property investment

LegacyUser · 09-09-2007 10:04pm #1

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

Time Magazine · 10-09-2007 4:32am

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.

connundrum · 10-09-2007 8:56am

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.

LegacyUser · 10-09-2007 9:43pm

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.

Victor · 11-09-2007 9:06pm

Be aware that a lot of these deals are scams.

connundrum wrote:

cosure.

'Kosher'

LegacyUser · 12-09-2007 8:31pm

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???

RainyDay · 16-09-2007 10:37am

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

property investment

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