Property News

Do I Need A Project Manager If I Buy A Property Abroad?

Buying property is never easy, regardless of how neatly everything lines up. There’s always paperwork to be filled out, agreements to be made, and finances to be balanced. Even so, there isn’t often anything that the buyer can’t handle (with the assistance of their legal representation, of course, as it’s exceptionally difficult to handle those things with no legal background).

In rare cases, though, it can actually be worth hiring a project manager to deal with significant portions of the buying process for you. This is most common when someone’s buying property to renovate, because arranging all the building work can be challenging — and that’s before you factor in the prospect of buying property abroad through a service like PrimeLocation.

 

The question we’re going to consider in this post, then, is whether you need a project manager if you buy a property abroad. Can you manage things yourself provided your expectations aren’t too high, or is it simply too challenging a task? Let’s see what conclusions we can reach.

 

What does a project manager do?

Put simply, a project manager in the context of property purchasing can handle the practical arrangements required for success. They can contact surveyors, negotiate terms between buyers if shared ownership is on the line, suggest budgets for alterations, navigate through the intricacies of national and regional regulations, and generally ensure that money is well spent.

 

There’s no one-size-fits-all option for hiring a project manager. You can get help with everything, or you can hire someone on a part-time basis to do only certain things (though this will depend on professional availability). It really depends on what you’re aiming to achieve, how much you have to spend, and what you’re comfortable doing yourself.

 

If you’re game to try, you can probably get through tasks like handling insurance without that kind of assistance (online services like Duuo make this so much simpler) — but if you’d rather avoid that level of involvement, or you fear that you’d get something wrong, you can outsource.

How is buying a property abroad different?

Buying a property abroad has always introduced various new complexities. You may need to deal with currency conversions, confusing local laws, and hiring people in areas you can’t easily visit, among other things. It takes everything that’s awkward about buying a property nearby and magnifies it. Relate it to building a long-distance relationship: the core components are the same, but everything is made tougher by the inconvenience.

 

These days, of course, things are even tougher given the travel restrictions imposed in an effort to limit the spread of COVID-19 variants. Even if you want to oversee everything personally, you may not be able to reach the country in which you want to buy property.

Should you hire a project manager?

The answer to the titular question, then, is that it depends on the context. What are you comfortable handling personally? Do you intend to relocate to your target country for a decent amount of time — and if so, are you certain that you can do that? If you can be there in person and have the skills and availability to deal with the tasks yourself, that’s a fine way to go. But if you can’t, then yes, you’ll need a project manager. The alternative of trying to work through tasks at a distance will inevitably lead to failure, with costs spiraling out of control.

Source: 21st September 2021

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