24
Apr
2009
Real Estate Investment – When in Rome…
To make your real estate investment opportunities fare well in other countries and societies, consider the following.
Learn the language. Having just a small vocabulary goes a long way in the success of your investment. Knowing past, present, and future tense is very helpful. After all, that is the time line in which your real estate deal operates.
Learn the culture and local customs. Read up on and experience the culture. The culture you see on vacation is different from day to day. Religion makes up a large portion of culture and society.
Whether it is nonexistent, polytheistic, monotheistic, all have an influence on the society in which you plan to do business. Failure to understand and respect the nuances and roles that culture, customs, and religion play can cause your deal to fall apart or change adversely. Knowledge and understanding is power. Humility on your part is not weakness.
Understand the local economy. The local economy is usually different from the national economy. What makes the local economy self-sustaining: building aircraft, growing wine, services and to whom, education, fishing, tourism, a combination thereof? How does this fit into your personal and real estate goals and objectives, in both the short and long term? Is the local economy working, and what is its future? Will the area be deserted or abandoned in a few years? All these factors can affect your investment.