After the failed schemes of numerous high-end real estate properties to attract buyers, many are advised to make sure that they carefully safeguard their investments particularly their overseas properties. Some who are not too fortunate lost huge amount of their savings along with their dreams of earning or a having a home of their own.
And it’s not just the investors from Southeast Asia, including Singapore, that are victims of these investment rip-offs. According to Color Darcy, a real estate investment company in United Kingdom, property scams are also a trend in almost all parts of the world as well. Loxley McKenzie also said in an exclusive interview with Property Guru that many buyers have to endure getting low-quality units from these awful schemes. Unless they would be very mindful of their decisions, many future buyers will still suffer the same thing.
McKenzie gave these tips before you sign any contract and lose your hard-earned cash if you would try to venture on investing in a real estate, overseas or not.
- Ask what your mortgage options are. This means that your agent should give you details on how you could apply for bank finance in order to pay for your investment. This will be a big gamble if you are willing to pay everything in cash rather than transacting thru banks.
- Check your banks if they are willing to approve you a loan for that property. Don’t just ask one but at least three or more companies if it’s possible for them to finance the product. And if they say no, you might want to consider checking the credibility of the Real Estate Company or developer.
He did however added that you should completely disregard the fact that this can still be an investment. But what you should know is that it falls under the high-risk investment category. Although it may give you high returns eventually, there is also a chance that you lose a huge amount of money at the same time. So be careful.