When it comes to Viewing Trips, our policy in Diamond Properties is that the client should always be in charge of the visit when going to buy a property overseas. Many companies promote the policy of what are known as Inspection Trips, whereby they encourage people to take advantage of a so-called "subsidised trip". These subsidised Inspection Trips are simply a guise to get a potential buyer on a plane, whereby the company organising the "subsidised trip", is then in complete control not only over what the client gets to see, but more importantly, what the client doesn't get to see.

In Diamond Properties we work closely with the client to ascertain budget, motivation & investment risk profile. In conjunction with the client, we will do as much work on this side of the water as possible. We test the client's investment rationale through scenario planning (best & worse case scenarios). This gives the client a clear understanding of the potential benefits & pitfalls to avoid BEFORE investing overseas. We show the client what is available within the budget and outline why we believe our propositions have eliminated many of the worries and concerns a client may have in relation to investing overseas. We go through development plans, financing and legal issues. This exercise helps our clients clarify in their own minds what it really is they want from their overseas property investment. Then, and only then is a client in a position to visit the country of choice.

Again, the client should be in complete control of their Viewing Trip. The client pays for the flight and accommodation. We will assist with organising flights and in many cases we can organise hotels at discounted rates. If necessary, we arrange airport pickups. We will also arrange for service personnel working for the developer to pick you up from your hotel and show you the various developments in that location and at a time of your choosing. We firmly believe that our propositions provide the best value with significant capital appreciation prospects & minimised risk in that location. We recommend our clients view other properties to satisfy themselves of their investment. So, before booking a "subsidised trip" with another company, ask them if they will encourage viewings of other properties in that location that they don't have listed on their books.

Finally, we have agreed with most of our developers that should one of our clients buy through us in Diamond Properties, they will receive a €500 refund. This helps pay for most if not all of the expense in making the Viewing Trip. We believe our approach takes the stress out of purchasing property overseas as the pressurised environment has been eliminated.

Important Questions to Ask while on Viewing Trips

There are three very important questions to ask any agent or developer when viewing property overseas. By getting satisfactory answers and indeed proof to these questions, it will significantly reduce the risk with your overseas property investment. If the agent or developer cannot answer these questions satisfactorily, we in Diamond Properties would strongly encourage our clients to simply walk away. It's your hard earned money - Don't gamble with it!

Does the developer declare the property at its full selling price at the time of closing?

Some developers will try to under-declare the property at the Notary's office at the time of closing. They usually do this so as to reduce the amount of VAT and/or Stamp Duty they need to pay. Besides being unscrupulous, this kind of practice is illegal and could end up with the buyer paying a large fine and/or serving a prison sentence in the foreign country. It is the buyer's responsibility to declare the property at its full value and not the developer's. Additionally, when the property is resold, the seller will be liable to higher Capital Gains Tax since CGT is the difference between the official selling price minus the official buying price!

Has the development received its proper building permit?

At times, a developer will begin to sell a development that has not received its proper building permit and take monies to reserve units within that same development. As has happened in the past, some of these developments have subsequently failed to ever receive a proper building permit thus leaving the buyers in the unenviable position of owning a half built property.

Does the lawyer hold relevant qualifications?

What causes most problems with any overseas property investment is the lack of independent and qualified legal advice during the conveyance. You would not buy a property in Ireland without using a solictor, so ensure you retain the services of a qualified lawyer in the overseas country. All good agents will be able to recommend experienced and qualified lawyers in the country of purchase.

Has the developer proper legal title to the development?

Satisfy yourself as to the developer's proper title to the land. Ask to physically see the document granting title to the land. Have the document copied & validated if a certified legal copy translated into English is not available.