Local life: ethical overseas property
Foto : Katie Hughes (http://www.flickr.com/photos/97293843@N06/12589145924/)
Local Life: Ethical Overseas Property
Forty years ago Spain’s Costa del Sol was a quiet and unassuming stretch of coastline. Quite some way from its current existence as a mecca for British holidaymakers! Overseas property investment has absolutely transformed the area, on the one hand generating a whole new industry and economy, but on the other totally changing the character of the coastline.
At Just Landlords we hear of a multitude of overseas property investments in a variety of different areas. While all of them sound exciting, it’s clear that some will fit in with the local surroundings better than others! If you’re concerned about whether your property let is going to affect the local surroundings, look no further. Here’s our guide to ethical overseas property.
Living the Local Life
One of the greatest benefits of overseas property investment is that the local economy can benefit enormously. Builders, restaurants, shops and travel companies can all make an enormous contribution to the wellbeing of an area.
However, to really make the most of this, you need to make sure you’re using local services wherever possible, and encouraging your tenants to do the same. If your property can provide good business for the neighbourhood, you’re sure to settle in fast!
Respect Building Regulations
Generally you’ll have no trouble investing in ready-built properties, but overseas investors can come into problems if they want to build specifically to a plot of land. Firstly, it’s essential to have a local architect who knows the rules and regulations of the area so you don’t fall foul of the law.
However, it’s not just the legal side of things you need to be concerned with. Many residents in smaller, more picturesque areas around the world will want to preserve the character of their area. While the glass, four storey townhouse might be your idea of beautiful, it may not sit well amongst its whitewashed neighbours.
Building Bridges
British investors are often surprised by the sense of community in even relatively large cities in continental Europe and by investing you’ll become a part of that community. Making efforts to do small things like learning just a little of the language and introducing yourself to the neighbours are essential!
Equally, you should always be open to feedback you receive from your neighbours. While in Britain we are generally quite tolerant about building works or noisy tenants, you might not find it’s the case overseas. Respond in person if you have any complaints and ensure you make changes!
While you might see your overseas property let through a spread-sheet, for your neighbours it might be an enormous Change, particularly if they have to put up with your building work! Do your utmost to support the local economy, keep relations good and you might find that your overseas let is one of the most rewarding ways of getting to know an entirely new group of people!