Thanks for being a true Escape Artist by embracing the articles and stories published here. I hope that they have been entertaining and helpful in your research of all things global. If so, I’d ask that you indulge me with a favor.
You’ve probably been seeing a lot of articles from me recently with the theme of due diligence. The favor I ask is simply this: Please pass this email about the importance of due diligence to at least one person – ideally someone you know who may be looking for property overseas. Surveys show that pretty much everyone knows at least one person who’s moved overseas, purchased property overseas, or is now considering it. I’m sure you do too.
Of course I wouldn’t ask you to do this favor without reading the message. So please read on to see if this is something you can do for me…and more importantly, for the person you decide to forward it to. If they are pondering the idea of property ownership overseas, they will thank you for thinking of them.
Knowing the lay of the land and having an inside track is an important thing. It can save a ton of costs and headaches in the buying process. An educated client is the best client.
I believe this, even if they don’t buy from us. For our company, having happy expats, owners of vacation property, and investors in the region is a great thing. Positive experiences bring more people here. When more people come and the market grows, we’ll certainly be able to serve some of them with a beneficial product, service, or investment. After all, it’s always about the client and their satisfaction.
But the real issue facing people buying property overseas is this: How do we become an educated client without paying a lot of tuition? As the saying goes, “Good judgment comes with experience, but experience comes from bad judgment.”
Buying international is very different from buying domestic. The kinds of things we know for sure at home, in many cases, just simply don’t apply offshore. So how do we get it right? How do we know what questions we should be asking? How can we come to know what we don’t know?
There are a couple ways. One is cheap and one expensive. The expensive way is to do it yourself and make the mistakes. This is costly in terms of money and time wasted. The other, better way, is to learn from the mistakes of others. This doesn’t always stick as well as learning things the hard way, but when we can learn from others, we save time, money, and heartache.
So here’s the reason for the favor. If the surveys are correct, you probably already know a few folks who have purchased property overseas or are quite possibly thinking about it. In the U.S. that number is about 1 in 10 people. Maybe it’s a co-worker, someone at church, a guy or gal at the gym, or a friend in a sports league with you. Most of us know someone who is considering, or has considered property ownership overseas.
Do this favor for them. If you think this article and the information here has value, please share it with them. Give them the ability to download the Consumer Resource Guide that outlines the “15 Critical Questions” we should ask when buying property overseas. I’m sure you have a copy if you are reading this. You probably picked it up at a conference or saw the link in a previous article. If not, or if it’s been awhile, here’s the link to the latest version:
Take a minute right now to think of that person. Forward this on, and then come back and take a look at a couple other ideas that will resonate with you in your search for a property or investment overseas. Thank you for passing this along.
Life is always a series of plusses and minuses. The yin and the yang coming together to make a whole. The same is true when pursuing a property and lifestyle overseas. While we don’t like to think about the negatives, we should. Therefore, I am going to start with the challenges we can face here and then move to the positive parts of the overseas property experience. The two visuals I have for this are the radar screen and the Mobius Strip. Today, let’s focus on the radar screen and a fun reference from the past.
The Radar screen is a symbol for why we need more information sooner.
B9 would be great to have around, wouldn’t he?
The radar screen is a powerful tool that shows us what exists unseen by the naked eye. It can show planes in a fogbank. It can show a tornado hidden in a storm. It can show incoming missiles from an enemy over the horizon. Just like Robot B9 helped alert Will Robinson to the unseen dangers in space, a “radar screen” in the form of a Consumer Resource Guide lets us see over the horizon and into the fog of a new and foreign culture.
When buying property overseas, the radar screen is a nice reference, because it highlights our need to know things we can’t see, or have not yet experienced. It shows us hidden dangers that, if we knew about them now, we could react to and take measures to protect ourselves against, avoiding problems and pitfalls that can trip us up. The better our radar is, the more time we have to plan, strategize, prepare, and react to a reality we now know exists.
Next week we’ll talk about the danger of assuming when buying property overseas and what we can do to educate ourselves and expand our radar screen. For now, thank you again for reading, and if you have not passed this email along to a friend or colleague, take a moment and please do so now.