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property investment

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  • 09-09-2007 11:04pm
    #1
    LegacyUser
    Registered Users Posts: 166,026 ✭✭✭✭


    hi all,
    I am thinking of investing in a property in Romania. Has any one any advice to offer?:D


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    #2
    Time Magazine
    Registered Users Posts: 8,452 ✭✭✭Time Magazine


    Moving this to Accomodation and Landlordship forum.

    Jungdreamer, they're usually better at answering questions like this than over at Investments & Markets, which is geared (badum tish) more towards stocks and shares.


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    #3
    connundrum
    Registered Users Posts: 5,563 ✭✭✭connundrum


    If you're set on going through with it, make sure that you go over to Romania to inspect the property yourself. Take advice on the best areas to buy in from Romanian people over here - you'd hope that they know. Try your best not to deal with an Irish agent as they will probably add 10% - 20% onto the price for doing very little. Set yourself up with a solicitor over there, again take advice from Romanian people living here on this issue. Make sure that if your buying an 'off the plans' property that you get your solicitor to fully investigate the developer and builder to make sure that they are cosure.

    Don't take a chance, what ever you invest it is a lot of money to someone else even if it isn't a lot to you. If a deal seems too good to be true, then its probably false.

    Don't buy into the sales ploy of 5% - 10% rental guarantee for 5 - 10 years. It simply isn't feesable.


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    #4
    LegacyUser
    Registered Users Posts: 166,026 ✭✭✭✭LegacyUser


    connundrum, Thanks for the info. I should be ok as my sister in law is living there with her Romanian husband and it is possible they can source a good area and deal He can translate for me and hopefully all the nitty gritty could be done before I visit. He may even property manage for me in the future. Just wondering what any ones advicwe is on the enconomy ect.


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    #5
    Victor
    Registered Users Posts: 78,400 ✭✭✭✭Victor


    Be aware that a lot of these deals are scams.
    connundrum wrote:
    cosure.
    'Kosher' :)


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    #6
    LegacyUser
    Registered Users Posts: 166,026 ✭✭✭✭LegacyUser


    Victor, I am very aware of the scams out there but if I have family over there surely it's not such a risk as they can source a deal for me and as I stated my sister in law is married to a Romanian. I am really interested in opinion about the economy and the property boom that may happen???


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    #7
    RainyDay
    Closed Accounts Posts: 6,925 ✭✭✭RainyDay


    Make sure you understand the taxation issues and currency risks before you sign up.


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