Many foreign investors from Europe, Japan, Scandinavia, Russian, Hong Kong and China are searching for Palm Springs homes for sale to add to their international real estate investment portfolios. It’s a strategy with loads of potential and plenty of upside. Whether it’s done purely for investment or to obtain a vacation home, there are a few things you can do to maximize the benefits.
Location is everything. When you’re trying to decide whether you’re more interested in Palm Springs homes for sale or another type of international real estate opportunity, consider the desirable aspects of each specific area, from climate and lifestyle to amenities and the average age range of community residents. Also keep in mind that areas with limited inventory usually make an excellent investment.
Work with someone you can trust. Whether you need a realtor or another type of licensed agent, try to get a referral from someone who has had a good experience in the area. If you don’t know anyone with local connections, look for associations that can recommend the right type of agent for you to work with. You want someone who knows the area very well, so they can help you navigate the area-specific red tape and tell you everything you need to know about the areas you are interested in.
Be open to updates. Have vision and don’t fear properties that may need some improvements—often times, these homes have the most potential as both an investment a vacation home. This is also where working with a local expert benefits you—they will have many resources you can tap in regards to trustworthy contractors and vendors who will provide solid remodeling work.
Think cash. If you don’t already have a credit line in the United Sates, you probably will need to pay cash for that piece of Rancho Mirage real estate you’ve been eyeing. While it may seem daunting, it will be a lot more appealing to the seller. If you’re working with a short sale realtor, they may be able to negotiate a much better deal for you if the purchase is going to be free of financing.
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