Buying abroad 'not necessarily best', FTBs told
02 October 2007
Although buying a property abroad may appear an easy way for first-time buyers (FTBs) to step onto the precarious property ladder, potential buyers should consider all the risks of the process before they buy, FirstRungNow has warned.
Although Helen Adams, managing director of the firm, said that more people are considering buying abroad, she admitted that the trend has yet to really take off.
However she urged FTBs thinking of investing in a property abroad to weigh up the pros and cons very carefully before taking the plunge.
"I think it's a way [of getting onto the property ladder] but I wouldn't necessarily say it's a safe way and I think there are risks attached to buying abroad," Ms Adams said.
"You don't really know the legal processes that well, you may not speak the language - and you're always banking on property prices going up," she advised.
According to a recent study published by UK National Savings & Investments, more than eight out of ten 18 to 30-year-olds now believe buying property abroad is a more viable option than buying in Britain.
