Hi, I am thinking of buying an apartment or villa in either Montenegro or Greece, and I want to take your opinion in the best destination in terms of stability, law and future return of Investement. I want to use it for personal use for holiday (not every year) and mostly to rent it out as a long term Investement. also what are the top real estate developers/agencies in each of these two countries? Thanks
Hi. I am a business coach and mentor and a property investor in the UK.
As I am sure you know there are a lot of people who have invested abroad in the last decade or so who have had their fingers well and truly burned.
I would say to you; proceed with extreme caution. There are a lot of genuine good investments out there which were very poor investments for the current or previous owner.
Watch out for properties that still have un-satisfied charges, get your solicitor/legal person to do searches to ensure these are not present.
I have clients now who were promised rental incomes from holiday lets, in golf resort locations and sea side resorts, and have had only a handful of bookings. Agents disappear, and building faults don't get fixed.
These are real issues and can be avoided very easily by doing your homework and do not buy with your heart, use your head and buy as a business investment with all of the due diligence that goes with that.
Stability is a tough one to predict. Now is a great time to bag a bargain as long as you do your homework. I presume you are a cash buyer. Finance may be a problem in many areas due to the current situation with so many of these "investment properties". The areas where lending is possible and the ease of availability is probably a good indication of the quality of the potential investment. Remember that many of the properties that are for sale could have been on the market for years, and for a good reason.
Do your homework, buy well and enjoy your investment.