

Quite importantly, moving abroad will teach you about others as well. Yes, by spending so much time immersed in the new culture, whatever culture that may be, you will learn the everyday habits of the locals. You will learn their cultural myths and tendencies. You would learn their songs. And you would learn about their cuisine (for better, or worse).

And it is because of this that, if you were to move to a country that was entirely different from your own, you would find yourself benefiting twofold. By upping sticks and moving from a Western society into Southeast Asia, for example, you would stretch your teachings as far as they could go. This growth could mean finding an apartment to rent in Indonesia at https://rumahdijual.com/surabaya/, for a short while at least, and learning of and maybe even liking ikon baker (roasted fish) or nasi timber (rice in banana leaf). Or, this could mean heading to Japan and learning all about the latest technologies (and even experiencing them before they reach your friends back home).

Doing all of this will give you more than enough of insight into how the world outside your hometown works. It will teach that there’s more to life than the way of life in your hometown. And, it will give you things to talk about at dinner parties for years to come.

It will build your character

Being away from home, especially for the first time, builds character no matter where you move. But, by moving abroad, you will develop your character in ways that can’t be replicated by moving anywhere else.

Your elders told you to dream big when you were a kid, right? They said that you should do everything in your power to turn your dream into a reality, right? And then, once you developed into an adult, they told you to go to work, earn your money, not to dream too much and just be happy with your lot, right? Well, by moving abroad you can reclaim that childhood sense of freedom you once had. And, this liberty will induce a character out of you that you will be able to call your own. And that is the best character of all to have.

It could even get you closer to your life goal

Speaking of dreams, the chance to close in on your life’s goal could present itself to you by you moving abroad.

This fact is because more opportunities to succeed could present themselves more often in different places. More to the point, more opportunities to succeed in what you want to do could present themselves abroad. Thes opportunities could come in the form of there being a gap in a specific market in another country that just isn’t there in yours. And, if you were to move abroad to exploit this market, you could find yourself closer to your goal more than you ever could back home.

Also, moving abroad might give you that kick up the bum you’ve, quite frankly, needed for a long time. It could help you discover or rediscover the passion needed to make your life’s dream a reality.

So, as you can see moving abroad has a host of benefits. And, as you can see, moving overseas doesn’t just have to be about gap years and boozy breaks in life. It can be about making a severe change in your life. It can be about enriching your life to the point where you, yourself change as a person. It can be about finding yourself and finding things out about yourself that you never knew about before.

With the all the stress of work and family life that you have on your plate at the moment, a vacation home can seem like an attractive prospect. However, you need to educate yourself about the benefits and possible pitfalls before you make a purchase. Otherwise, you could find yourself feeling the repercussions of a bad decision. Below is some helpful information to guide you in the quest for a gorgeous vacation home.

Allows you to get away from it all

One of the key advantages of investing in a vacation home is that you always have a place to escape to. Somewhere that can be entirely different from the location that you live your day to day life. For example, people that live Monday to Friday in Miami may choose a property from places like waterfrontgrp.com and secure a cabin by the lake. Something that gives them a real change of scene when they visit.

This change of scene is a truly valuable asset in today’s high-pressure world, as it makes it easier to switch off from work and truly relax. This oasis is a natural effect because all of the things associated with work are no longer there. You might even get crazy and turn your phone off for a while too, just to give you that fully relaxed experience!

Security can be an issue

A pitfall of owning a vacation home that you need to be aware of before you buy is the issue of security. The problem here is that many vacation properties are incredibly far away from the owner’s everyday residence. This distance creates a problem of not being able to keep an eye on things and ensuring no one breaks in. After all, you don’t want to complete the journey to your holiday property and find broken windows and missing possessions.

Luckily, this isn’t an issue that is hard to solve. All it needs is the installation of some security tech, including CCTV that you can receive on your smartphone, as well as some alarms. It can also help to make friends with the neighbors, and get them to keep an eye on things for you during the off-season. You can even give them a spare pair of keys and ask them to turn the lights on, and open and shut the curtains from time to time. Something that will make it look like the place is being regularly used, and deter burglars.

Good investment for the future

Owning a vacation property isn’t just about holidays that you can have there. It’s also about the investment that you are making for the future. The property market is one of the safest places that you can put your money if you want it to work hard for you. That means if you choose wisely and the number of buyers outweighs the number of sellers as described at money.usnews.com you could sell the property for more than you paid for it. Something that means you not only have a place to stay when you are on a break, but also the potential of making you a profit in the long term.

Moving to a new home is one of the most exciting things that you’ll ever do. However, it also can be quite stressful. There are countless things to think about that it can be pretty overwhelming. It can often be enough to leave a lot of people pulling their hair out. Most people move quite a few times in their lives, so it makes sense to try and make it as easy as possible. Keeping that in mind, here are a few simple things that you can do to make your moving day just a little bit less stressful.

Plan Ahead

One of the most common mistakes that people find on moving day is that they fail to plan far enough ahead. Moving day can often sneak up on you pretty fast, and if you haven’t prepared for it, then you can end up pretty stressed. Make sure that you think carefully about how moving day is going to go. That way you can more carefully plan and prepare for any and every eventuality. Whether it’s an issue with the new house, or just knowing where everything goes when you arrive, if you plan for it, then you’re far less likely to panic if something goes amiss.

Label Everything

Speaking of knowing where everything goes, there’s nothing worse than moving into a new place and realizing you have no idea which boxes go where. The only real way to avoid this is to make sure that everything is labeled correctly. Sure, that means that it’s extra effort in the first place, but the stress that it makes up for on the other end up more than worth it. By ensuring that everything is correctly labeled, you can put boxes in the right rooms rather than just piling them up in a single room to deal with later.

Hire Movers

Trying to move house by yourself is, quite frankly, a nightmare. Plenty of people have found themselves pulling their hair out because they decided to do it all without any help. Companies like https://www.mybekins.com/location/phoenix-az-movers/ are fantastic for helping you move as quickly and seamlessly as possible. By using movers you don’t have to deal with any heavy lifting, nor do you have to worry about taking a bunch of trips with your car full of boxes. A lot of people worry about the cost, but it is worth it to save you the hassle of trying to deal with everything entirely by yourself.

Of course, no matter what you do, moving day is always going to come with at least some degree of stress. Even if you plan everything correctly and know exactly what you’re doing from beginning to end, there’s still a chance that something could go wrong. The important thing is that, by being prepared for anything, you’re in a much better position to manage anything that might come up. That way, you’re not going to be caught off guard and left wondering what to do.

When you get your first stable job, and it is time to get your place, the first and most difficult decision you need to make is whether to rent or buy. At an early stage if your career, several variables can change, such as your job, location, and even marital status. If you buy a home and take out a mortgage, you will be tied to one place for a few years, and the amount of money placed into your deposit will be illiquid capital. If you rent, however, you keep on spending money on somebody else’s property, paying their mortgage off, instead of yours. If you would like to make an informed decision on whether to rent or buy a house, then the following guide is exactly what you need.

Consider Your Job Security

Getting on the career ladder is challenging, and there is a lot of competition out there. If you just started working for the company and are already worried about your job security, it might not be a good idea to take out a home loan for an expensive flat or house. You will need to be in your job for a few years and see a progress in your career before you can commit to staying. If you work in an industry where you can easily find a job in your region, you might want to settle down and reduce your living costs by not renting but buying a flat. If you are single, it is best to first invest in a smaller property to keep the mortgage and bills low. If you happen to meet someone further down the line, you might be able to sell and remortgage.

Make it Affordable

Young professionals often make a mistake buy stretching further than they should. If you are not married yet, you might want to keep it basic and simple. Look for a small flat that is secure and cheap to maintain. You are likely to spend most of your time commuting to work or at work, and decorate the property to your needs over time. If you pay 60 percent of your salary on your mortgage and bills, you will have little to live on and go out to socialize with colleagues and friends. While owning your place is great, it also comes with a considerable long-term financial commitment.

Consider Investment Properties

If you would like to make the most out of your investment, you might consider buying a property that needs renovation. You might not get everything you want from your home right away, but you can make improvements over time that will increase the value of your real estate and make you feel better about your living environment. Keep your mortgage low, and you will have money left each month to renovate the kitchen, bathroom, and bedrooms. Check out neighborhoods where the demand for modern homes is likely to go up in the next few years, and you can increase your home equity in a few years’ time.

Make it Easy to Move

One of the benefits of renting is that it is easy to move to another part of the country, and you will not have to worry about selling your real estate and buying somewhere else. If you have a job that offers career opportunities overseas or other states, you might want to keep your options open and rent instead of buying. You might want to get a service apartment near your workplace, so you save money on commuting.  If you are presented with a promotion a few years from now, you will be able to accept, as you don’t have to wait until your house is sold and you can buy a new one. If you are ready to move to progress your career, you will be able to increase your chances for promotion. If your company offers overseas work, you might not want to pay a mortgage on a home that you don’t live in.

Check Interest Rates

One of the most critical aspects of finance to consider is the interest rates offered by your bank. If you have limited or no credit history, you might be offered a rate that is higher than the average, making mortgages less affordable. If interest rates are low, and you can secure a fixed rate for a few years, you can reduce your financial risks, knowing exactly how much you will pay each month on your home. This planning makes it easier to budget your salary and check how much money you have left each month for going out and household expenses. When you take out a mortgage, a change in interest rates can create a severe financial burden and make your budget get out of control.

Delay to Build Up Your Credit Rating

Many young professionals decide to postpone buying a house until they have an excellent credit rating and a stable job. Chances are if you have never had a home loan or credit card, and are currently living with your parents or friends, your credit file will not be desirable for most lenders. If you have just finished full-time education and started your first job, you might want to wait until the banks trust you and you are offered a good deal on a home loan. Find a cheap rent, share a flat with other professionals, if you are desperate to move out of your parents’ house. This way, you can build up your regular income, credit profile, and history before you make an application, and you will get a good deal on your first real estate purchase.

Buy in Developing Neighborhoods

If you decide to buy an apartment close to your office and are planning long term, the best approach is to look for neighborhoods with a positive growth potential. You must look for areas that are likely to be redeveloped in the future, increasing housing and apartment prices. Further, check whether or not shopping centers are planning to move into the neighborhood and the ratings of the schools nearby. Several inner-city neighborhoods are currently undergoing a regeneration project by the government, and if you buy a flat or apartment nearby, you can see the price of your property increase over time, giving you a good return on investment. If you choose an inner-city neighborhood, you can benefit from excellent transport links, amenities, and a convenient location that suits your busy lifestyle.

Buy Cheap and Add Value

Buying presents more opportunities than renting. If you rent an apartment or flat, you need to take it as it is; there is very little you can modify in a rental property. In most cases, you will need the permission of the owner or real estate agency to redecorate rooms or even upgrade your kitchen. If you buy a cheap property with great potential, you can add value over the coming years, and sell on for a profit. You might be able to get a small one-bedroom house and renovate it to the highest standards, even add an extension to make the kitchen or living room larger. If you manage to save money on your property purchase, you can have some funds to invest in adding value and increasing the future price of your home when you decide to move on and sell.

Compare the Price of Rent and Monthly Mortgage

The cost of living is essential for young professionals who are just starting off. If you can rent a home for $750 a month and you can get a mortgage on it for $600, it makes sense to buy, provided that you feel secure in your job, and you can maintain or increase the value of the property you buy. Remember, however, that if you buy your home, you will be responsible for all repairs and renovations, and this might increase your living costs.

Whether you are focused on your career or want to get the best value out of your money, you have to consider your property options carefully. Check the total cost of renting and buying, and ask for a copy of your credit report before you make an application for a mortgage. The main benefit of leasing is flexibility; your needs for space and location might change in the next few years, you might move in with somebody you meet or need to relocate for work. However, if the thought of paying off somebody else’s mortgage instead of your own makes you feel anxious, you might need to look for a small flat that you can afford to pay your loan on.  You can then add value to over the years, so you can sell for a profit and move on when your circumstances change. Overall, you need to consider your financial security, your job prospects, personal preferences, conditions, and credit rating. Remember not to stretch your budget too far at an early stage of your career, and build up your real estate portfolio slowly and carefully.

If you want to invest overseas, it’s imperative to first learn about the unique real estate laws and regulations that govern your target properties. An already complicated process, introducing the international element makes property acquisitions all the more intricate. Here, let’s look at some the key factors of buying overseas properties to build a basis for intelligent investing.

Know your needs

First of all, why are you buying a property overseas? If it’s to sell, is it a seller’s market? If you plan on renting it, is it in an area in demand? If it’s for personal use, then there are significant differences in buying a primary residence or a temporary holiday home.  If it’s the latter, you could benefit from getting a joint-ownership from places like Timeshare. That way, you’re not dealing with the costs all on your own.

Find the mortgage

When buying overseas, get an overseas mortgage as well. The process of purchasing a home varies from country to country. Get a lender who understands your needs specific to the country you plan on buying a home in. For instance, are you going to need the loan in the currency of your residence? Or in the currency of the country, that the new property resides? Can get you get a mortgage with a lender who provides competitive exchange rates?

Get independent advice

When you’re moving, you will likely get in touch with the estate agent first and foremost. When working with overseas agencies, they may be partnered with other businesses. While they can be useful in helping you navigate the process, they’re not always giving you the most independent advice. Instead, they lead you to other services that might cost more. Or they might work to the favor of the seller, not the buyer. Get independent advice from teams like Monaco Relocation Services. If you’re certain they’re not under someone else’s control, then you can be confident they’re acting in your best interests.

Anticipate the wait and cost

Buying domestic property takes long enough. When you have to involve processes in a state system you’re not familiar with, expect it to take longer. Do your research ahead of time. Know what paperwork you need. Set it up so you can get things rolling much sooner. Similarly, anticipate extra costs. Find advice from other expats on how much you can expect to pay.

Minimize your risks

If you’re not currently living there, buying overseas can be inherently risky. It’s easier to get caught in illegitimate schemes. Sellers can take advantage of the fact you’re unfamiliar with their laws, for one. So, make sure you take the safest deals possible. Don’t go off-plan unless you’re clear about the developers you’re working with, for one. Make sure you have that independent advisor working closely with you, too.

Buying property in another country can be onerous, expensive, and fraught with difficulties. Do your preparation work and make sure you’ve got the talents and expertise of those in the know. Without it, you will walk into a market you have little understanding of it. That means you’re at a much higher risk of getting the short-end of a deal.

While there are a lot of reasons for millennials to invest in real estate, it’s not necessarily the easiest thing to get started with. There is a lot of working that goes into real estate investment, which can be incredibly difficult and complicated, even for those that have done it several times before. If you have an interest in real estate investment and wanted a bit more knowledge, then you’ve come to the right place. Here are some simple steps for you to follow.

1. Do Your Research

Unfortunately, investing in real estate isn’t as simple as choosing an alright looking or cheap property and making a down payment; You need to do your research. Look at different types of areas and see what each one has to offer. The same goes for the properties themselves – A three-bedroom home, for example, will offer different things and entice different types of people, than a penthouse for sale. You also need to decide on the state of the property that you’re investing in; A fixer-upper property, for example, would be cheaper than a home that requires little work. However, then you need to factor in the amount of work and money that you’ll have to put into the property for repairs and decoration. Once you’ve decided on these things, you can start looking for your first property.

2. Keep It Cheap

Once you’ve found a suitable property, you need to try to secure the lowest down payment possible. After all, you don’t have an unlimited supply of money, and this way you will have a lot more money left for you to invest in renovations, repairs, and redecoration. Sometimes the seller might agree to sell the house without you having to make a cash down payment. This is usually the case if the owner is eager to get the property off their hands so that they can move elsewhere quicker, or for another reason. An estate agent would be helpful with down payment negotiations, as well as have a lot of property knowledge, so it would make sense to use an estate agent throughout the property buying process.

3. Get To Work

Unfortunately, your hard work doesn’t end once you’ve signed a few contracts. Once you’ve secured your property, you need to get to work and make it the best that it possibly can be. As long as the property isn’t in a terrible state, you can live there while the work is being completed.  Make a list of anything that needs to be repaired or renovated and start working on this list first, then do the same with decoration. To save money during this process, do as much of the work as you possibly can yourself, using guides and YouTube videos to help you out. Of course, you should always leave any major repairs to professionals, to ensure that you don’t cause more harm than good.

4. Make Your Money

Once you’ve got your property in tip-top condition, it’s time to start making money from it. There are two ways that you can do this; Selling or renting. If you bought a fixer-upper home, then it’s likely that you will be able to sell your property for much more than you initially paid for it. This profit can then be saved for a rainy day, or invested in another property. Alternatively, you could rent out your property. Just be sure that your monthly rent not only covers the mortgage repayments but also gives you a little profit on top to do with whatever you wish.

5. Do It Again

Once you’ve successfully made money from your first property, it’s time to repeat the whole process and start looking for more properties to invest in. Eventually, you will have enough money saved up for you to invest in bigger and more luxurious properties, so that you can make an even bigger profit. You may even be able to quit your job at some point, as you will be making enough money from your real estate.

While investing in anything can be tricky and confusing, especially for a young adult, if done right, it can be incredibly beneficial. From your real estate investment, not only will you be getting a home for a time, but you will at some point in the future, be able to make money from this home. As long as you do your research, are sensible, and ensure that you only select properties that fit your budget and your circumstances, you should be fine.