Nicholas Wallwork
Editor-in-Chief
Staff member
Premium Member
Be careful when house hunting!
The question of how many homes a potential buyer should see before deciding upon the one they want to buy is a question which has provoked many different answers, many different strategies and many arguments. In truth there is no right or wrong answer because situations vary, people are very different and things do change. So what should you be looking at and considering when checking out potential homes to buy?
While the procedure to actually find a home in places such as Egypt, as covered on the thread entitled “How many homes should a potential buyer see?” in the property community forum, can take months to complete, the decision about which one you want to buy can literally take minutes, hours or days. So what exactly should you be considering when searching for your dream home in Egypt?
The country and its economy
There are many different levels which you need to consider such as where and when to buy your home and one of the main levels is the country you are looking at. If you’re buying a property purely as a holiday home and not as an investment then your considerations may be slightly different. However, when spending what can be substantial sums of money you need to be sure that the country you are looking at has the strength and economic prowess to grow in the future.
Egypt is a country which for many is still something of a mystery, dominated by the pyramids and the ancient Egyptians. However, as we have seen over the last few years there is so much more to this country and it appears that the economy and the tourist industry in particular are showing signs of substantial growth and substantial strength in depth. If you’re looking towards Egypt for a possible property acquisition there appears to belittle wrong with the prospects for the country as a whole.
Price
When you start looking for a property overseas you will no doubt have a figure in your mind of how much you want to spend, how much you can actually spend and the kind of property you are looking for. While budgets do change and ideas do change it is vital that you do not get tempted by a property which ultimately you cannot afford and with Egypt experiencing something of a property boom over the last few years, and seen by many as one for the future, you do need to be careful.
Whether you are looking at properties on your own or via an expert on the ground, who will find properties for you, you need to ensure that you’re not tempted by the new development in Egypt (and other overseas countries) which ultimately you cannot afford. It is easy to get caught up in the moment and stretch your finances just that little bit too far, although how would you feel if you had acquired a property “out of your price range” prior to the recent worldwide economic downturn?
Location, location, location
Egypt is a country which is still developing although certain areas are developing much quicker than others. When looking to acquire property in a country such as Egypt, where the prospects are very good in general, it is still vital that you choose the right location. You need to remember that as your domestic property market, if you pick the wrong location for your property investment you could miss out on substantial property price rises purely because you have chosen the wrong area. Location, location, location is vital to any property investment and ultimately if you’re buying property overseas you should be looking to take professional advice from those “on the ground”.
Don’t rush in to a new acquisition!
While there is no limit to the number of homes and developments you should look at there is also no time limit on when you need to buy a property. Even though each and every seller of a property will probably have you believe they have mountains of buyers lined up, you need to work out in your own head if you’re making the right move and ensure that you’re not rushed into anything. Ultimately in a country such as Egypt, where developments are springing up on a regular basis, even if you miss that “dream home” it is highly likely that something else equally as attractive will appear “out of nowhere”.
So how many homes should you look at?
As we touched on above, there is no hard and fast rule about how many homes should look at before acquiring a property. The guidelines and budgets for a property acquisition will vary from person to person, country to country and strategy to strategy. Much will depend on whether you are looking for a property to living in on a full-time basis, a holiday home or potentially a straightforward property investment.
It is vital you do check out the top and bottom of the local property market in the area you have decided upon, as this will give you a feel of the value for money available and the potential upside if you choose the “correct” area and property type. As you are looking around a number of properties you should make notes about each and every property, what you like and what you dislike, because it is highly likely that after visiting a large number of properties you will be swayed by the ones you have seen more recently and often forget the good points from the earlier properties.
A rating system which you can understand, together with relevant photographs from the estate agents involved, can make it easier to look back in time and revisit the properties you saw, on paper.
Conclusion
Egypt is a country which is in the midst of a significant property boom even though the worldwide economy has taken a serious downturn over the last few months. Due to the nature of finance available and the relatively immature property market in Egypt the Egyptian property market has not fallen as far as many other property markets around the world. It would be wrong to say that the property market has continued to grow at the same rate, but most certainly Egyptian property in the main has not fallen as far as many.
Egypt is a country which continues to attract property investors, holidaymakers and expats in equal measures. It is vital that you do your homework on the country, the economy, local property markets and value for money before you take the plunge as there are enough complications with overseas property investments without knowing exactly what you are buying and what you’re getting into!
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