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Make haste slowly – advice to homebuyers

Folk wisdom teaches us to be reinsured, to measure seven times, not to rush into making important decisions. Try to understand how justified this tactic when buying a home abroad.
11.02.2014
Homesoverseas.ru editorial office
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Portal specialists HomesOverseas.ru There is a growing flow of people who want to sell their foreign real estate, while for many of them the decision is not due to the desire to make a profit. It happens that the property did not meet the expectations of the new owner and his only desire is to get rid of the burden.

Unforeseen (and more often not calculated) circumstances that arose during or after the purchase of real estate abroad can be very different. You can significantly overpay for an object, you can buy it in a place that will no longer suit you, you can confidently rely on granting a residence permit in difficult cases – and not get it.

Contacting a reliable agency that values its reputation will be guaranteed to save the buyer from disappointment only in one case: if the buyer clearly knows what he wants from the purchase of foreign real estate. Therefore, the universal advice will be to determine exactly the goals and opportunities – and finding a way to implement the plan will be the task of a professional.

Don't miss the chance

Many of these purchases, which brought more disappointment than joy, were made at the end of the previous "fat" decade, in the pre-crisis years. It was often a fashion statement, or an emotional outburst, or just a desire to put the earned money somewhere. Now, having learned from their own and others' mistakes, Russian buyers of foreign real estate have become cautious, and sometimes more than they should.

Experts note that now the problem of Russian buyers lies not in haste when choosing a home or concluding a deal. There are also such clients who want to invest their money in real estate as soon as possible, but much more often our compatriots delay the decision to buy at a loss. The desire to calculate everything down to the smallest detail, and sometimes the usual indecision, plays a cruel joke with Russians. Having given in to doubts, buyers miss out on really profitable deals, the account with participation in which sometimes lasts for minutes.

Elena Nevskaya, ADRIONIKA company: "All Russian customers are slow–witted, and hot objects do not stay on the market for a long time. There are cases when, in the evening after the morning show, the customer makes a purchase decision, and the seller has already signed a contract with the buyer who viewed the object two hours later. If you really like the offer, and the price and conditions are very favorable – there is no time to think, you need to at least "book" the object by making a reservation payment or deposit. The buyer should also understand that with a sharp decrease in the price of an object, the agent begins to actively advertise it, offering another dozen similar clients. In this case, the quickest one wins."

Due to the slowness and inability to financially evaluate offers, Russian investors are not able to participate in real estate auctions, Elena adds. Even the simplest and safest step, which requires a prompt decision, causes them to panic. For example, the need to make a registration payment to participate in an auction (this payment will be refunded) makes many potential buyers refuse to participate at all.

The expert emphasizes that the problem also exists in the professional market: there are very few qualified real estate market analysts in Russia. Buyers are used to contacting realtors with questions about trends in the market of a particular country, about profitability and about the risks of investments. The latter, having extensive knowledge in the field of real estate acquisition, are not experts in narrow fields, whether it is the hotel business or agriculture. Their task is to find and present to the buyer an object from which you can make a "candy", provided competent management.

The need for high-quality preparation before buying foreign real estate is also indicated by Chance bestows prepared minds

Thus, the best option for both an investor and a simple buyer is thorough general preparation: studying trends in the regional market, its in-depth analysis and, as a result, the ability to automatically understand the profitability of a particular offer. Such a prepared buyer (independently or with the help of a professional analyst) will not waste time thinking about a specific transaction: thanks to general knowledge, the situation will be as clear as possible for him initially.

Its opposite is an unprepared buyer – he simply will not have time to analyze the situation in that short time, while the profitable object has not yet been intercepted. His path is either to act at random, or to abandon risks in favor of stable and standard offers.

Antonina Hirnaya

HomesOverseas.ru

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